HomeMy WebLinkAboutCC RESO 15,047RESOLUTION NO. 15 , 047
RESO â–ºUTION OF THE CITY COUNCIL OF THE CITY OF
NATIO L CITY, CALIFORNIA AUTHORIZING EXECUTION
OF AN GREEMENT FOR LOAN AND REPAYMENT WITH
THE OMMUNITY DEVELOPMENT COMMISSION OF
E CITY OF NATIONAL CITY FOR THE
NATIONAL CITY DOWNTOWN
REDEVELOPMENT PROJECT
WHEREAS, t e Community Development Commission, in its
capacity as Redevelopm
operations; and
WHEREAS, the C
and
nt Agency, is in need of a loan for project
ty desires to assist the Commission in such need;
WHEREAS, the
authorizes the City to make
WHEREAS, an A
Promissory Note have been pr
NOW, THEREFORE,
City of National City that th
behalf of the City, an Agr
Community Development Comm
National City Downtown Redevel
8% per annum with a maturity d
and the City's Clerk is authorized
PASSED AND ADOPTED
alifornia Community Redevelopment Law
loan to the Commission; and
reement for Loan and Repayment and a
pared for said Loan.
BE IT RESOLVED by the City Council of the
Mayor is hereby authorized to execute, on
ement for Loan and Repayment with the
sion of the City of National City for the
pment Project in the amount of $500,000 at
to one year thereafter on August 15, 1987,
to attest thereto.
this 12th day of August, 1986.
Kile Morgan, : yor
ATTEST:
Ione Campbell, City Clerk
APPROVED AS TO FORM:
George H. Eiser, III - City Attorney
AGREEMENT FOR LOAN AND REPAYMENT
NATIONAL CITY DOWNTOWN REDEVELOPMENT PROJECT
THIS AGREEMENT entered into as of this 13th day of August 1986 by and
between the City of National City, California, a municipal corporation, hereinafter
called "City", and the Community Development Commission of the City of National
City, California, hereinafter called "Commission"; and
WHEREAS, the Commission has a need for funding certain redevelopment
activities in the National City Downtown Redevelopment Project adopted by City
Council Ordinance No. 1762 on December 1, 1981, as amended; and
WHEREAS, the City desires to assist the Commission in such need; and
WHEREAS, the California Community Redevelopment Law authorizes the City
to make a loan to the Commission.
NOW, THEREFORE, BE IT RESOLVED, that the parties hereto do mutually
agree as follows:
1. AMOUNT OF LOAN AND TERM:
The City agrees to loan the Commission $500,000. The term of the
loan is one year. The loan shall be due and payable on August 15,
1987.
2. DISBURSEMENT OF LOAN PROCEEDS:
The City agrees to disburse loan proceeds to the Commission on August
15, 1986. The Commission agrees to use such proceeds only for the
purposes provided for in State law and in connection with the National
City Downtown Redevelopment Project.
3. INTEREST:
The Commission agrees to pay the City interest on funds borrowed at
the time of the repayment of the loan on August 15, 1987. The
interest shall be eight percent (8%) per year and calculated from the
date borrowed to the date paid.
4. REPAYMENT:
The Commission agrees to repay any and all funds borrowed, principal
and interest, not later than August 15, 1987.
IN WITNESS WHEREOF the Commission and the City have executed this
Agreement as of the date first above written.
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF ATIONAL CITY,
CALIFORNIA
CITY OF NATIONAL CITY, a
Municipal Corpor ion
Kile Torgan, C'irm:n Kile Morgan,"Mayor
ATTEST:
ATTEST:
Arnold A. Peterson, Secretary Ione Campbell, City Clerk
Approved as to legal form and adequacy:
George H. Eiser III, City Attorney
and Community Development Commission
Attorney
August 15, 1986
PROMISSORY NOTE
$500,000 National City Downtown
Redevelopment Project
The Community Development Commission of the City of National City, California,
hereinafter called "Commission" for value received, promises to pay to the City of
National City, California, a municipal corporation, hereinafter called "City" the sum
of $500,000 with interest, as spelled out in the loan agreement for the National City
Downtown Redevelopment Project dated August 13, 1986 with said $500,000 plus said
interest to be paid not later than August 15, 1987. This Promissory Note is executed
in compliance with and incorporates all terms and conditions of that certain
"Agreement for Loan and Repayment, National City Downtown Redevelopment
Project", entered into the 13th day of August 1986.
COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF NATIONAL CITY, CALIFORNIA
Kile Morgan, Chairman
ATTEST:
Arnold A. Peterson, Secretary
APPROVED AS TO FORM:
George H. Eiser III, City Attorney
and Community Development Commission
Attorney