HomeMy WebLinkAboutResolution No. 95-R300 0
RESOLUTION NO. 95-R30
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING A LOAN FROM THE CITY OF AZUSA FOR
PURPOSES OF THE MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is
undertaking certain actions which are necessary and incidental to the carrying out of the
Redevelopment Plan which has previously been adopted by the City of Azusa; and
WHEREAS, the Agency has incurred and will continue to incur obligations for such
purpose; and
WHEREAS, the City of Azusa is authorized, pursuant to Section 33260, et. seq., of
the Health and Safety Code of the State of California to make loans to the Agency for the
purposes of defraying said expenses; and
WHEREAS, the Agency desires to redefine certain loans which were approved and
funded in prior periods;
NOW, THEREFORE, BE IT RESOLVED by the Directors of the Redevelopment
Agency of the City of Azusa that:
Section 1. Pursuant to the provisions of said Section 33620, et. seq., of the Health
and Safety Code, the Agency hereby requests of the City of Azusa revision of the following
loans for the Merged Redevelopment Project.
Section 2. The Agency pledges to accept and administer any funds loaned to it
pursuant to this request in accordance with the provisions of Section 33620, et. seq., of the
Health and Safety Code.
Section 3. The Agency requests that the City Council of the City of Azusa require
that the following loans be evidenced by Notes of the Agency containing the following
revised terms, in addition to all usual and customary terms.
ORIGINAL LOANS
AND TERMS:
ORIGINAL
ORIGINAL
DATE
RESOLN.
INT.
PLEDGED REVENUE
LOAN AMOUNT
APPRV'D
NUMBER
RATE
TERM
SOURCES
$ 2,000,000
10/03/94
94-CI49
5.25%
10 Yrs.
Developer Lease
94-R56
Payments, Tax
Increment
$ 2,300,000
06/15/92
92-C74
9.00%
10 Yrs.
20% Set Aside
92 -RM
Tax Increment
REVISED LOANS
AND TERMS:
ORIGINAL
ORIGINAL
DATE
RESOLN.
INT.
PLEDGED REVENUE
LOAN AMOUNT
APPRV'D
NUMBER
RATE
TERM
SOURCES
$ 2,000,000
10/03/94
94-CI49
5.25%
15 Yrs.
Developer Lease
94-R56
Payments, Tax
Increment
$ 2,300,000
06/15/92
92-074
6.00%
25 Yrs.
20%D Set Aside
92-R38
Tax Increment
C%WRbC.C�DA\11EV I.0/.N9.CG
The loans listed herein are payable according to the terms of the Notes. The Notes are
payable from accumulated tax increment funds in excess of those pledged for payment of
Agency bonded indebtedness, developer lease payments, and/or from any other funds
available to the Agency from which such payment may legally be made. The Notes may
be prepaid at any time without penalty.
Section 4. The Chairman of the Agency is hereby authorized and directed to execute,
on behalf of the Agency, the Revised Notes to the City of Azusa in accordance with the
provisions of Section 3 hereof.
PASSED AND ADOPTED this 5th day of June 1995.
Chairman
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Redevelopment Agency of the City of Azusa at a regular meeting thereof, held on the 5th
day of June 1995.
AYES: BOARDMEMBERS: HARDISON, MADRID, NARANJO, BEEBE, ALEXANDER
NOES: 130ARDMEMBERS: NONE
ABSTAIN: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
C \ W RbCKtiCBW \A�.\�
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
JUNE 30,1991
(Revised June 5,1995)
For value received, the undersigned Agency promises to pay to the City of Azusa Light
and Water Department, on order at Azusa, California, the sum of Two Million Three
Hundred Thousand Dollars ($2,300,000). The term of the loan will be twenty-five (25)
years beginning June 30, 1991, with the first payment due June 30, 1992. Interest will
accrue at the rate of nine (9%) percent through June 30, 1994. Thereafter, interest will
accrue at the rate of six (6%) percent. Interest is payable annually on June 30, beginning
June 30,1995. The principal balance is to be paid in annual installments on June 30, with
the last installment due and payable on or before June 30, 2016. The Note is payable from
pledged tax increment and 20% set-aside low -to -moderate income housing fund revenues
allocated to and received by the Agency for the Merged Redevelopment Project Area,
and/or any other available source of revenue. The Note may be prepaid at any time
without penalty. This Note is effective June 30, 1991.
This Note is issued in connection with the provision of funds to finance redevelopment
activities of the Merged Redevelopment Project Area. This Note is issued under the
authority and pursuant to the Community Redevelopment Law, commencing with Section
33000 of the Health and Safety Code of the State of California, as amended.
REFERENCE: The Merged Redevelopment Project
Each payment shall be credited first to principal due and the remainder to interest; and
interest shall thereupon cease upon the principal so credited. Any unpaid interest shall
accrue and be added to the outstanding principal balance. Should default be made in
payment of interest when due the whole sum of principal and interest shall become
immediately due at the option of the holder of this Note, unless extended by said holder.
Principal and interest payable in lawful money of the United States.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
By: ✓, aQQ ,
Chairman
CASDEN SITE REPOSSESSION PROJECT
C\WIg1C1COPIR4VUG6 A\PHVCA.SIXt.WPD
I.IMM-010j"12•�
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
OCTOBER 24,1994
(Revised June 5, 1995)
For value received, the undersigned Agency promises to pay to the City of Azusa Light
and Water Department, on order at Azusa, California, the sum of Two Million Dollars
($2,000,000) with fixed interest at the rate of five and one quarter (5.25%) percent. The
term of the Note is 15 years. Interest is payable annually on October 1, beginning October
1, 1995. Interest shall begin accruing on October 24, 1994, which is the date of receipt.
Interest only will be paid Year 1 through Year 5. The principal balance is to be paid in
annual installments beginning in Year 6, with the last installment due and payable on or
before October 1, 2009. The Note is payable from developer lease payments and tax
increment revenues. The Note may also be repaid with any other funds available from
which such payment may legally be made. The Note maybe prepaid at anytime without
penalty.
This Note is issued in connection with the provision of funds to finance redevelopment
activities of the Merged Redevelopment Project Area and, in particular, acquisition of
Rogers Jeep/Eagle auto dealership. This Note is issued under the authority and pursuant
to the Community Redevelopment Law, commencing with Section 33000 of the Health and
Safety Code of the State of California, as amended.
REFERENCE: The Merged Redevelopment Project
Each payment shall be credited first to principal due and the remainder to interest, and
interest shall thereupon cease upon the principal so credited; except that each payment in
Year 1 through Year 5 shall be credited to interest only. Any unpaid interest shall accrue
and be added to the outstanding principal balance. Should default be made in payment
of interest when due the whole sum of principal and interest shall become immediately
due at the option of the holder of this Note, unless extended by said holder. Principal and
interest payable in lawful money of the United States.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
By:
Chairman
AUTO DEALERSHIP RETENTION PROJECT
C\�CCRP480U TUU OMW