HomeMy WebLinkAboutResolution No. 11-C13RESOLUTION NO. 11—C13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA, CALIFORNIA, CALLING AN. AGENCY LOAN AND
REQUIRING IMMEDIATE REPAYMENT OF OUTSTANDING
INDEBTEDNESS OWED TO THE CITY
WHEREAS, pursuant to the California Community Redevelopment Law (Health and
Safety Code Sections 33000, et seg.) ("CRL"), the City Council ("City Council') of the City of
Azusa ("City") has approved and adopted a redevelopment plan ("Redevelopment Plan") for the
Merged Central Business District Redevelopment Project Area ("Project Area"); and
WHEREAS, the Governing Board ("Board") of the Redevelopment Agency of the City
of Azusa ("Agency") has adopted an implementation plan for the Redevelopment Plan
("Implementation Plan") and is engaged in activities necessary to execute and implement the
Redevelopment Plan pursuant to the CRL; and
WHEREAS, on March 3, 2008 the City Council authorized a loan of $11,000,000 to the
Agency, and the Agency accepted the loan from the Council, for the purpose of financing the
acquisition of certain real property located at (see attached listing) for redevelopment ("City
Loan"); and
WHEREAS, as evidenced by the Promissory Note, City may call the City Loan at any
time and require immediate repayment of the Agency indebtedness; and
WHEREAS, the City desires to exercise this right and require immediate repayment in
full of the Agency indebtedness. In lieu of payment in available funds, the City is willing to
accept, via quitclaim deed, property of equal value, and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, DOES RESOLVE AS FOLLOWS:
Section 1. The recitals set forth above are true and correct and incorporated herein.
Section 2. The Council hereby calls the City Loan and requires immediate repayment
in full of the City Loan.
Section 3. The City Manager, or his or her designee, is authorized and directed to
execute such documents and instruments as may be necessary to
memorialize the obligations between the City and the Agency, including
the obligations required to finalize a transfer of property, and shall take all
other actions necessary or convenient in the furtherance of the actions
authorized by this Resolution.
Section 4. The Council has determined that the requirement of repayment from the
Agency to the City, and potential transfer of land, is exempt from the
requirements of the California Environmental Quality Act ("CEQA"),
1
Pursuant to State CEQA Guidelines Section 15061(b)(3), because it can be
seen with certainty that the mere transfer of funds or title from the Agency
to the City will not have a significant effect on the environment.
Section 5. The Council hereby directs City staff to file a Notice of Exemption with
the Clerk of Los Angeles County within five (5) calendar days following
approval of this Resolution.
Section 6. This Resolution shall take effect immediately upon its adoption.
Section 7. The Mayor shall sign this Resolution and the City Clerk shall attest and
certify to the passage and adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 22"d day of February, 2011
J SEPH R. ROCHA, MAYOR
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of Azusa at a special meeting thereof held on the 22"d day of February, 2011,
by the following vote of the Council:
AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, HANKS. ROCHA
NOES: COUNCILMEMBERS: NONE
ABSENT: CO CILMEMBERS: NONE
VERA MENDOZA, CITY CLERK
APPROVED TO FORM:
, -r' ea —
CITY ATTORNEY
PROMISSORY NOTE
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
March 3, 2008
For value received., the REDEVELOPMENT AGENCY OF THE CITY OF AZUSA, a public bodv corporate and
politic ("Agency"), promises to pays the CITY OF AZUSA; a municipal corporation and general law city organized
and existing under the laws of the State of California ("City"), the estimated sum of ELEVEN N41LLION DOLLARS
AND NO/100 ($11000,000); revised as necessary to reflect actual expenditures. with interest thereon from the date
of actual receipt of loan proceeds as evidenced by warrant date of disbursement; at the annual interest rate of 651XI
which is approximately equivalent to the Local Agency Investment Fund rate; currently 4.62% per annum, plus 21/c.
The principal and interest are payable annually. Anv unpaid amounts will accrue annually and be added to principal. The
Note is payable from tax increment revenues in excess of those pledged for Agency bonded indebtedness; property
sales proceeds; bond proceeds designated to repay this note; and/or 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 payable by November 30; 2008, unless extended by mutual consent of
both parties.
