HomeMy WebLinkAboutResolution No. 76250 0 0 0
RESOLUTION NO. 7625
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF AZUSA APPROVING A LOAN
FROM THE CITY GENERAL FUND TO
THE AZUSA REDEVELOPMENT AGENCY
WHEREAS, on December 17. 1984, the Azusa Redevelopment
AGency entered into an Offer to Purchase Agrrement to purchase
property with Mr. Arthur Vasquez, et al. Said Offer is attached
hereto and identified as Exhibit A; and
WHEREAS, the Azusa Redevelopment Agency will be obligated by
said offer to open escrow and pay $125,400 towards the
acquisition and closing costs; and
WHEREAS, pursuant to the "Agreement between the City of
Azusa and the Redevelopment Agency of the City of Azusa,
establishing certain City -Agency relationships" the City may
provide loans to the Agency for project development purposes.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of
the City of Azusa that a loan is hereby authorized to the
Redevelopment Agency pursuant to the following terms:
1. The principal amount of the loan shall not exceed
$140,400 for the cost of acquisition, closing costs and
relocation costs.
2. The term of the loan shall be four (4) years with
payment of principal and interest accrued annually due
and payable at the end of the term, unless extended by
the City.
3. The interest rate shall be 12.0% accrued annually.
PASSED AND ADOPTED this 17th Day of December, 1984.
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I, Adolph A. Solis,. City Clerk of the City of Azusa DO HEREBY
CERTIFY that Resolution No. 7625 was duly adopted by the City
Council of the City of AZusa at a regular meeting thereof held on
the 17th day of December , 1984 by the following vote to -wit:
AYES: COUNCILMEMBERS CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: COUNCILMEMBERS NONE
ABS NT: COUNCILMEMBER NONE
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