HomeMy WebLinkAboutCC RESO 13,577RESOLUTION NO. 13,577
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA AUTHORIZING AND ALLOCATING $75,000 TO
THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
NATIONAL CITY FOR THE CENTER CITY REDEVELOPMENT PROJECT
WHEREAS, the City Council of the City of National City,
California, by adoption of Resolution No. 13,623 on March 4, 1980
authorized a Note and Agreement with the Community Development
Commission for $100,000 at 8% interest and the City funded $25,000
pursuant to the Note and Agreement on April 2, 1980 with repayment as
follows:
Principal Interest Date
$ 3,000 $ 2,000 4/81
7,000 1,760 4/82
15,000 1,200 4/83;
and the Community Development Commission made the $5,000 payment due in
April, 1981; and
WHEREAS, the Center City Redevelopment Project has no existing
tax allocation bond indebtedness,the tax increment in 1981-1982 will be
approximately $50,000, and the Community Development Commission has
need of funds for its project operations;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City as follows:
(1) $75,000 is hereby authorized and allocated to the
Community Development Commission of the City of
National City and the City Treasurer is directed to
disburse such funds to the Community Development
Commission at the earliest feasible date.
BE IT FURTHER RESOLVED that the repayment schedule for such
funds and for the existing funding shall be as follows:
Principal
Interest Date
Previous
funding $ 7,000 $ 1,760 4/82
This
funding 18,000 plus interest 4/82
Previous
funding 15,000 1,200 4/83
This
funding 82,000 plus interest 4/83
ATTEST:
$117,000
PASSED AND ADOPTED this 23rd day of June, 1981.
Kile Morgan;ayor
Ior- Campbell, City lerk