HomeMy WebLinkAboutResolution No. 11-R20RESOLUTION NO. 11-11120
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA REQUESTING A LOAN
FROM THE CITY OF AZUSA FOR PURPOSES OF THE MERGED AND RANCH CENTER REDEVELOPMENT
PROJECT AREAS
WHEREAS, pursuant to California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.)
("CRL"), the Redevelopment Agency of the City of Azusa ("Agency") is engaged in activities necessary to implement the
redevelopment plans ("Redevelopment Plans") for the Merged and Ranch Center Project Areas ("Project Areas"); and
WHEREAS, the State legislature passed AB 26 4x, as amended by Senate Bill 68, as a budget balancing measure,
which requires redevelopment agencies statewide to make payments totaling $350 million to county Supplemental Educational
Revenue Augmentation Funds ("SERAF") during Fiscal Year 2010-11; and
WHEREAS, because the Agency has insufficient funds to make the SERAF payment out of Agency funds, the Agency
requests that the City Council determine that the City loan the funds to the Agency to make the 2010-11 SERAF payment; 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 (California Redevelopment Law) to make loans to the Agency for the purposes of defraying said expenses;
and
WHEREAS, the Parties now desire to enter into this Loan Agreement to memorialize the terms and conditions of the
City loan to the Agency for the SERAF payment;
NOW, THEREFORE, BE IT RESOLVED by the Agency Members 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
Agency Members hereby authorize the Redevelopment Agency of the City of Azusa to request a Loan from the City of Azusa
for purposes of the Merged and Ranch Center Redevelopment Projects.
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 Loan Agreement
(in the form attached as Exhibit A) of the Agency containing the following terms, in addition to all usual and customary terms:
LOAN
INT.
BORROW
PLEDGED REVENUE
FROM
SOURCES
AMOUNT
PROJECT
RATE
TERM
$513,030
FY 2010/11 SERAF
6.0%
1 Year, unless extended by
City of
Tax Increment, Other
Payment:
mutual consent of both parties'
Azusa
Available Revenues
Merged Project Area
designees
Portion: $504,536
Ranch Center Project
Area Portion:
$8,494
The loan listed herein is payable according to the terms of the Note. The Note is payable from accumulated tax increment fimds
in excess of those pledged for payment of Agency bonded indebtedness or superior debt, 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 Chairperson of the Agency or his/her designee 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.
Section 5. The Agency Secretary shall certify the adoption of this Resolution.
PASSED AND ADOPTED this 2"d day of May, 2011.
r�
Jo ph R. Rocha, Chairperson
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 2nd day of May, 2011.
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSTAIN:/AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE