HomeMy WebLinkAboutResolution No. 97-C107RESOLUTION NO. 97—C107
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING
ULI REVISING LOANS FOR PURPOSES OF THE MERGED REDEVELOPMENT
PROJECT AREA
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" WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is undertaking 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; 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 33260, et. seq., ofthe Health and Safety
Code of the State of California to make loans to the Agency for the purposes of defraying said expenses; and
WHEREAS, the Agency desires to redefine certain loans which were approved and funded in prior
periods;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa that:
Section I. Pursuant to the provisions of said Section 33620, et. seq., of the Health and Safety Code, the
City Council hereby authorizes to the Redevelopment Agency of the City of Azusa certain revisions to the
following loans for purposes of the Merged Redevelopment Project.
Section 2. The Agency shall 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. Said loans shall be evidenced by Notes of the Agency containing the following revised terms,
in addition to all usual and customary terms.
CURRENT LOAN TERMS:
REVISED LOANS AND TERMS:
Project
Loan
Date
Resolution
Interest
Mission
Pledged Revenue
Project
Amount
Approved
No.
Rate
Term
Sources
Mission
10/3/94 and
95-C70
made annually
Developer Lease Pmts.,
Chrysler
$2,000,000
Rev. 6/5/95
95-R30
5.25%
15 Yrs.
Tax Increment
Krems Site
97-050
10/1/2033
Excess Land Sales, Tax
Krems Site
$2,462,355
4/21/97
97-R15
6.00%
25 Yrs.
Increment, Other
Note: Loans funds were borrowed from the Light Fund.
REVISED LOANS AND TERMS:
Project
Loan
Amount
Interest
Rate
Revised
Terms
Revised Pledged
Revenue Sources
Mission
$2,000,000
5.25%
No Payments made until
Tax Increment, or any other
Chrysler
Interest accrued annually
10/1/2014; payments
available sources
beginning 10/24/94 (date
made annually
loan proceeds originally
thereafter for 20 years;
received)
new term: 10/1/2014 to
10/1/2033
Krems Site
$2,462,355
6.00%
Any excess land sales
Excess Land Sales, tax
Interest accrued annually
will be applied to loan
increment, other
beginning date loan
pay down; no payments
proceeds originally received
on the remaining net
(est. 9/97)
principal will be made
until 2014; payments
made annually
thereafter for 20 years;
new term: 2014 to
2033.
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The loans listed herein are payable according to the terms of the Notes. The Notes are payable from accumulated tax
increment funds in excess of those pledged for payment of Agency bonded indebtedness, excess land sales proceeds where
applicable, and/or from any other funds available to the Agency from which such payment may legally be made. The Notes
may be prepaid at any time without penalty.
Section 4. The City Council of the City of Azusa is hereby authorized and directed to accept, on behalf of the
E Agency, the Revised Notes to the City of Azusa in accordance with the provisions of Section 3 hereof.
PASSED AND ADOPTEDAis 4th day of August 1997.
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa at a regular meeting thereof,
held on the 4th day of August 1997.
AYES: COUNCILMEMBERS:HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NOES: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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