HomeMy WebLinkAboutResolution No. 97-R15RESOLUTION NO. 97—R15
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 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 loan shall be evidenced by a Note
(in the form attached as Exhibit A) of the Agency containing the following terms, in addition to all usual and
customary terms:
PLEDGED
LOAN INT. BORROW REVENUE
AMOUNT PROJECT RATE TERM FROM SOURCES
Tax Increment,
Excess Land
Krems Site Sales Proceeds,
$2,462,355 Acquisition 6.0% 25 Years Light Fund Other
The loan listed herein is payable according to the terms of the Note. Payments will be deferred for the first five
years and then will be made at least annually, and will be paid in full on or before the 25th anniversary of the date
loan proceeds were received by the Redevelopment Agency. 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.
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 ADOPTE this 21st day of April 1997.
Chairman
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 21 day of April , 1997.
AYES: BOARDMEMBERS:HARDISON, STANFORD, ROCHA, BEEBE, MADIRD
NOES: BOARDM EMBERS: NONE
ABSTAIN: BOARDNIZERS:
ABSEi> P , BOARDM BERS:
retary
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EXHIBIT "A"
CITY OF AZUSA REDEVELOPMENT AGENCY
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:
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, and shall end on the 25th Anniversary of the date that the
loan proceeds were received by the Redevelopment Agency of the City of Azusa, unless extended by
mutual consent of both parties. Payments will be deferred for the first five years and then will be made
at least annually. 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
HAWMOCI RP AG AIARFM`IJT£WM 421N7
CITY OF AZUSA REDEVELOPMENT AGENCY
KREM'S LOAN FROM LIGHT & WATER
$2,462,355 AT 6% INTEREST FOR 25 YEARS
BEGINNING
ENDING
CUMULATIVE
PAYMENT
LOAN
6%
LOAN
LOAN
NUMBER
BALANCE
PAYMENT
INTEREST
PRINCIPAL
BALANCE
BALANCE
1
$2,462,355.00
$0.00
$147,741.30
($147,741.30)
$2,610,096.30
$5,745,787.42
2
$2,610,096.30
$0.00
$156,605.78
($156,605.78)
$2,766,702.08
$5,745,787.42
3
$2,766,702.08
$0.00
$166,002.12
($166,002.12)
$2,932,704.20
$5,745,787.42
4
$2,932,704.20
$0.00
$175,962.25
($175,962.25)
$3,108,666.45
$5,745,787.42
5
$3,108,666.45
$0.00
$186,519.99
($186,519.99)
$3,295,186.44
$5,745,787.42
6
$3,295,186.44
$287,289.37
$197,711.19
$89,578.18
$3,205,608.26
$5,458,498.05
7
$3,205,608.26
$287,289.37
$192,336.50
$94,952.87
$3,110,655.38
$5,171,208.68
8
$3,110,655.38
$287,289.37
$186,639.32
$100,650.05
$3,010,005.34
$4,883,919.31
9
$3,010,005.34
$287,289.37
$180,600.32
$106,689.05
$2,903,316.29
$4,596,629.94
10
$2,903,316.29
$287,289.37
$174,198.98
$113,090.39
$2,790,225.89
$4,309,340.57
11
$2,790,225.89
$287,289.37
$167,413.55
$119,875.82
$2,670,350.08
$4,022,051.20
12
$2,670,350.08
$287,289.37
$160,221.00
$127,068.37
$2,543,281.71
$3,734,761.83
13
$2,543,281.71
$287,289.37
$152,596.90
$134,692.47
$2,408,589.25
$3,447,472.46
14
$2,408,589.25
$287,289.37
$144,515.35
$142,774.02
$2,265,815.23
$3,160,183.09
15
$2,265,815.23
$287,289.37
$135,948.91
$151,340.46
$2,114,474.77
$2,872,893.72
16
$2,114,474.77
$287,289.37
$126,868.49
$160,420.88
$1,954,053.89
$2,585,604.35
17
$1,954,053.89
$287,289.37
$117,243.23
$170,046.14
$1,784,007.75
$2,298,314.98
18
$1,784,007.75
$287,289.37
$107,040.47
$180,248.90
$1,603,758.85
$2,011,025.61
19
$1,603,758.85
$287,289.37
$96,225.53
$191,063.84
$1,412,695.01
$1,723,736.24
20
$1,412,695.01
$287,289.37
$84,761.70
$202,527.67
$1,210,167.34
$1,436,446.87
21
$1,210,167.34
$287,289.37
$72,610.04
$214,679.33
$995,488.01
$1,149,157.50
22
$995,488.01
$287,289.37
$59,729.28
$227,560.09
$767,927.92
$861,868.13
23
$767,927.92
$287,289.37
$46,075.68
$241,213.69
$526,714.23
$574,578.76
24
$526,714.23
$287,289.37
$31,602.85
$255,686.52
$271,027.71
$287,289.39
25
$271,027.71
$287.289.39
$16.261.68
$271.027.71
$0.00
($0.00)
TOTALS
$5,745,787.42
$3,283,432.42
$2,462,355.00
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, and shall end on the 25th Anniversary of the date that the
loan proceeds were received by the Redevelopment Agency of the City of Azusa, unless extended by
mutual consent of both parties. Payments will be deferred for the first five years and then will be made
at least annually. 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
HAWMOCI RP AG AIARFM`IJT£WM 421N7
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Page 2
Exhibit "A"
Promissory Note
Krems Site Acquisition
Note may be prepaid at any time without penalty. This loan is subordinate to any and all bonded
indebtedness.
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
By Promisor:
21st
day of April
1997 at Azusa, California.
and on behalf of the)City of Azusa Redevelopment Agency
Address: 213 East Foothill Boulevard
Azusa, California 91702
(818) 812-5200
II%WWMICORR]SI LEWAI R: INOit NPD 4n I NI