HomeMy WebLinkAboutReso RDA 21-1981 RESOLUTION NO.
RESOLUTION AUTHORIZING THE EXECUTION OF
A REIMBURSEMENT AGREEMENT BY AND BETWEEN
THE CITY OF SOUTH SAN FRANCISCO AND THE
REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO
RESOLVED, by the Members of the Redevelopment
Agency of the City of South San Francisco, that
WHEREAS, in furtherance of the objectives of the
Community Redevelopment Law, the Agency has undertaken a
program for the clearance and reconstruction or rehabilitation
of slum and blighted areas in the City, and in this connection
is engaged in carrying out a redevelopment project known as
The Gateway Redevelopment Project (hereinafter referred to as
"Project"), in an area (hereinafter referred to as "Project
Area"), located in the City pursuant to the GATEWAY REDEVELOPMENT
PLAN adopted by City Ordinance NO. 867-81 on June 17, 1981;
WHEREAS, in furtherance of the implementation of
the Project the Agency has undertaken various redevelopment
activities and contemplates further redevelopment activities;
and
WHEREAS, the Community Redevelopment Law of the
State of California provides, inter alia, that the Agency
may accept financial assistance from any public and private
source for the Agency's activities, powers and duties and may
expend any funds so received to accomplish the aforesaid; and
WHEREAS, Article XVI, Section 16 of the Constitution
of the State of California and Article 6, Chapter 6 of the
Community Redevelopment Law, Division 24 of the California
Health and Safety Code (commencing with Section 33670) provides
a method of financing redevelopment activities through the
utilization by the Agency of increased tax revenues, if any,
for repayment of loans, advances and indebtedness referred
to as "tax increment financing"; and
WHEREAS, the provisions of Article XVI, Section 16
of the Constitution of the State of California and Article 6,
Chapter 6 of the Community Redevelopment Law, Division 24 of
the California Health and Safety Code are incorporated in
the aforesaid redevelopment plan; and
WHEREAS, the City is agreeable to provide certain
financial assistance to the Agency with respect to the Project
activities within the aforesaid Gateway Redevelopment Project,
as initially adopted or thereafter amended, by making an
advance of certain monies to be utilized for the funding
of Agency activities in the implementation of the aforesaid
Gateway Redevelopment Project, as initially adopted or there-
after amended, which would be repaid once tax increment
revenues are received by the Agency.
NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED
as follows:
1. That the Executive Director is authorized to
enter into a Reimbursement Agreement in the general form
attached hereto with the City of South San Francisco to
provide for an advance of funds to be utilized for the funding
of Agency redevelopment activities for the Gateway Redevelopment
Project to be repaid from tax increment revenues as received
by the Agency.
ADOPTED, SIGNED AND APPROVED this 2d day of September,
1981.
Chairman,Redevelopment Agency
City of South San Francisco
ATTEST:
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REIMBURSEMENT AGREEMENT
AGREE~.~NT, made on or as of' the 2d day of
September ,19.8], by and between THE CITY OF
SOUTH SAN FRANCISCO, a Municipal corporation (City) and
THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO,
a public body, corporate and politic, (which, together with
any successor public body or officer hereafter designated
by or pursuant to law, is hereinafter referred to as "Agency"),
established pursuant to Part I (commencing with Section 33000)
of Division 24 of the Health and Safety Code of the State of
California (hereinafter called "Community Redevelopment Law"),
WITNESSETH:
WHEREAS, in furtherance of the objectives of the
Community RedeVelopment Law, the Agency has undertaken a
program for the clearance and reconstructiOn or rehabilitation
of slum and blighted areas in the City, and in this connection
is engaged in carrying out a redevelopment project known as
The Gateway Redevelopment Project (hereinafter referred to as
"Project"), in an area (hereinafter refered to as "Pro~ect
Area"),'located in the City pursuant to the GATEWAY REDEVELOPMENT
PIJ~N adopted by City Ordinance No. 867-81 on.June 17, 1981; and
WHEREAS, th e Agency has no independent source of
funding other than by and in accordance with the statutory
provisions of the Community Redevelopment Law which provides,
inter alia, that the Agency may accept financial assistance
from any public and private source for the Agency's activities,
powers and duties and may expend any funds so received to
accomplish the aforesaid; and
WHEREAS, Article XVI, Section 16 of the Constitution.
of the State of California and Article 6, Chapter 6 of the
Community Redevelopment Law, Division 24 of the California
Health .and Safety Code (commencing with Section 33670) provides
a method of financing redevelopment activities through the
utilization by the Agency of increased tax revenues, if any,
for repayment of loans, advances and indebtedness referred
to as "tax increment financing"~ and
WHEREAS, the provisions of Article XVI, Section 16
of the Constitution~of the State of California and Article 6,
Chapter 6 of the Community Redevelopment Law, Division 24 of
the California Health and Safety Code are incorporated in the
aforesaid redevelopment plan; and
WHEREAS, the City is agreeable to provide certain
financial assistance to the Agency with respect to the Project
activities within the aforesaid Gateway Redevelopment Project~
as adopted or thereafter amended, by making an advance of
certain mon~es, to be utilized for the funding of Agency
activities in the implementation of the aforesaid Gateway
Redevelopment Project, as adopted or thereafter amended,
which would be repaid only if tax iScrement revenues are
received by the Agency.
NOW THEREFORE, in consideration of the premises
and the mutual obligations of the parties hereto, each of
them does hereby covenant and agree with the other as follows:
1. City will advance to Agency certain sums of
monies not to exceed the sum of $125,000 from time to time
on an annual basis with this Agreement to be renewed each year.
2. The Agency hereby agrees to repay to the City
after obligations to satisfy any tax allocation bonds which
from time to time may be outstanding, the sums advanced pursuant
to this Agreement together with interest thereon from tax increment
revenues if and as said revenues become available from property taxes
which are to be collected and allocated in accordance with the pro-
visions of the aforesaid redevelopment plan. Said payments
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shall be made each year out of tax increment revenues
received by the Agency and shall Continue until the total
of all indebtedness under this Agreement has been paid in
full.
3. The parties further agree that any other
authorized expenditures falling under the purview of the
aforesaid Article XVI, Section 16 of the Constitution of
the State of California and Article 6, Chapter 6 of the
Community Redevelopment Law, Division 24 of the California
Health and Safety Code' shall be paid out of the same tax
increment revenues.
4. The repayment obligations, if any, of the
Agency pursuant to this Agreement to the City shall
commence within one year after the receipt of tax increment
revenues, if any, received by the Agency in accordance with
the Health and Safety Code and said repayment shall be in
amounts as agreed to by and between the parties taking into
consideration any bond repayment obligation of the Agency as
set forth above.
IN WITNESS WHEREOF,
The City and the Agency have executed this Agreement
as of the date first above written.
CITY OF SOUTH SAN FRANCISCO,
a municipal corporation
ATTEST~ Mayor
'~ ~· CITY OF SOUTH SAN FRANCISCO
a public agency
~ ~\~
ATTEST: By:~~__~~~
'ChAirman
Secretary
~De~ Rogers, City Attorney
Herman H. Fitzge~-A~ncy Counsel
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