HomeMy WebLinkAboutCC RESO 12,794•
RESOLUTION NO. 12,794
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 E. J. CHRISTMAN BUSINESS
& INDUSTRIAL PARK REDEVELOPMENT 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 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 E. J. Christman Business & Industrial Park Redevelopment
Project in the amount of $200,000.
PASSED AND ADOPTED this 18th day of July, 1978.
ATTEST:
Ione,/Campbell, Cit
1
Clerk
Ki e Morgan, /'ayo
RESOLUTION NO. 78-46(EJCP)
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, E. J. CHRISTMAN BUSINESS
& INDUSTRIAL PARK REDEVELOPMENT 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 E. J. Christman Business & Industrial Park Redevelopment
Project in the amount of $200,000.
ATTEST:
PASSED AND ADOPTED this 18th day of July, 1978.
l Jet
Jf lrt� S+Z w� yf yi'0
',„„Arnold A. Peterson, Secretary
ld
Kile Morgan, •hairman
AGREEMENT FOR LOAN AND REPAYMENT
E. J. CHRISTMAN BUSINESS & INDUSTRIAL PARK REDEVELOPMENT PROJECT
THIS AGREEMENT entered into as of this 18th day of July, 1978, 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 E. J. Christman Business & Industrial Park Redevelopment Project
adopted by City Council Ordinance No. 1233 on November 18, 1969 and amended by
City Council Ordinance No. 1303 on March 28, 1972 and by City Council Ordinance
No. 1610 on December 13, 1977; 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 $200,000. 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 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 in connection with the E. J.
Christman Business & industrial Park 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 six (6%) per year and calculated upon
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 possible but not later than July 15, 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, a municipal
CITY OF NATIONAL CITY, CALIFORNIA corporation mil,
f h ,
Kile Morgan, Chairman
ATTEST:
Arnold A. Peterson, Secretary
Kile Morgan,'Mayor
ATTEST:
'/
Ione/ Campbel i , City Clerk
Approved as to legorm and ade,uacy: Approved as to legal fom an. .dequacy:
`Donald r McLean, Jr., Comi%ssion
Legal Counsel
nalo :`'1cLean, Jr., City 'tto ney
PROMISSORY NOTE
$200,000
E. J. Christman Business &
Industrial Park Redevelopment Project
July 18, 1978
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 $200,000 with interest, as spelled out in the loan agreement for the
E. J. Christman Business & Industrial Park Redevelopment Project dated July 18,
1978 until paid with said $200,000 plus said interest to be paid not later than
July 15, 1979, or not later than a subsequent date agreed to by Commission and
City.
This Promissory Note is executed in compliance with and is intended to incorporate
all terms and conditions of that certain "Agreement for Loan and Repayment,
E. J. Christman Business & Industrial Park Redevelopment Project", entered into
the 18th day of July, 1978 by Commission and City.
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
;K,i l e Morgan, Cray rman
ATTEST:
Approved as to form:
cLean, Jr., Coun