HomeMy WebLinkAboutCC RESO 13,263RESOLUTION NO. 13,263
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 CENTER CITY REDEVELOPMENT
PROJECT
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need for a loan for project
operations; 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
Center City Redevelopment Project in the amount of $100,000.
BE IT FURTHER RESOLVED that an allocation of $25,000 is
hereby approved and the City's Manager and Treasurer are authorized
and directed to fund said loan at the earliest feasible date.
PASSED AND ADOPTED this 4th day of March, 1980.
Kile Morgan, Mayfly
ATTEST:
j.a —
Ion= Campbell, CitClerk
AGREEMENT FOR LOAN AND REPAYMENT
CENTER CITY REDEVELOPMENT PROJECT •
THIS AGREEMENT entered into as of this 4th day of March, 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 in the Center City Redevelopment Project; 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
$100,000.
2. DISBURSEMENT OF LOAN PROCEEDS:
The City agrees to disburse said $100,000 to the Commission as
soon as is feasible.. The Commission agrees to use such proceeds
only for the purposes provided for in State Law and in connection
with the Center City Redevelopment 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
eight percent (8%) per year and calculated on the basis of 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 feasible but not later than May 1, 1983.
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 NATIONA- ITY, CALIFORNIA corporation
Kil- Morgan, Ch
ATTEST:
rnold A. Pefersbn, Secretary
CITY OF NATIONAL CITY, a municipal
..rtlM
Kf e Morgan, Male
ATTEST:
Ione .mpbell, City Clerk
Approved as to legal f�;. .•equacy: Approved as to legal f.. and adequacy:
F. cL n, Jr., Commiss
Legal Counsel
e.n, r., Ci ttorney
PROMISSORY NOTE
$100,000
March 4, 1980
Center City 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 $100,000 with interest, as spelled out in the loan agreement for the
Center City Redevelopment Project dated March 4, 1980 until paid with said $100,000
plus said interest to be paid not later than May 1, 1983.
This -Promissory Note is executed in compliance with and is intended to incorporate
all terms and conditions ofthatcertain "Agreement for Loan and. Repayment, Center
City Redevelopment Project", entered into the 4th day of March, 1980 by Commission
and City.
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
4
Ki l e Morgan, GDfiai rman
ATTEST:
Arnold A. Peterson, Secretary
Approved as to form:
nal d F. McLean, JrCounsel
RESOLUTION NO. 80-14(CCP)
RESOLUTION. OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY, CALIFORNIA AUTHORIZING
EXECUTION OF AN AGREEMENT FOR LOAN AND REPAYMENT AND
EXECUTION OF A PROMISSORY NOTE, CENTER CITY REDEVELOP-
MENT PROJECT
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need of a loan for project
operations; 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 Community Development
Commission that the Chairman is hereby authorized to execute, on
behalf of the Community Development Commission, an Agreement for
Loan and Repayment and a Promissory Note with the City of National City
for the Center City Redevelopment Project in the amount of $100,000.
PASSED AND ADOPTED this 4th day of March, 1980.
Ki l e Morgan, ; airman
ATTEST:
nold A. Peterson, Secretary