HomeMy WebLinkAboutResolution No. 97-R329
RESOLUTION NO. 97-1132
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
REQUESTING REVISIONS TO LOANS FROM THE CITY OF AZUSA FOR
PURPOSES OF THE MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is authorized to undertake
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, for purposes of the Merged Redevelopment Project Area; 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 33620, 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;
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 California State Health and
Safety Code, the Board of Directors Agency hereby authorizes the Redevelopment Agency of the City of Azusa
to request a Loan from the City of Azusa for purposes of 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 authorization for repayment of the revised loans shall be evidenced
by a Note (in the form attached as Exhibit A) of the Agency containing the following revised terms, in addition
to all usual and customary terms:
CURRENT LOAN TERMS:
REVISED LOANS AND TERMS:
Project
Loan
Date
Resolution
Interest
Mission
Pledged Revenue
Project
Amount
Approved
No.
Rate
Term
Sources
Mission
10/3/94 and
95-C70
made annually
Developer Lease Pmts.,
Chrysler
$2,000,000
Rev. 6/5/95
95-R30
5.25%
15 Yrs.
Tax Increment
Krems Site
97-050
10/1/2033
Excess Land Sales, Tax
Krems Site
$2,462,355
4/21/97
97-1115
6.00%
25 Yrs.
Increment, Other
Note: Loans funds were borrowed from the Light Fund.
REVISED LOANS AND TERMS:
Project
Loan
Amount
Interest
Rate
Revised
Terms
Revised Pledged
Revenue Sources
Mission
$2,000,000
5.25%
No Payments made until
Tax Increment, or any other
Chrysler
Interest accrued annually
10/1/2014; payments
available sources
beginning 10/24/94 (date
made annually
loan proceeds originally
thereafter for 20 years;
received)
new tern: 10/1/2014 to
10/1/2033
Krems Site
$2,462,355
6.00%
Any excess land sales
Excess Land Sales, tax
Interest accrued annually
will be applied to loan
increment, other
beginning date loan
pay down; no payments
proceeds originally received
on the remaining net
(est. 9/97)
principal will be made
until 2014; payments
made annually
thereafter for 20 years;
new term: 2014 to
2033.
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9
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, excess land sales
proceeds where applicable, 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 Note to the City of Azusa in accordance with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 4th day of August
1997.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency
of the City of Azusa at a regular meeting held on the 4th day of August , 1997.
AYES:
NOES:
ABSTAIN
BOARDMEMBERS: HARDISON, STANFORD, ROCHA, BEEBE, MADRID
BOARDMEMBERS: NONE
BOARDMEMBERS: NONE
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EXHIBIT "A"
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CITY OF AZUSA REDEVELOPMENT AGENCY
MERGED REDEVELOPMENT PROJECT AREA
(KREMS SITE ACQUISITION)
PROMISSORY NOTE
At the times and in the installments hereinafter stated, for value received, THE CITY OF AZUSA
REDEVELOPMENT AGENCY agrees to pay to the order of the LIGHT FUND OF THE CITY OF AZUSA the
total sum of TWO MILLION FOUR HUNDRED SIXTY-TWO THOUSAND THREE HUNDRED FIFTY-FIVE
DOLLARS ($2,462,355.00) together with interest at the rate of 6.00% per annum, in annual payments detailed as
follows:
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 the Krems Site. The term of the Note shall commence
on the date that the loan proceeds are received by the Redevelopment Agency of the City of Azusa (estimated above
as 9/30/97). Payments will be deferred until the year 2014, on the anniversary date that the loan proceeds are
II1WP0.0C1C(IRR13PgA0@tDA'JGvun.IVPO BNNt
CITY OF AZUSA REDEVELOPMENT AGENCY
KREM'S LOAN FROM LIGHT & WATER
$2,462,355 AT 6% INTEREST FOR 25 YEARS
LOAN
BEGINNING
ENDING
CUMULATIVE
YEAR
LOAN
6%
LOAN
LOAN
BEGINNING
BALANCE
PAYMENT
INTEREST
PRINCIPAL
BALANCE
BALANCE
o9r3a97
$2,462,355.00
$0.00
$110,805.98
($110,805.98)
