HomeMy WebLinkAboutCC RESO 10,988RE.SOLUT:ION NO. 10,.988
RESOLUTION AUTHORIZING THE SHORT TERM LOAN OF $350;00.0.00
TO THE REDEVELOPMENT AGENCY OF THE CITY OF NATIONAL CITY
AND AUTHORIZING EXECUTION OF AN AGREEMENT RELATING THERETO
WHEREAS, the. Redevelopment Agency of the City of
National Cityhas been offered the right to purchase -property
in the Redevelopment Agency of the City of National City
property commonly known as Universal-Uriimec, and
WHEREAS, the acquisition of said property would
materially advance the goals of the Redevelopment Agency
project known as the E. J. Christman Business and Industrial
Park I, and
WHEREAS, the Redevelopment Agency of the. City of
National City requires a short term loan of funds to acquire
said real property, pending approval of the transaction by.
the Department of Housing and Urban Development;.
NOW, THEREFORE, BE IT RESOLVED that the City Manager
is authorized and directed to transfer the sum of $3.50,.000..00
from the Reserve Operating Fund to the Redevelopment Agency
of the City of National City on the terms and conditions con-
tained in an Agreement for a Short Term Loan between the City
and the Redevelopment Agency.
BE IT FURHTER RESOLVED that the Mayor and the. City
Manager are authorized and directed to execute, and the City
Clerk to attest to, that said Agreement between the City of
National City and the Redevelopment Agency of .the. City of
National City for a short term loan.
PASSED AND ADOPTED. this 2.7th day of February, 1973.
ATTEST: