HomeMy WebLinkAboutCC RESO 95-56RESOLUTION NO. 95-56
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
CONFIRMING THE PRIORITY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN DIEGO'S
AGENCY TAX INCREMENT RELATIVE TO THE
MEMORANDUM OF UNDERSTANDING, STATE RT. 252,
DATED MARCH 10, 1987
WHEREAS, the City Council of the City of National City
and the Redevelopment Agency of the City of San Diego (Agency)
entered into a Memorandum of Understanding (MOU), dated March 10,
1987 (MOU); and,
WHEREAS, the purpose of the MOU was to compensate the
City of National City for impacts resulting from the State not
constructing State Rt. 252; and,
WHEREAS, the Agency is in the process of selling bonds to
finance redevelopment projects which require a pledge of Agency
funds to pay the bonds; and,
WHEREAS, the Agency funds have been used by the Agency to
fulfill the terms of the MOU; and,
WHEREAS, the City of National City has been asked to
confirm that the revenue source for the payment of the MOU
obligation is not limited to tax increments; and, that any tax
increments obligated to the City by virtue of the MOU, are
subordinate to the lien imposed by the bond issue.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that the City of National City hereby
confirms that any tax increments of the Redevelopment Agency of the
City of San Diego which are obligated to National City in
accordance with the MOU are subordinate to the lien imposed on such
tax increment by the Agency's tax allocation bond issue.
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CITY COUNCIL
RESOLUTION NO. 95-56
BE IT FURTHER RESOLVED, that the Mayor is authorized to
execute the attached letter, Exhibit "A", in this regard.
PASSED and ADOPTED this 3rd day of May 1995.
George H. Waters, Mayor
ATTEST:
Lori Anne Peo les
P C�i�y Clerk
APPROVED AS TO FORM:
George H. Eiser,
City Attorney
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Taxlnc.M2
1200 Third Avenue • Suite 1620 • San Diego, California 92101- 4199
Telephone: (619) 236-6233 • Fax: (619) 696-0590
REDEVELOPMENT
AGENCY
OF THE CITY OF
SAN DIEGO
May 4, 1995
City of National City
1243 National City Blvd.
National City, CA 91950
Attn: Mayor George Waters
Ladies and Gentlemen:
With respect to that certain Memorandum of Understanding (the "Memorandum") dated
March 10, 1987 by and among the Redevelopment Agency of the City of San Diego (the
"Agency") and the City of National City ("National City"), this letter confirms that the
Memorandum does not pledge or encumber any specific Agency revenue source for the
payment of the Agency's obligations under the Memorandum and to the extent that the
Agency's obligations under the Memorandum create a lien on the tax increment
revenues of the Agency (or a portion thereof), said Agency obligation are and shall be
subordinate to the lien on such tax increment revenues granted by the Agency to the
payment of the Agency's current and future tax allocation bonded indebtedness.
Approved as to form
and legality:
John itt, nsel
Allisyn . Thomas
Depu Counsel
By:
The Redevelopment Agency of the
City of San Diego
Assistant Executive D7ector
Acknowledged and agreed on this day of May 1995.
Approved as to form:
By:
City Attorney,
City of National City
The City of National City
By;�,-� � A
Mayor
AiN
P : I.
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7�•' Printed on Recycled Paper