HomeMy WebLinkAboutCC RESO 13,066RESOLUTION NO. 13,066
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY, CALIFORNIA AUTHORIZING AND
ALLOCATING $96,000 FOR A LOAN TO THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL
CITY, CALIFORNIA FOR THE CENTER CITY PROJECT,
NATIONAL CITY, CALIFORNIA
WHEREAS, the Community Development Commission of
the City of National City is the owner of streets, drainage
facilities and other public works which were recently built
by R.E. Hazard Contracting Company, San Diego, California,
and
WHEREAS, the Community Development Commission
needs $96,000 loan to solve its cash flow problem in
connection with the final payment to R.E. Hazard for con-
struction of said improvements; and
WHEREAS, the Community Development Commission has
a feasible method of repayment for such loan, namely the
proceeds from the sale of the Elizur-Steele, Crandall, Ennis
House and the Proctor House located within the Center City
Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National City that it hereby allocates and
appropriates $96,000 to be loaned to the Community Develop-
ment Commission of the City of National City for the period
June 20, 1979 to September 20, 1979, at an interest rate of
8% per a num.
PASSED AND ADOPTED this 19th day of June, 1979.
ATTEST:
IONE CAMPBELL
Ione Campbell, City Clerk
BY:
DEPUTY CITY CLERK
Kile Morgan, Mayor
AGREEMENT FOR LOAN AND REPAYMENT
CITY OF NATIONAL CITY, CALIFORNIA
AND
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
THIS AGREEMENT entered into as of this 19th day of June, 1979, by and
between the CITY OF NATIONAL CITY, CALIFORNIA, a municipal corporation, herein-
after 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 $96,000 to pay R. E. Hazard
Contracting Company, San Diego, California for public works completed by
Hazard within the area bounded by llth Street, 15th Street, "D" Avenue and
"G" Avenue, Center City Redevelopment Project, National City, California; and
WHEREAS, the Commission will be able to repay said $96,000 with funds
in the following amounts and from the following sources:
(1) Sale of Proctor House, 939 "A" Avenue $ 80,500.
(2) Sale of Elizur-Steele, Crandall Ennis House,
907 "A" Avenue
95,000:
$175,500; 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 $96,000. 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 execution of this Agreement. The Commission agrees to
use such proceeds only for the pruposes provided for in State
law and in connection with payment of $96,000 to the R. E.
Hazard Contracting Company, San Diego, California.
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 (8) percent per year and calculated
upon $96,000 borrowed from the date borrowed to the date
paid.
4. REPAYMENT:
The Commission agrees to repay said $96,000 as soon as
possible but not later than September 20, 1979.
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, CALIFORNIA
By ' ;%�
Kile Morgan,bChairman
ATTEST:
Arnold A. Peterson, Secretary
Approved as to legal form and
adequacy:
nal'd F.A%tear, Jr.
City and Community Development &ommission
Legal Counsel
CITY OF NATIONAL CITY, a municipal
corporation
By 7
Ki l e M`organ, Mayor
ATTEST:
Ione Campbell
Ione Campbell, City Clerk
By:
Muriel Kulikowski, Acting City
Clerk
PROMISSORY NOTE
$96,000
Public Works
llth-15th, "D" Ave. "G" Ave.
National City, California
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 $96,000 with interest, as spelled out in the loan agreement
between the City of National City and the Community Development Commission of
the City of National City dated June 19, 1979 until paid with said $96,000
plus said interest to be paid not later than September 20, 1979.
This Promissory Note is executed in compliance with and is intended to in-
corporate all terms and conditions of that certain "Agreement for Loan and
Repayment, City of National City and Community Development Commission of the
City of National City" entered into the 19th day of June, 1979 by Commission
and City.
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
Kiie Morgan, Chairman
ATTEST: _
nold A. Peterson, Secretary
proved as to form:
Donald F. McLean, Jr., Counsel