HomeMy WebLinkAbout92-28 CC ResolutionRESOLUTION NO. 92-28
A RESOLUTION OF THE CITY OF TEMECULA
APPROVING AN ADVANCE FROM THE REVOLVING
FUND TO THE REDEVELOPMENT AGENCY OF THE CITY
OF TEMECULA FOR ACQUISITION OF PROPERTY WEST
OF DIAZ ROAD AND SOUTH OF CHERRY STREET
WHEREAS, the Redevelopment Agency of the City of Temecula CAgency") desires to
purchase a 40 acre parcel of land located west of Diaz Road and South of Cherry Street; and
WHEREAS, it is necessary to approve an increase in the Redevelopment Agency
Revolving Fund in the amount of $2,000,000 to allow an advance of $3,484,000 to accomplish
this acquisition; and
WHEREAS, expenditures of monies from the Redevelopment Revolving Fund may be
approved by resolution of the City by a majority vote for the acquisition of real property in any
project area pursuant to Health and Safety Code Section 33622;
NOW, THEREFORE, THE CITY OF TEMECULA DOES HEREBY RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
~%ction 1. That an advance in the amount of $2,000,000 is approved from the Revolving
Fund to increase the Redevelopment Agency Revolving Fund to $4,000,000.
Section 2. That an advance of $3,484,000 from the Redevelopment Agency Revolving
Fund is approved for acquisition of 40 acres of property west of Diaz Road and South of Cherry
Street.
Section 3. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED, this 14th~f April, 1992.
Patricia H. Birdsall, Mayor
ATTEST:
k, City Clerk
[SEAL]
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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. 92-28 was duly adoptexl at a regular meeting of the City Council of the
City of Temecula on the 14th day of April, 1992, by the following roll call vote:
AYES: 5 COUNCILMEMBERS: Moore, Mufioz, Lindemans, Parks,
Birdsall
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
· Greek, City Clerk
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PROMISSORY NOTE
The Temecula Redevelopment Agency does hereby promise to pay to the City of Temecula on or
before June 30, 1994, the sum of $2,000,000 the receipt of which, as a loan, is hereby
acknowledged. The principal sum due on this note shall carry interest at the rate of ten percent
(10%) per annum, from the date of this note to and including the date that the full amount of the
principal sum due hereunder is paid in full to City.
That principal and interest due hereunder shall be paid in currency of the United States at the
offices of the City located at 43174 Business Park Drive, Temecula, Calfomia 92590.
Should litigation be necessary to enforce the rights of either party pursuant to this Note, the
prevailing party in such litigation shall be entitled to recover its costs together with reasonable
attorneys fees.
TEMECULA REDEVELOPMENT AGENCY
By:
~./Sal Mufioz, Chairperson
ATTEST:
J:~k, City Cl~rk/Sec~
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