HomeMy WebLinkAboutResolution No. 04-R80 0
RESOLUTION NO. 04-118
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA REQUESTING A LOAN FROM THE AZUSA LIGHT AND WATER 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 Azusa Light & Water, a municipal utility of 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 Azusa Light & Water 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:
INT. BORROW
LOAN AMOUNT PROJECT RATE TERM FROM
$150,000 Talley Building 5.0% 20 Water Fund Tax increment, Other
Development Years
The loan listed herein is payable according to the terms of the Note. Payments will be deferred for the first
three years after receipt of proceeds, and then annually until paid in full. The Note is payable from
accumulated tax increment funds in excess of those pledged for payment of Agency bonded indebtedness,
and/or may be paid 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 Azusa Light & Water in accordance with the provisions of Section 3 hereof.
of March, 2004.
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 15th day of March, 2004.
AYES: BOARD MEMBERS: HARDISON, STANFORD, CHAGNON, MADRID
NOES: BOARD MEMBERS: NONE
ABSTAIN: BOARD MEMBERS: NONE
ABSENT: BOARD MEMBERS:ROCHA
d4d&,�,N &X��
Secretary
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EXHIBIT A
UNSECURED NOTE
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
TALLEY BUILDING DEVELOPMENT
For value received, the REDEVELOPMENT AGENCY OF THE CITY OF AZUSA, a public body corporate and
politic ("Agency"), promises to pay the AZUSA LIGHT & WATER, a municipal utility of the City of Azusa
organized and existing under the laws of the State of California, the sum of ONE HUNDRED FIFTY THOUSAND
DOLLARS ($150,000) with interest thereon from the date of receipt of loan proceeds, at the rate of five (5%)
percent per annum. Principal and interest payments will be deferred three (3) years after receipt of loan proceeds,
then payable at least annually for seventeen (17) years until paid in full, as provided herein. The Note is payable
from tax increment revenues in excess of those pledged for Agency bonded indebtedness and/or maybe paid from
any other resources available to the Agency from which such payment may legally be made, allocated to and
received by the Agency for the Merged Redevelopment Project Area. The term of the note shall be twenty (20)
years after receipt of the loan proceeds, unless extended by mutual consent of both parties, and detailed as follows:
(Est. Date)
BEGINNING
$0.00
ENDING
CUMULATIVE
LOAN
LOAN
5%
LOAN
LOAN
YEAR END
BALANCE PAYMENT
INTEREST PRINCIPAL
BALANCE
BALANCE
Beg Balance
$150,000.00
$0.00
$0.00
$0.00
$150,000.00
$261,834.89
6/30/2005
$150,000.00
$0.00
$7,500.00
($7,500.00)
$157,500.00
$261,834.89
6/30/2006
$157,500.00
$0.00
$7,875.00
($7,875.00)
$165,375.00
$261,834.89
613012007
$165,375.00
$0.00
$8,268.75
($8,268.75)
$173,643.75
$261,834.89
6/29/2008
$173,643.75
$15,402.05
$8,682.19
$6,719.86
$166,923.89
$246,432.84
6/30/2009
$166,923.89
$15,402.05
$8,346.19
$7,055.86
$159,868.03
$231,030.79
6/30/2010
$159,868.03
$15,402.05
$7,993.40
$7,408.65
$152,459.38
$215,628.74
6/30/2011
$152,459.38
$15,402.05
$7,622.97
$7,779.08
$144,680.30
$200,226.69
6/29/2012
$144,680.30
$15,402.05
$7,234.02
$8,168.03
$136,512.27
$184,824.64
6/30/2013
$136,512.27
$15,402.05
$6,825.61
$8,576.44
$127,935.83
$169,422.59
6/30/2014
$127,935.83
$15,402.05
$6,396.79
$9,005.26
$118,930.57
$154,020.54
6/30/2015
$118,930.57
$15,402.05
$5,946.53
$9,455.52
$109,475.05
$138,618.49
6/29/2016
$109,475.05
$15,402.05
$5,473.75
$9,928.30
$99,546.75
$123,216.44
6/3012017
$99,546.75
$15,402.05
$4,977.34
$10,424.71
$89,122.04
$107,814.39
6/30/2018
$89,122.04
$15,402.05
$4,456.10
$10,945.95
$78,176.09
$92,412.34
6/30/2019
$78,176.09
$15,402.05
$3,908.80
$11,493.25
$66,682.85
$77,010.29
6/29/2020
$66,682.85
$15,402.05
$3,334.14
$12,067.91
$54,614.94
$61,608.24
6/30/2021
$54,614.94
$15,402.05
$2,730.75
$12,671.30
$41,943.64
$46,206.19
6/30/2022
$41,943.64
$15,402.05
$2,097.18
$13,304.87
$28,638.77
$30,804.14
6/30/2023
$28,638.77
$15,402.05
$1,431.94
$13,970.11
$14,668.66
$15,402.09
6/2912024
$14,668.66
$15,402.09
$733.43
$14,668.66
$0.00
$0.00
TOTALS
$261,834.89
$111,834.89
$150,000.00
DOCUMENT IN C lL% MEMS AND SMINGSVHEIUNAND�]UOPTMARCH 15.2001. DOC
0 0
This note is issued in connection with the provision of funds to finance redevelopment activities of the Merged
Redevelopment Project Area. The Merged Project provides for tax increment financing in accordance with the
provisions of the California Health and Safety Code. The Agency is authorized, with the consent of the Board of
Directors, to undertake certain actions which are necessary and incidental to carrying out the Redevelopment Plan
which has previously been adopted by the City of Azusa, for purposes of the Merged Redevelopment Project area.
The Utility Board/Agency Board has authorized the loan for purposes of funding development of the Talley Building
located at 619/621 N. Azusa Avenue, in conjunction with the Development and Disposition Agreement pertaining to
development of said property. This note is issued under the authority and pursuant to the Community
Redevelopment Law, commencing with Section 33600 of the Health and Safety Code of the State of California, as
amended.
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.
In event of default in payment of any amount as herein provided, then the entire amount shall become due at the
option of Azusa Light & Water. 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.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA�� %
IN
Chairperson
TALLEY BUILDING DEVELOPMENT
DOCUMENT IN C:\DOCUMENTS AND SETTDlGSUHERNANDUkDMR 0VTMARCH [5,21X4 DDC