HomeMy WebLinkAbout96-05 RDA Resolution RESOLUTION NO. RDA 96-05
A RESOLUTION OF TIIE REDEVELOPMENT AGENCY OF THE CITY
OF TEMECULA APPROVING THE EXECUTION OF A PROMISSORY
NOTE TO TIIE CITY OF TEMECULA FOR TIIE ACQUISITION OF
CERTAIN PROPERTY
THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES
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 Property will be used for redevelopment purposes.
d. The City and the Agency now desire to provide for the Agency's repayment of
the costs of acquisition of the Property to the City.
Section 2. The Redevelopment Agency hereby approves the Promissory Note dated
March 12, 1993 from the Agency and the terms thereof in the form attached hereto as Exhibit
A and authorizes the Chairperson of the Agency to execute the Note on behalf of the Agency.
Section 3. The Secretary shall certify the adoption of this Resolution.
Resos.Rda\96-05 1
PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City
of Temecula on this 12th day of March, 1996.
Patricia H. Birdsall, Chairperson
ATTEST:
Ju e reek, CMC
Secretary/City Clerk
[SEAL]
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE ss
CITY OF TEMECULA
I, June S. Greek, Secretary of the Redevelopment Agency of the City of Temecula, do
hereby certify that the Resolution No. RDA 96-05 was duly and regularly adopted by the
Redevelopment Agency of the City of Temecula at a regular meeting thereof, held on March
12th, 1996, by the following vote, to wit:
AYES: 3 AGENCY MEMBERS: Birdsall, Ford, Lindemans
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Roberts
ABSTAIN: 1 AGENCY MEMBERS: Stone
June S. Greek, CMC
Secretary/City Clerk
Resos.Rda\96-05 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 Nine
Hundred Eighteen Thousand One Hundred Seventy One Dollars and N01100 ($ 918,171.00)
bearing simple interest at the rate of the prime interest rate charged by First Interstate Bank
of California as of the date this Note. This Note and all accrued interest shall be due and
payable five (5) 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
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 March 12, 1996 at Temecula, California.
REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA
Patricia H. Birdsall
Chairperson
ATTEST:
u@g. Greek, CMC
Secretary/City Clerk
APPROVED AS TO FORM:
A, )
Peter M. Thorson
General Counsel
Resos\96-30.exh