HomeMy WebLinkAbout02-035 CC ResolutionRESOLUTION NO. 02-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE EXTENSION OF THE
PROMISSORY NOTE FOR THE SIXTH STREET PROPERTY
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES RESOLVE AS FOLOWS:
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 City approved a five-year Promissory Note on March 12, 1996.
d. The Property has been developed for redevelopment purposes.
Section 2. The City Council hereby extends the Promissory Note dated March 12, 1996
and approves the revised Promissory Note in the form attached hereto as Exhibit A.
Section 3. The City Clerk shall certify the adoption of the Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula this
23rd day of ApriL, 2002. ~¢ ~ ~.~.~
Ron Roberts, Mayor
ATTEST:
i Michaela A. Ballreic'"'h
· 'Deputy City Clerk
".[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Michaela A. Ballreich, Deputy City Clerk for the City of Temecula, do hereby certify
that the Resolution No. 02-35 was duly and regularly adopted by the Council of the City of
Temecula at a regular meeting thereof held on the 23rd day of April 2002, by the following vote:
AYES: 4
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 1 COUNCILMEMBERS: Stone
COUNCILMEMBERS: Comerchero, Naggar, Pratt, Roberts
Mi~hael~ A.JBallreich
Deputy City Clerk
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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
One Million Three Hundred Fifty Seven Thousand Five Hundred Dollars and NO/100
($1,357,500.00) bearing simple interest at the rate of the prime interest rated charged by
Union Bank as of the date of this Note. This Note and all accrued interest from March
12, 1996 shall be due and payable May 1, 2007 unless extended by mutual written
agreement of the City and the 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 ingur 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
eqtiitable remedies available to it to enforce the terms of the Note.
This Note is made as of April 23, 2002 at Temecula Californi.a.
REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA
Jeff Comerchero
Chairperson
ATTEST:
Susan W. Jones, CMC
City Clerk
Peter M. Thorson
General Counsel
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