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Home My WebLink About13-07 OB SARDA Resolution RESOLUTION NO. OB SARDA 13-07 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE EXTENSION OF THE 6TH STREET PROMISSORY NOTE THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD 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. 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 of the Promissory Note on April 23, 2002. I. The former Temecula Redevelopment Agency approved a five-year extension of the Promissory Note on December 16, 2008. J. The Successor Agency to the Temecula Redevelopment Agency approved a five-year extension of the Promissory Note on November 12, 2013. K. The Property has been developed for redevelopment purposes. L. The Successor Agency received a Finding of Completion from the California State Department of Finance on April 26, 2013. M. The 6th Street Promissory Note has been placed on the Recognized Obligation Schedule for the period of January 1, 2014 through June 30, 2014. N. 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. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency this Lith day of December, 2013. J n Meyer, Chairperson ATTEST: Susan . Jones, MMC ecretary [SEAL] STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA I, Susan W. Jones, MMC, Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 13-07 was duly and regularly adopted by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 11th day of December, 2013, by the following vote: AYES: 4 4 BOARD MEMBERS: Heyer, Kelliher, Ordway-Peck, Gonzalez NOES: = O BOARD MEMBERS: None ABSENT:, 3 BOARD MEMBERS: Sparkman, Thornhill,Turner ABSTAIN:`Jo BOARD MEMBERS: None Susan Jones, MMC Board Secretary EXHIBIT A Promissory Note 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 tern of Ws Promissory Note has been extended by the parties through December e, 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 2e 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 Nota Is hereby amended and restated to read as follows: 'The Succeesor Agency to the Temecula Redevelopment Agency rA °) hereby prorrfses, for constdera3lon read, to pay the City of TemecWa {°CHy") the eurn of Sarrert HundM T Three Thousand One Hundmd Eighteen Dollars and No1100 (5723.118)bearing Interest at ft saw rate off'ared by do Ca tomb I AgwWe Itty ofte it fund in no aaremponr3ng rfuwter daft the gran al the ProrntsM Nob. This Note wW ell e6mad ttt unt from March 12. 110 ®hall be due end payebfer December 1A 2116 as aftrided by mutu&1 wdtlen agreamwd of ttRe Clgf and ft Ajwwy. The Agency rnsy'makD parW payrraft or repay fire amount of tip Note(n full prior to the due dde vdthmd Ranahy' This amended and restated Promissory Note is made as of November 12, 2013 at Temecula California. SUCCESSOR AGENCY TO THE T>=MECU A RED �tjAVELOR1`,�1ENT AGENCY r � M 19- WIrkeel&.Nsr Cheirpereon ATTLe r. uaan ..1a AI e City rls Pdk'dl.Ting Amy PROMISSORY NOTE The Redevelopment Agency of the City of Temecula('Agency") hereby promises, for cordideratioa received, to pay the City of Temecula("City") the Rum of Nine ;tom HUn&W Sooty 00 Udkm WNW 1W(p918,L71,00) e#' �dt ft bates_ ; t. by 1 t 1 d*Mi mv- Ars Neft aid au payable five(3)years from the date of this Note unless extended by mutual written agreement of the City and Agency without interim payments by the Agency during the term dw N^powdo lW ft Agpq aamy uWm pKW#q=W or an tw WHO Of f t�B�. of! _ a t de�Lid�A t� y - . dAut by ft Agwq,f Cky-fta hm A Md eqwi6k M"W" if 1 PTO This Note is made as of March 12, 1.996 at Temecula, California. REDEVELOPMENT AGENCY OF THE C. ;OF TBMECULA maw— ATTEST: Seadmyrry duty CSC AS TO I Caen aew,tv6.3o,",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 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 April 23,2002 at Temecula California. REDEVELOP1vIEN: ,AGENCY OF THE TY, F,TEM 1A- rpmn ATTEST: Susan Vl Jones;CMC City G k Peter M.Thorson General Counsel P A01dtown\Sixth StreaTmmissorynowdoc PROAUSSORY 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 N0I100($1,903,333.00)bearing simple interest at the rate of S%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 tern 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 Califomia. -RED. .:• _ PMENT .' ]3NCY _�THE Ron Roberts _ Chairperson ATTEST: , SusanA Dori .es,_MMC7 cy Secretary City CI, a fi r. Peter M. Thorson Agency Counsel ZAOWtmm%Sifh SOrc W"n-luoj=ZDCC1608.dOC