$2,573,160.98
$11,398,044.87
o9r3om
$2,573,160.98
$0.00
$154,389.66
($154,389.66)
$2,727,550.63
$11,398,044.87
o9reo/99
$2,727,550.63
$0.00
$163,653.04
($163,653.04)
$2,891,203.67
$11,398,044.87
o9now
$2,891,203.67
$0.00
$173,472.22
($173,472.22)
$3,064,675.89
$11,398,044.87
o9r301oi
$3,064,675.89
$0.00
$183,880.55
($183,880.55)
$3,248,556.45
$11,398,044.87
0930/02
$3,248,556.45
$0.00
$194,913.39
($194,913.39)
$3,443,469.83
$11,398,044.87
09130/03
$3,443,469.83
$0.00
$206,608.19
($206,608.19)
$3,650,078.02
$11,398,044.87
o9/3oro4
$3,650,078.02
$0.00
$219,004.68
($219,004.68)
$3,869,082.70
$11,398,044.87
o9r3o105
$3,869,082.70
$0.00
$232,144.96
($232,144.96)
$4,101,227.67
$11,398,044.87
09130106
$4,101,227.67
$0.00
$246,073.66
($246,073.66)
$4,347,301.33
$11,398,044.87
093&07
$4,347,301.33
$0.00
$260,838.08
($260,838.08)
$4,608,139.40
$11,398,044.87
o9n0/o8
$4,608,139.40
$0.00
$276,488.36
($276,488.36)
$4,884,627.77
$11,398,044.87
o9130109
$4,884,627.77
$0.00
$293,077.67
($293,077.67)
$5,177,705.44
$11,398,044.87
o9r3aio
$5,177,705.44
$0.00
$310,662.33
($310,662.33)
$5,488,367.76
$11,398,044.87
o93mii
$5,488,367.76
$0.00
$329,302.07
($329,302.07)
$5,817,669.83
$11,398,044.87
o9rm12
$5,817,669.83
$0.00
$349,060.19
($349,060.19)
$6,166,730.02
$11,398,044.87
091313
$6,166,730.02
$0.00
$370,003.80
($370,003.80)
$6,536,733.82
$11,398,044.87
091314
$6,536,733.82
$569,902.24
$392,204.03
$177,698.21
$6,359,035.61
$10,828,142.63
09r3&15
$6,359,035.61
$569,902.24
$381,542.14
$188,360.10
$6,170,675.50
$10,258,240.39
091316
$6,170,675.50
$569,902.24
$370,240.53
$199,661.71
$5,971,013.79
$9,688,338.15
09130117
$5,971,013.79
$569,902.24
$358,260.83
$211,641.41
$5,759,372.38
$9,118,435.91
o913&16
$5,759,372.38
$569,902.24
$345,562.34
$224,339.90
$5,535,032.48
$8,548,533.67
0930119
$5,535,032.48
$569,902.24
$332,101.95
$237,800.29
$5,297,232.19
$7,978,631.43
o9norzo
$5,297,232.19
$569,902.24
$317,833.93
$252,068.31
$5,045,163.88
$7,408,729.19
o93orz1
$5,045,163.88
$569,902.24
$302,709.83
$267,192.41
$4,777,971.48
$6,838,826.95
0913&22
$4,777,971.48
$569,902.24
$286,678.29
$283,223.95
$4,494,747.53
$6,268,924.71
09130r23
$4,494,747.53
$569,902.24
$269,684.85
$300,217.39
$4,194,530.14
$5,699,022.47
09rJM4
$4,194,530.14
$569,902.24
$251,671.81
$318,230.43
$3,876,299.71
$5,129,120.23
o9non5
$3,876,299.71
$569,902.24
$232,577.98
$337,324.26
$3,538,975.45
$4,559,217.99
091326
$3,538,975.45
$569,902.24
$212,338.53
$357,563.71
$3,181,411.74
$3,989,315.75
093M7
$3,181,411.74
$569,902.24
$190,884.70
$379,017.54
$2,802,394.20
$3,419,413.51
o913orm
$2,802,394.20
$569,902.24
$168,143.65
$401,758.59
$2,400,635.61
$2,849,511.27
o93or29
$2,400,635.61
$569,902.24
$144,038.14
$425,864.10
$1,974,771.51
$2,279,609.03
o93o3o
$1,974,771.51
$569,902.24
$118,486.29
$451,415.95
$1,523,355.56
$1,709,706.79
o9r30r31
$1,523,355.56
$569,902.24
$91,401.33
$478,500.91
$1,044,854.65
$1,139,804.55
o9rjW2
$1,044,854.65
$569,902.24
$62,691.28
$507,210.96
$537,643.69
$569,902.31
093033
$537,643.69
$569,902.31
$32,258.62
$537,643.69
$0.00
($0.00)
TOTALS
398,044.87
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 the Krems Site. The term of the Note shall commence
on the date that the loan proceeds are received by the Redevelopment Agency of the City of Azusa (estimated above
as 9/30/97). Payments will be deferred until the year 2014, on the anniversary date that the loan proceeds are
II1WP0.0C1C(IRR13PgA0@tDA'JGvun.IVPO BNNt
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Page 2
Exhibit "A"
Promissory Note
Auto Dealership Site Acquisition
0
The loan may be extended or revised at any time by mutual consent of both parties. The Note is payable from
accumulated tax increment funds in excess of those pledged for payment of Agency bonded indebtedness, and/or
from any other funds available to the Agency from which such payment may legally be made. The Note may be
prepaid at any time without penalty. This loan is subordinate to any and all bonded indebtedness. 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.
