HomeMy WebLinkAboutResolution No. 98-R29RESOLUTION NO. 98-R29
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA APPROVING THE POLICY GUIDELINES FOR THE
AGENCY COMMERCIAL REHABILITATION LOAN, SEISMIC LOAN AND
FACADE REBATE PROGRAM FOR DOWNTOWN AZUSA AND THE CENTRAL
BUSINESS DISTRICT REDEVELOPMENT PROJECT
WHEREAS, the Redevelopment Agency is engaged in redeveloping the downtown area
in order to improve the business environment and create a viable downtown area; and
WHEREAS, the Redevelopment Agency has been marketing the Commercial
Rehabilitation Loan , Seismic Loan and Facade Rebate Programs to downtown businesses for the
last two years and has received several applications requesting funds; and
WHEREAS, the Agency staff now requests approval of the policy, terms, and procedural
guidelines which will govern the Commercial Rehabilitation Loan and Rebate Programs which
are attached herein as Exhibit A.
NOW THEREFORE, BE IT RESOLVED, that the Agency Board does hereby take the
following actions:
SECTION 1. Approve the policy, terms and procedures which will govem the
Commercial Rehabilitation Loan, Seismic Loan and Facade Rebate Program that shall be used
exclusively in the downtown area.
SECTION 2. Approve the incremental transfer of Light and Water Funds after each loan
is recorded against the applicant's property. Rebate funds will be transferred when the facade
rebate agreement has been executed.
SECTION 3. The Executive Director shall have the authority to make minor
modifications to the program as required and shall approve all loans and rebates not to exceed
$20,000 per program. The Chairperson is also authorized to execute all loan documents in
connection with the program.
SECTION 4. The Secretary of the Agency shall certify the adoption of this resolution.
P ED, APPROVED AND ADOPTED this 4th day of May , 1998.
Chairperson
1 HEREBY CERTIFY that the foregoing Resolution No. 98-R29 was duly
adopted by the Board of Directors of the Redevelopment Agency of the City of Azusa, at a
regular meeting thereof, held on the 4th day of May 1998, by the following vote of
the Board.
AYES: CITY COUNCILMEMBERS:
NOES: CITY COUNCILMEMBERS:
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HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NONE
NONE