HomeMy WebLinkAbout94-01 RDA ResolutionRESOLUTION NO. RDA 94-01
A ~LUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF TEMECULA ESTABLISHING A SMALL
BUSINESS LOAN PROGRAM FOR REHABILITATING
COMMERCIAL BUILDINGS AND STRUCTURES AND
FINANCING MANUFACTURING FACILITIES AND
~, pursuant to Section 33344.5 of the California Health and Safety Code, the
Temecula Redevelopment Agency may establish a program under which it loans funds to owners
or tenants for the purpose of rehabilitating commercial buildings or structures within the Project
Area;
WHEREAS, pursuant to Section 33344.6 of the California Health and Safety Code, the
Agency may assist with the financing of manufacturing facilities and capital equipment pursuant
to an agreement that provides for the development and rehabilitation of property that will be used
for industrial or manufacturing purposes;
NOW THEREFORE, the Redevelopment Agency of the City of Temecula resolves as
follows:
Section 1. The small business loan program for rehab'ditating commercial buildings and
structures and financing manufacturing facilities and equipment is hereby established. Loans shall
be reviewed and considered by the Temecula Redevelopment Loan Committee. The Committee
shall be appointed by the Agency, an consist of two Agency Members, one representative from
a local commercial banking institution and one certified public accountant. The Loan Committee
shall meet pursuant to the California Brown Act (Government Code § 54950, ~L_a~.).
Section 2. In considering of whether to recommend loan applications for approval, the
Committee shall apply the loan criteria set forth in Exhibit A, attached hereto.
Section 3. All loans shall be approved by the Redevelopment Agency of the City of
Temecula. Prior to the approval of any loan for the purpose of financing manufacturing facilities
and equipment, a public heating shall be conducted. Notice of the public hearing shall be
provided at least 10 days in advance of public hearing by posting notice at the locations established
by City Council Resolution, and by publishing notice in the newspaper established by City Council
Resolution for public notices.
Section 4. No loan may be made at an interest rate less than that established pursuant
to Stipulated Judgment in the case entitled Dawes v. City of Temecula and Temecula
Redevelopment Agency, Riverside Superior Court Case No. 194468MF (consolidated with Case
No. 194948).
R¢sos.RDA\94-01 1
PASSED APPROVED AND ADOPTED at a regular meeting of the Redevelopment
Agency of the City of Temecula on the 25th day of January, 1994.
ATI~ST:
Ronald J. Parks, Chairperson
Clerk/Agency Secretary
[SEAL]
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF TEMECULA )
I, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. RDA 94-01 was duly adopted and passed at a regular meeting of the
Redevelopment Agency of the City of Temecula on the 25th day of January, 1994, by the
following roll call vote:
AYES: 5 AGENCY MEMBERS: Birdsall, Mufioz, Roberts,
Stone, Parks
NOES: 0
ABSENT: 0
AGENCY MEMBERS: None
AGENCY MEMBERS: None
Renos.RDA\94--01 2