Loading...
HomeMy WebLinkAboutReso RDA 3-1989 RESOLUTION NO. 3-89 REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AUTHORIZING EXECUTION OF A LOAN AND REPAYMENT AGREEMENT FOR THE DOWNTOWN/CENTRAL REDEVELOPMENT AREA WHEREAS, the Redevelopment Agency of the City of South San Francisco is a duly constituted redevelopment agency under the laws of the State and pursuant to such laws is proceeding with the redevelopment of the Downtown/Central Redevelopment Project; and WHEREAS, the Redevelopment Plan provides for tax increment financing in accord with the relevant provisions of the Health & Safety Code and the Constitution of the State of California; and WHEREAS, the Agency is authorized to borrow money and accept financial assistance and to expend such fund for any lawful purposes of the Agency; and WHEREAS, the City is willing to provide certain financial assistance to the Agency with respect to activities within the Downtown/Central Redevelopment Project by making an advance of monies which will be repaid once tax increment revenues are received by the Agency; NOW, THEREFORE, BE IT RESOLVED that the Executive Director is hereby authorized to execute on behalf of the Agency the "Loan and Repayment Agreement {Downtown/Central Redevelopment Agency"). A copy of the Agreement is on file in the Redevelopment Agency Clerk's Office. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the Redevelopment Agency of the City of South San Francisco at a regular meeting held on the 26th day of April , 1989, by the following vote: AYES: Redevelopment Agency Boardmembers Mark N. Addiego, Jack Drago, Richard A. Haffey, Gus Nicolopulos, and Chairwoman Roberta Cerri Teglia NOES: None ABSTAIN: None ABSENT: None Redevelopment Ag ty of South San Francisco (b) "Agreement" means this Loan and Repayment Agreement together with any duly authorized and executed amendments hereto. {c) "City" means the City of South San Francisco, a municipal corporation organized an--h-d-existing under and by virtue of the laws of the State of California. (d) "Law" means the Community Redevelopment Law of the State of California, constituting--~art I of Division 24 of the Health and Safety Code of the State of California and the acts amendatory thereof and in supplement thereto. Whenever reference is made in this Agreement to the Law, reference is made to the Law as in force on the date of the execution of this Agreement, unless the context otherwise requires. (e) "Loan" means any loan made hereunder by the City to the Agency. {f) "Project Area" means the Redevelopment Project Area of the Agency, which project area and the boundaries thereof are described more fully in the redevelopment plan therefor approved by Ordinance NolO56-89adopted by the City Council of the City on July 12, , 19 89, as such p a-~'-shall be amended from time to time in accordance with the ~. (g) "Site" means all of that certain real property situated in the city of South San-~-l~rancisco, County of San Mateo, State of California, described in Exhibit "A" attached hereto and made a part hereof. (h) "Tax Revenues" means all taxes allocated to, and paid into a special fund of, the Agency with respect to the Project Area pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, and as provided in the respective redevelopment plan for the Project Area, including all payments and reimbursements, if any, to the Agency specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations. Section 2. Authorization. Each of the parties hereby represents and warrants that it has full legal authority and is duly empowered to enter into this Agreement, and has taken all actions necessary to authorize the execution of this Agreement by the officers and persons signing it. Section 3. Loan. The City hereby agrees to lend to the Agency, from time to time, sums otr6~--redevelopment activities in an amount requested by Agency subject to the approval of the City to be used for redevelopment activities which benefit the Redevelopment Project. Section 4. Repayment Obligation of Agency. In consideration of the loan made pursuant to Section 3, above, the Agency hereby agrees to repay the City all amounts together with interest at the maximum annual rate allowed by law from tax increment funds as such funds become available. Section 5. Term of Agreement. This Agreement shall take effect upon execution. =2- Section 6. Successor is Deemed Included in All Reference to Predecessor. Whenever in this A§reement either the Agency or the City is named or referred to, such reference shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Agreement contained by or on behalf of the Agency or the City shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. Section 7. Amendment. Without written consent neither the City nor the Agency shall alter, modify or cancel, or agree or consent to alter, modify or cancel this Agreement, excepting only (a) to add to the covenants and agreements of any part, other covenants to be observed, or to surrender any right or power herein reserved to the Agency or the City, (b) to cure, correct or supplement any ambiguous or defective provision contained herein, or Ic) in regard to questions arising hereunder, as the parties hereto may deem necessary or desirable and which shall not adversely affect the interest of the owners of the Certificates. Section 8. Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed to have been received if hand delivered or forty-eight 148) hours after deposit in the United States mail with postage fully prepaid. If to the City: City Manager City of South San Francisco 400 Grand Avenue South San Francisco, CA. 94080 If to the Agency: Executive Director Redevelopment Agency of the City of South San Francisco 400 Grand Avenue South San Francisco, CA. 94080 The Agency and the City, by notice given hereunder, may designate different addresses to which subsequent notices, certificates or other communications will be sent. Section 9. Further Assurances and Corrective Instruments. The Agency and the City agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as may reasonably be required for correcting any inadequate or incorrect description of the Project. Section 10. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 11. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. Section 12. Captions. The captions or headings in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions of Sections of this Agreement. IN WITNESS WHEREOF, the Agency and the City have caused this Agreement to be executed by their duly authorized respective officers. REDEVELOPMENT AGENCY OF THE CITY OF SOUTH $~N FR~SCO CITY OF SOUTH SAN/~kANCISCO / A ~l~Y Manager Attest: Attest: Approved As To Form: Agency Approved As To Form: -4- EXHIBIT A DESCRIPTION OF SITE (to come)