Loading...
HomeMy WebLinkAbout13-07 SARDA Resolution RESOLUTION NO. SARDA 13-07 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE EXTENSION OF THE 6TH STREET PROMISSORY NOTE THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The Board of Directors hereby finds determines and declares as follows: A. The Redevelopment Agency of the City of Temecula was a redevelopment agency in the City of Temecula, duly created pursuant to the Community Redevelopment Law, Part 1, commencing with Section 33000, of Division 24 of the California Health and Safety Code (hereafter the "Temecula Redevelopment Agency"). On June 12, 1988, the Board of Supervisors of the County of Riverside adopted Ordinance No. 658 adopting and approving the "Redevelopment Plan for Riverside County Redevelopment Project No. 1988-1." On December 1, 1989, the City of Temecula was incorporated. The boundaries of the Project Area described in the Plan are entirely within the boundaries of the City of Temecula. On April 9, 1991, the City Council of the City of Temecula adopted Ordinances Nos. 91-08, 91-11, 91-14, and 91- 15 establishing the Redevelopment Agency of the City of Temecula and transferring jurisdiction over the Plan from the County to the City. Pursuant to Ordinance Nos. 91- 11 and 91-15, the City of Temecula and the Redevelopment Agency of the City of Temecula assumed jurisdiction over the Plan as of July 1, 1991. The Plan has been amended by Ordinance Nos. 94-33, 06-11 and 07-20 adopted by the City Council. The Agency duly adopted its Implementation Plan for 2010-2014 on December 8, 2009 in accordance with Health and Safety Code Section 33490. B. The City Council of the City of Temecula adopted Resolution No. 12-02 January 10, 2012, pursuant to Health and Safety Code Section 34173 and applicable law electing for the City to serve as the Successor Agency for the Temecula Redevelopment Agency upon the dissolution of the Redevelopment Agency of the City of Temecula. The City Council of the City of Temecula, Acting as the Governing Body for the Successor Agency to the Temecula Redevelopment Agency, adopted Resolution No. 12-01 on February 28, 2012 declaring the Successor Agency to the Temecula Redevelopment Agency duly constituted pursuant to law and establishing rules and regulations for the operation of the.Successor Agency to the Temecula Redevelopment Agency ("Successor Agency"). C. The California Redevelopment Association and League of California Cities filed a lawsuit in the Supreme Court of California (California Redevelopment Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that ABX1 26 and ABX1 27 were unconstitutional. SARDA Resos 13-07 1 D. On December 29, 2011, the Supreme Court issued its opinion in the Matosantos case largely upholding ABX1 26, invalidating ABX1 27, and holding that ABX1 26 may be severed from ABX1 27 and enforced independently E. As a result of the Supreme Court's decision, on February 1, 2012, all redevelopment agencies, including the Temecula Redevelopment Agency, were dissolved and replaced by successor agencies established pursuant to Health and Safety Code Section 34173. F. The City acquired the property generally located at 6th Street and Front Street, APN 922-023-021 (the "Property") and conveyed the property to the former Temecula Redevelopment Agency. G. The former Temecula Redevelopment Agency approved a five-year Promissory Note on March 12, 1996. H. The former Temecula Redevelopment Agency approved a five-year extension on April 23, 2002. I. The Property has been developed for redevelopment purposes. J. The Successor Agency received a Finding of Completion from the California State Department of Finance on April 26, 2013. K. The 6th Street Promissory Note has been placed on the Recognized Obligation Schedule for the period of January 1, 2014 through June 30, 2014. J. Accordingly the Board desires to adopt this Resolution approving the extension of the 6th Street Promissory Note. Section 2. This Resolution is adopted pursuant to Health and Safety Code Section 34191. Section 3. The Board hereby approves the 6th Street 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, 2018. Section 4. The Board Secretary shall certify the adoption of this Resolution SARDA Resos 13-07 2 PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency this 12th day of November, 2013. QPCr Michael S. Naggar, Chairperson ATTEST: Susan W. Jones] MMC Board S cretary [SEAL] SARDA Resos 13-07 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, Board Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. SARDA 13-07 was duly and regularly adopted by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 12th day of November, 2013, by the following vote: AYES: 3 BOARD MEMBERS: Edwards, Washington, Naggar NOES: 0 BOARD MEMBERS: None ABSENT: 2 BOARD MEMBERS: Comerchero, Roberts ABSTAIN: 0 BOARD MEMBERS: None Susan . Jones, MMC oard Secretary SARDA Resos 13-07 4 PROMISSORY NOTE The Redevelopment Agency of the City of Temecula originally executed this Promissory Note on April 23, 2002 and used the funds for redevelopment purposes. This term of this Promissory Note has been extended by the parties through December 16, 2013. The parties have agreed to: (1) further extend the Promissory Note through December 16, 2018, (2) make revisions to the terms as required by the provisions of ABX1 26 and AB 1484, including Health and Safety Code Section 34191.4; and (3) recognize that the Successor Agency to the Temecula Redevelopment Agency has assumed the Promissory Note by operation of law. Therefore, the Promissory Note is hereby amended and restated to read as follows: "The Successor Agency to the Temecula Redevelopment Agency ("Agency") hereby promises, for consideration revived, to pay the City of Temecula ("City") the sum of Seven Hundred Twenty Three Thousand One Hundred Eighteen Dollars and No/100 ($723,118) bearing interest at the average rate offered by the California Local Agency's Investment fund in each corresponding quarter during the term of the Promissory Note. This Note and all accrued interest from March 12, 1996 shall be due and payable December 16, 2018 as extended by mutual written agreement of the City and the Agency. The Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty." This amended and restated Promissory Note is made as of November 12, 2013 at Temecula California. SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY Michael S. Naggar Chairperson ATTEST: Susan W. Jones, MMC Agency Secretary/ City Clerk Peter M. Thorson Agency Counsel