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 City Council has authorized the loan for purposes of funding property acquisitions, administrative expenses and
project related activities. This note is issued under the authority and pursuant to the Community Redevelopment
Law, commencing with Section 13600 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 the City of Azusa. 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
By:
']oseph R. Rocha, Chairperson
PROPERTY ACQUISITION/CBD
C'DVCLIMEWS A� ICk, APSONC ?9 RA RLpULST.rG LOAN LICK
RESOLUTION NO. 08-R4
A RESOLUTION OF THE RF.DEVF,LOPMENT AGENCY OF THE CITY OF AZUSA
REQUESTING A LOAN FROM THE CITY OF AZUSA FOR PURPOSES OF DW MERGED
REDEVELOPMENT PROTECT AREA
WHEREAS, the Redevelopment Agency of the Cite of Azusa ("Agency") is authorized to undertake
certain actions which are necessan and incidental to the carrying out of the Redevelopment Plan which has
previously been adopted by the City of Azusa, for proposes of the Merged Redevelopment Project Area: 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 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 Avencv Members ofthe Redevelopment Agency
of the Citv of Azusa that:
Section 1. Pursuant to the provisions of said Section 33620, et, seq.. of theCalifornia State Health and
Safety Code, the Agency Members hereby authorize the Redevelopment Agency of the City of Azusa to
request a Loath from the City of Azusa for purposes of the Merged Redevelopment Project.
Section 2. Tlhe 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 terns, in addition to all usual
and customary teons:
LOAD
PROJECT/AFFECTED
INTEREST TERM
BORROW
REPAYMENT
AMOUNT
FUND
RATE
FROM
FUND
SOURCE
$1 1.0007000
Merged Project -CBD
Payable by
City:
Tar, increment.
Capital Projects Fund
6.5% November
General/Rosedale
Bonds, Sales
30.2008 .
Funds
Proceeds
The loan listed herein is pavable according to the terms of the Note. Pavments will be made upon demand
from die City to the Agency by November 30. 2008. Any unpaid amounts will accrue annual]\, and be added to
principal. The Note is payable front accumulated tax increment funds in excess of those pledged for payment
of Agency bonded indebtedness, 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 C ity of Azusa in accordance with the provisions of Section 3
hereof.
Section 5. The Agency Secretary shall certify the adoption o':'this Resolution.
PASSED AND ADOPTED this 3" day of March, 2008.
i
l seph W. Rocha, Chairperson
I HEREBY CERTIFY that the foregoing resolution No. 08-R9. as duly adopted by the
Redevelopment Agency of the Cih of Azusa at a regular meeting held on the .3id day of March, 2008, by the
following vote of the Agency members:
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS. ROCHA
NOES: AGENCY MEMBERS: NONE
ABSTAIN: .AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE -
i
Vera Mendoza, Secretary
Downtown North (A-2 & A-3 sites)
Address: 858 N. Azusa Avenue, Azusa, CA 91702
APN: 8608-025-907
Address: 832 N. Azusa Avenue, Azusa, CA 91702
APN: 8608-025-909, 86084125- 910
Address: 826 N. Azusa Avenue, Azusa, CA 91702
APN: 8608-025-902
Address: 830 N. Azusa Avenue, Azusa, CA 91702
APN: 8608-025-908
Address: 812 N. Azusa Avenue, Azusa, CA 91702
APN: 8608-025-906
Address: 801 N. Alameda Avenue, Azusa, CA 91702
APN: 8608-025-905
Address: 810 N. Alameda Avenue, Azusa, CA 91702
APN: 8608-027-907
Address: No Situs
APN: 8608-025-903
Address: No Situs
APN: 8608-025-904
Address: 803 N. Dalton Avenue, Azusa, CA 91702
APN: 8608-027-906
Address: 805 N. Dalton Avenue, Azusa, CA 91702
APN: 8608-027-905
Address: 809-813 N. Dalton Avenue, Azusa CA 91702
APN: 8608-027-908
1 inch = 70 feet J-prp*
City of Azusa
Downtown North Project A-2 N
GIS
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