HomeMy WebLinkAbout96-030 CC Resolution RESOLUTION NO. 96-30
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA ACCEPTING AND APPROVING A PROMISSORY NOTE
]FROM THE REDEVELOPMENT AGENCY OF THE CITY OF
TEMECULA FOR THE ACQUISITION OF CERTAIN PROPERTY
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES RESOLVE
AS FOLLOWS:
Section 1. The City Council hereby finds determines and declares as follows:
a. Pursuant to the provisions of Health and Safety Code Sections 33220
and 33610 and other applicable law, the City is authorized and expected to cooperate
with the Redevelopment Agency and may make grants or loans to the Agency and to
sell, convey or lease any of its property to the Agency, with or without compensation.
b. The City acquired the property generally located at 6th Street and Front
Street, APN 922-023-020 (the "Property") and has conveyed the Property to the
Agency.
C.The Property will be used for redevelopment purposes.
d. The City and the Agency now desire to provide for the Agency's
repayment of the costs of acquisition of the Property to the City.
Section 2. The City Council hereby approves and accepts the Promissory
Note dated March 12, 1993 from the Agency and the terms thereof in the form attached
hereto as Exhibit A and authorizes the City Manager to execute such documents as may be
required in connection with the acceptance thereof.
Section 3. The City Clerk shall certify the adoption of this Resolution.
@\W30
PASSED, APPROVED AND ADOPTED by the City Council of the City of
Temecula on this 12th day of March, 1996.
demans, Mayor
ATTEST:
J . dreek, CMC
City Clerk
[SEAL]
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE ss
CITY OF TEMECULA
1, June S. Greek, City Clerk of the City of Temecula, do hereby certify that the
Resolution No. 96-30 was duly and regularly adopted by the City Council of the City of
Temecula at a regular meeting thereof, held on March 12th, 1996, by the following vote, to
wit:
AYES: 3 COUNCILMEMBERS: Birdsall, Ford, Lindemans
NOES: 0 COUNCILMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Roberts
ABSTAIN: 1 COUNCILMEMBERS: Stone
ne _,,dreek, CMC
City Clerk
@\96-30 -2-
EXHIBIT "A"
PROMISSORY NOTE
The Redevelopment Agency of the City of Temecula ("Agency") hereby
promises, for consideration received, to pay the City of Temecula ("City") the sum of Nine
Hundred Eighteen Thousand One Hundred Seventy One Dollars and NOIIOO ($ 918,171.00)
bearing simple interest at the rate of the prime interest rate charged by First Interstate Bank
of California as of the date this Note. This Note and all accrued interest shall be due and
payable five (5) years from the date of this Note unless extended by mutual written
agreement of the City and Agency without interim payments by the Agency during the term
of the Note, provided that the Agency may make partial payments or repay the amount of the
Note in full prior to the due date without penalty. This Note is and will be subordinate to all
existing debt of the Agency and such additional debt as the Agency may incur during the
term of this Note and no funds of the Agency are pledged to its repayment. In the event of a
default by the Agency, the City shall have all legal and equitable remedies available to it to
enforce the terms of the Note.
This Note is made as of March 12, 1996 at Temecula, California.
REDEVELOPMENT AGENCY OF THE
MECULA
Pa&icia H. Birdsall
Chairperson
ATTEST:
@@S. Greek, CMC
Secretary/City Clerk
APPROVED AS TO FORM:
?eter M. 't'horson
General Counsel
Resos\96-30.cxh