In event of default in payment of any amount as herein provided, then the entire amount shall become due at the
option of the City of Azusa. Principal and interest shall be payable in lawful money of the United States at AZUSA,
CALIFORNIA. Demand, presentment for payment, protest and notice of protest are hereby waived.
Signed this 4th day of August , 1997 at Azusa, California.
By Promisor:
on beVf of th6 City of Azusa Redevelopment Agency
Address: 213 East Foothill Boulevard
Azusa, California 91702
(626) 812-5200
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EXHIBIT "A"
CITY OF AZUSA REDEVELOPMENT AGENCY
MERGED REDEVELOPMENT PROJECT AREA
(AUTO DEALERSHIP)
PROMISSORY NOTE
At the times and in the installments hereinafter stated, for value received, THE CITY OF AZUSA
REDEVELOPMENT AGENCY agrees to pay to the order of the LIGHT FUND OF THE CITY OF AZUSA the
total sum of TWO MILLION DOLLARS ($2,000,000.00) together with interest at the rate of 5.25% per annum,
in payments detailed as follows:
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. Interest shall begin
accruing on October 24, 1994, which is the date of loan proceeds receipt. The term of the Note shall commence on
October 24, 1994, the date that the loan proceeds were received by the Redevelopment Agency of the City of Azusa.
Payments will be deferred until October 1, 2014, when the first payment will be due, and annually thereafter for a
term of twenty (20) years. Final payment will be due October 1, 2033. Interest shall accrue from October 24, 1994,
at the rate of 5.25% per annum, and annually thereafter on October 1, and will be added to the principal outstanding.
U 1WPR�O�.Y VFW
REVISED DEBT SERVICE FOR MISSION CHRYSLER PROJECT $2.OM LOAN
FROM LIGHT FUND -RECEIVED 10/24/94
BEGINNING
AGENCY
ENDING
CUMULATIVE
LOAN
LOAN
PAYMENT
5.25%
LOAN
LOAN
YEAR END
BALANCE
INTEREST
PRINCIPAL
BALANCE
TOTAL
10/24/94
$2,000,000.00
$0.00
$0.00
$0.00
$2,000,000.00
$8,637,626
10/01/95
$2,000,000.00
$0.00
$98,000.00
($98,000.00)
$2,098,000.00
$8,637,626
10/01/96
$2,098,000.00
$0.00
$110,145.00
($110,145.00)
$2,208,145.00
$8,637,626
10101/97
$2,208,145.00
$0.00
$115,927.61
($115,927.61)
$2,324,072.61
$8,637,626
10/01/98
$2,324,072.61
$0.00
$122,013.81
($122,013.81)
$2,446,086.42
$8,637,626
10/01/99
$2,446,086.42
$0.00
$128,419.54
($128,419.54)
$2,574,505.96
$8,637,626
10/01/00
$2,574,505.96
$0.00
$135,161.56
($135,161.56)
$2,709,667.52
$8,637,626
10101/01
$2,709,667.52
$0.00
$142,257.55
($142,257.55)
$2,851,925.07
$8,637,626
10/01102
$2,851,925.07
$0.00
$149,726.07
($149,726.07)
$3,001,651.14
$8,637,626
10/01/03
$3,001,651.14
$0.00
$157,586.68
($157,586.68)
$3,159,237.82
$8,637,626
10/01/04
$3,159,237.82
$0.00
$165,859.99
($165,859.99)
$3,325,097.81
$8,637,626
10/01/05
$3,325,097.81
$0.00
$174,567.63
($174,567.63)
$3,499,665.44
$8,637,626
10/01/06
$3,499,665.44
$0.00
$183,732.44
($183,732.44)
$3,683,397.88
$8,637,626
10/01/07
$3,683,397.88
$0.00
$193,378.39
($193,378.39)
$3,876,776.27
$8,637,626
10101/08
$3,876,776.27
$0.00
$203,530.75
($203,530.75)
$4,080,307.02
$8,637,626
10/01/09
$4,080,307.02
$0.00
$214,216.12
($214,216.12)
$4,294,523.14
$8,637,626
10/01/10
$4,294,523.14
$0.00
$225,462.46
($225,462.46)
$4,519,985.60
$8,637,626
10/01/11
$4,519,985.60
$0.00
$237,299.24
($237,299.24)
$4,757,284.85
$8,637,626
10/01/12
$4,757,284.85
$0.00
$249,757.45
($249,757.45)
$5,007,042.30
$8,637,626
10/01/13
$5,007,042.30
$0.00
$262,869.72
($262,869.72)
$5,269,912.02
$8,637,626
10/01/14
$5,269,912.02
$431,881.32
$276,670.38
$155,210.94
$5,114,701.08
$8,205,745
10/01/15
$5,114,701.08
$431,881.32
$268,521.81
$163,359.51
$4,951,341.57
$7,773,864
10/01116
$4,951,341.57
$431,881.32
$259,945.43
$171,935.89
$4,779,405.68
$7,341,982
10/01117
$4,779,405.68
$431,881.32
$250,918.80
$180,962.52
$4,598,443.16
$6,910,101
10/01/18
$4,598,443.16
$431,881.32
$241,418.27
$190,463.06
$4,407,980.10
$6,478,220
10/01/19
$4,407,980.10
$431,881.32
$231,418.96
$200,462.37
$4,207,517.73
$6,046,339
10101120
$4,207,517.73
$431,881.32
$220,894.68
$210,986.64
$3,996,531.09
$5,614,457
1010121
$3,996,531.09
$431,881.32
$209,817.88
$222,063.44
$3,774,467.65
$5,182,576
10/0122
$3,774,467.65
$431,881.32
$198,159.55
$233,721.77
$3,540,745.89
$4,750,695
10/0123
$3,540,745.89
$431,881.32
$185,889.16
$245,992.16
$3,294,753.72
$4,318,813
1010124
$3,294,753.72
$431,881.32
$172,974.57
$258,906.75
$3,035,846.97
$3,886,932
10/0125
$3,035,846.97
$431,881.32
$159,381.97
$272,499.36
$2,763,347.62
$3,455,051
10101126
$2,763,347.62
$431,881.32
$145,075.75
$286,805.57
$2,476,542.05
$3,023,169
10101127
$2,476,542.05
$431,881.32
$130,018.46
$301,862.86
$2,174,679.18
$2,591,288
1010128
$2,174,679.18
$431,881.32
$114,170.66
$317,710.66
$1,656,968.52
$2,159,407
1010129
$1,856,968.52
$431,881.32
$97,490.85
$334,390.47
$1,522,578.04
$1,727,525
10/01/30
$1,522,578.04
$431,881.32
$79,935.35
$351,945.97
$1,170,632.07
$1,295,644
10101/31
$1,170,632.07
$431,881.32
$61,458.18
$370,423.14
$800,208.93
$863,763
10/01/32
$800,208.93
$431,881.32
$42,010.97
$389,870.35
$410,338.58
$431,881
10/01/33
$410,338.58
$431,881.35
$21,542.78
$410,338.58
$0.00
($0)
TOTALS
$8,637,626.46
6.46
$2,000,000.00
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. Interest shall begin
accruing on October 24, 1994, which is the date of loan proceeds receipt. The term of the Note shall commence on
October 24, 1994, the date that the loan proceeds were received by the Redevelopment Agency of the City of Azusa.
Payments will be deferred until October 1, 2014, when the first payment will be due, and annually thereafter for a
term of twenty (20) years. Final payment will be due October 1, 2033. Interest shall accrue from October 24, 1994,
at the rate of 5.25% per annum, and annually thereafter on October 1, and will be added to the principal outstanding.
U 1WPR�O�.Y VFW
0 •
Page 2
Exhibit "A"
Promissory Note
Krems Site Acquisition
received by the Redevelopment Agency, except that a payment will be made of any excess land sales proceeds
derived from the sale of the Krems site, above and beyond those amounts pledged to payment of non -subordinate
debt. Payments will be made annually thereafter, with final payment due in twenty (20) years, in 2033. Interest shall
accrue annually on the anniversary date, from the date the loan proceeds are received until the date first payment is
made, and shall be added to the principal. The loan may be extended or revised at any time by mutual consent of
both parties. The Note is payable from accumulated tax increment funds in excess of those pledged for payment of
Agency bonded indebtedness, excess land sales proceeds from the sale of the site, and/or from any other funds
available to the Agency from which such payment may legally be made. The Note may be prepaid at any time
without penalty. This loan is subordinate to any and all bonded indebtedness. 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.
In event of default in payment of any amount as herein provided, then the entire amount shall become due at the
option of the City of Azusa. Principal and interest shall be payable in lawful money of the United States at AZUSA,
CALIFORNIA. Demand, presentment for payment, protest and notice of protest are hereby waived.
Signed this 4th
By Promisor:
For
Address:
day of August , 1997 at Azusa, Califamia.
City of Azusa Redevelopment
213 East Foothill Boulevard
Azusa, California 91702
(626)812-5200
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