HomeMy WebLinkAboutCC RESO 13,421RESOLUTION NO. 13,421
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY, CALIFORNIA AUTHORIZING EXECUTION
OF AN AGREEMENT FOR ADVANCE WITH THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL
CITY
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need of an advance; and
WHEREAS, an Agreement for Advance and a Promissory Note
have been prepared for said advance;
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 Advance with the
Community Development Commission of the City of National City in
the amount of $300,000.
PASSED AND ADOPTED this 19th day of August, 1980.
Ki 1 e organ, llalayo r
ATTEST:
AGREEMENT FOR ADVANCE
THIS AGREEMENT entered into as of this 19th day of August, 1980, 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;
WHEREAS, the City desires to assist the Commission in such need;
and
WHEREAS, the California Community Redevelopment Law authorizes the
City to make an advance to the Commission.
NOW, THEREFORE, BE IT RESOLVED, that the parties hereto do mutually
agree as follows:
1. AMOUNT OF ADVANCE:
The City agrees to advance to the Commission an amount not to
exceed $300,000. Said advance shall be in addition to any and
all amounts heretofore loaned or advanced to the Commission.
2. DISBURSEMENT OF LOAN PROCEEDS:
The City agrees to disburse such advance 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 as provided for by the City Council.
3. INTEREST:
Said advance shall be interest free or non -interest bearing.
4. REPAYMENT:
In the event that a redevelopment project including the land at
the northwest corner of 8th Street and National City Blvd. is not
approved by the City Council of the City of National City, said
advance shall not be required to be repaid by the Community
Development Commission. In the event that a redevelopment project
including said land is approved by the City Council, said advance
shall be repaid by the Community Development Commission from
whatever sources it may lawfully so do and at whatever time the
Community Development Commission is in possession of such funds.
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
1
Kile Morgan, airman
ATTEST:
(17
Kile Morgan,ayor
ATTEST:
LArio d A eterson, Secretary Ione Campbell, City, lerk
Approved ,as to legal fcyr -.end adequacy: Approved as to le•. •rm and adequacy:
ona F. McLean, Commission Leal Counsel
onald F. McLean, Jr., (ity Attorney
IIERM
PROMISSORY NOTE
$300,000 August 19, 1980
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 $300,000 without interest as spelled out in the Agreement for Advance
,. dated August 19, 1980 when the Commission has such funds as a resuit of the City
having adopted a redevelopment plan for a redevelopment project which includes
the land located at the northwest corner of 8th Street and National City Blvd.
within the City of National City, California.
In the event that the City.does not adopt such Redevelopment Plan for such.
Redevelopment Project this PromissoryNote shall not be required to be repaid
by the Commission.
This Promissory Note is executed in compliance with and is intended to incorporate
all terms and conditions of that certain"Agreementfor Advance" between the City
and the Commission entered into on the 19th day of August, 1980.
roved as to form
"Jr., Cou
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
Kile Morgan, Ch
ATTEST:
old A. Peterson, Secretary