HomeMy WebLinkAboutResolution No. 98-C0750
RESOLUTION NO. 98—C75
A RESOLUTION OF THE CITY OF AZUSA
TRANSFERRING LIGHT AND WATER FUNDS
TO THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA'S
COMMERCIAL REHABILITATION LOAN, SEISMIC LOAN AND FACADE
IMPROVEMENT PROGRAM
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 Improvement Program for downtown businesses
for the last two years and has received several applications requesting funds; and
WHEREAS, the Redevelopment Agency now requests that the City of Azusa transfer
funds to the Agency for implementation of the Agency's Commercial Rehabilitation program.
NOW THEREFORE, BE IT RESOLVED, that the City of Azusa does hereby take the
following actions:
SECTION 1. Incrementally transfer required Light and Water funds to the
Redevelopment Agency for it's Commercial Rehabilitation Program as loans are funded. These
funds shall be transferred from the City to the Agency when a Commercial Loan has been
recorded on the applicant's property. All loans are due on sale or transfer.
SECTION 2. Notwithstanding Section I above, the first loan, with Mr. and Mrs. Miguel
for property located at 523-525 N. Azusa Avenue, has been recorded. This loan has a forgivable
feature, after five years, consistent with the original marketing efforts in late 1997.
SECTION 2. Rebate funds will be transferred when the facade rebate agreement has
been executed. These funds shall not be repaid to the City because they are a grant.
SECTION 3. The City Clerk shall certify the adoption of this resolution.
APPROVED AND APPROVED THIS 41 day of May, 1998.
( __0f istina Cruz -Madrid, Mayor
I HEREBY CERTIFY that the foregoing Resolution No. 98—C75 was duly adopted by
the City Council of the City of Azusa, at a regular meeting thereof, held on the 4th day of May,
1998, by the following vote of the City Council.
AYES:
NOES:
ABSENT
CITY COUNCILMEMBERS :. HARDISON, STANFORD, ROCHA, BEEBE, MADRID
CITY COUNCILMEMBERS : NONE
CIITY C
y
: NONE