HomeMy WebLinkAboutReso RDA 8-1994 RESOLUTION NO. 8-94
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION APPROVING AMENDMENT TO THE
SEPTEMBER 9, 1992 REPAYMENT AGREEMENT
BETWEEN THE REDEVELOPMENT AGENCY AND THE
CITY OF SOUTH SAN FRANCISCO
WHEREAS, the September 9, 1992 Repayment Agreement provided
the mechanism for the City to loan General Funds to the
Redevelopment Agency to cover the initial costs of the E1 Camino
Corridor Project; and
WHEREAS, the total amount of the advance was increased to
$585,585 by an addendum approved December 8, 1993~ and
WHEREAS, as the new project area does not generate revenues in
the initial years, the City of South San Francisco is loaning the
Agency the amount of $208,058 to cover the continuing costs~ and
WHEREAS, the entire loan will be repaid with interest once the
Project Area begins to generate tax increment funds.
NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of
the City of South San Francisco that:
1. The Amendment to the September 9, 1992 Repayment
Agreement between the Redevelopment Agency and the City of South
San Francisco attached hereto as Exhibit ~1~ is hereby approved.
2. The City Manager is authorized to execute this Amendment.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the Redevelopment Agency of the City of
South San Francisco at a regular meeting held on the ]4th
day of December , 1994 by the following vote:
AYES: Boardmemh~r.~ ,]n~ph A ~erneke$, Roberta Cerri Te~lia and
C, hairman Rnh~rt ¥~e
NOES: None
ABSTAIN~ None
-- ABSENT: Boardmember£ Jar. k Dragn ~n~ John R. Penna
Redevelopment Agency of the
R~,~.~a city of South San Francisco