HomeMy WebLinkAbout08-08 RDA Resolution
RESOLUTION NO. RDA 08-08
' A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA APPROVING THE EXTENSION OF
THE 6T" STREET PROPERTY PROMISSORY NOTE
THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT
AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Redevelopment Agency 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 Agency approved a five-year Promissory Note on March 12, 1996.
D. The Agency approved a five-year extension on April 23, 2002.
E. The Property has been developed for redevelopment purposes.
Section 2. The Redevelopment Agency hereby extends the Promissory Note
originally dated March 12, 1996 and approves the revised Promissory Note in the form
attached hereto as Exhibit A, extending the Note to December 16, 2013.
Section 3. The Secretary shall certify the adoption of this Resolution.
R:/RDA Resos 2008/RDA 08-08 1
' PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 16th day of December, 2008.
on Roberts, C ha irperson
ATTEST:
Susan . TJones, MMC
City Cl rkrd Secret
[SEAL]
STATE OF CALIFORNIA )
' COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula
Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing
Resolution No. RDA 08-08 was duly and regularly adopted by the Board of Directors of the
Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on
the 16th day of December, 2008, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Naggar,
Washington, Roberts
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
Susa W. Jones, MMC
' City Cle Board Secretary
RJRDA Resos 2008/RDA 08-08 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
One Million Nine Hundred Thousand Dollars and NO/100 ($1,903,333.00) bearing
simple interest at the rate of 5% annually. This Note and all accrued interest from March
12, 1996 shall be due and payable December 16, 2013 as 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 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 December 16, 2008 at Temecula California.
REDEVELOPMENT AGENCY OF THE
' CITY OF TEMECULA
Ron Roberts
Chairperson
ATTEST:
Susan W. Jones, MMC/Agency Secretary
City Clerk
Peter M. Thorson
Agency Counsel
http://chagenda/SIRF/cache/82/nofjj ]d551amhhi55hzpmxyi/89982912152008020542667.doc