HomeMy WebLinkAboutCC RESO 14,059C
RESOLUTION NO. 14, 059
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA AUTHORIZING EXECUTION OF AN AGREEMENT FOR LOAN
AND REPAYMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF NATIONAL CITY FOR THE NATIONAL CITY DOWNTOWN
REDEVELOPMENT PROJECT
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need of a loan for project
operations; 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; and
WHEREAS, an Agreement for Loan and Repayment and a Promissory
Note have been prepared for said Loan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that the Mayor is hereby authorized to execute,
on behalf of the City, an Agreement for Loan and Repayment with the
Community Development Commission of the City of National City for the
National City Downtown Redevelopment Project in the amount of $600,000.
PASSED AND ADOPTED this 14th day of June, 1983.
ATTEST:
Ion" Campbell, Ci' Clerk
Kile Morgan, Mayor
AGREEMENT FOR LOAN AND REPAYMENT
NATIONAL CITY DOWNTOWN REDEVELOPMENT PROJECT
THIS AGREEMENT entered into as of this 14th day of June, 1983, 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; 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:
The City agrees to loan the Commission an amount not to exceed $600,000.
Said loan shall be in addition to any and all amounts heretofore loaned
to the Commission.
2. DISBURSEMENT OF LOAN PROCEEDS:
The City agrees to disburse loan proceeds to the Commission upon
receipt of a request in writing from the Commission. The Commission
agrees to use such proceeds only for the purposes provided for in
State law and in connection with the National City Downtown Redevelop-
ment Project.
3. INTEREST:
The Commission agrees to pay the City interest on funds borrowed at
the time of the repayment of the loan. The interest shall be seven
percent (7%) per year and calculated upon the amount of funds actually
borrowed from the date borrowed to the date paid.
4. REPAYMENT:
The Commission agrees to repay any and all funds borrowed as soon as
possible but not later than June 30, 1984.
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 NATIONAL CITY, a municipal
corporation
CITY OF NATIONAL CITY, CALIFORNIA
Kile Morgan, C airman Kile Morgan, 'ayor
ATTEST:
ATTEST:
Arnold A. Peterson, Secretary Ion e Campbell, City74lerk
Approved as to legal form and adequacy: Approved as to legal form and adequacy:
Donald F. McLean, Jr., Commission Donald F. McLean, Jr., City Attorney
June 14, 1983
PROMISSORY NOTE
$600,000 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 $600,000 with interest, as spelled out in the loan agreement
for the National City Downtown Redevelopment Project dated June 14, 1983 until
paid with said $600,000 plus said interest to be paid not later than June 30,
1984. This Promissory Note is executed in compliance with and is intended to
incorporate all terms and conditions of that certain "Agreement for Loan and
Repayment, National City Downtown Redevelopment Project", entered into the
14th day of June, 1983.
Approved as to form:
Donald F. McLean, Jr., Counsel
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
Kile MYrgan,Chama
ATTEST:
Arnold A. Peterson, Secretary