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HomeMy WebLinkAboutReso 5-2003'-- RESOLUTION NO. 5-2003 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING LOAN AGREEMENTS BETWEEN THE CITY AND THE REDEVELOPMENT AGENCY OF SOUTH SAN FRANCISCO, AUTHORIZING THE ACCEPTANCE OF A PARTIAL PAYMENT AND AMENDING THE 2002/2003 OPERATING BUDGET~ No. 03-14 WHEREAS, the City of South San Francisco ("City") has advanced funds to the Redevelopment Agency of the City of South San Francisco ("Agency") to facilitate redevelopment within and to the benefit of the Shearwater and E1 Camino Redevelopment Plan areas, ~ncluding areas adjacent thereto, and wishes to formalize the advance of said funds; and, WHEREAS, the Shearwater Redevelopment Plan Area received Three Million Eight Hundred and Forty-Six Thousand Dollars ($3,846,000) to fund construction of the Oyster Point Widening Project and other redevelopment activities in the Plan Area; and, WHEREAS, the E1 Camino Plan Area received One Million Fifty Five Thousand Dollars ($1,055,000) to fund capital improvement projects in the Plan Area; and, WHEREAS, the Shearwater Promissory Note, attached hereto and incorporated herein as Exhibit A, sets forth the payment terms for the Shearwater Redevelopment Plan Area debt and provides for an initial payment of Three Million Six Hundred Thousand Dollars ($3,600,0~)0); and, WHEREAS, the E1 Camino Promissory Note, attached hereto and incorporated ~aerein as Exhibit B, sets forth the debt obligation of the E1 Camino Redevelopment Plan Area; and, WHEREAS, California Health and Safety Code Section 33640 requires the Agency obtain the approval of the City Council prior to execution and delivery of the Promissory Notes; and, WHEREAS, the City Council hereby finds that the Promissory Notes are in tt-e public interests of the City and Agency. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the City Council hereby approves the Promissory Notes, accepts $3,600,000 ~_s partial payment on the loan authorized under Exhibit A and amends the City's 2002/2003 Operating Budget No. 03-14. NOW, THEREFORE, BE IT FURTHER RESOLVED, that the Mayor is hereby au:horized to execute the Promissory Notes on behalf of the City. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 8th day o5 January 2003 by the following vote: AYES: Councilmembers Joseph A. Femekes, Richard A. Garbarino, Sr. and Raymond L. Green, Mayor Pro Tern Karyl Matsumoto and Mayor Pedro Gonzalez NOES: None. ABSTAIN: None. ABSENT: None. ATTEST: ~City Clerk .... EXHIBIT A REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO PROMISSORY NOTE - Shearwater Redevelopment Plan Area $3,846,000 January ,2003 FOR VALUE RECEIVED, the Redevelopment Agency of the City of South San Francisco (the "Agency") acknowledges itself indebted to and promises to pay the City of South San Francisco ("City"), on or before October 1, 2033, the principal sum of Three Million Eight Hundred Forty Six Thousand Dollars ($3,846,000.00) in lawful money of the United States of America, together with interest thereon, including interest on unpaid interest, at the rate of 6%. Agency shall make a one time payment of Three Million Six Hundred Thousand Dollars upon execution of this Promissory Note. Interest shall accrue on the remaining balance thereafter and be paid annually on December 1st of each year and principal shall be paid On December 1st each year amortized in a manner that will provide level debt service. IntereSt shall be computed on the basis of a 360-day year of twelve 30-day months. The Agency hereby pledges to the repayment of amounts owing under this PromisSory Note all tax increment revenue received by the Agency from the Shearwater Redevelopment Plan Area, other than amounts required to be deposited in the Agency's 20% Low and Moderate Income Housing Fund or to be paid to other taxing entities (unless such payments are subordinated to the payment of this Promissory Note or other debt of the Agency). It is hereby certified, recited and declared that this Promissory Note is made, executed and given pursuant to authority of Resolution __ __ under and by authority of Article 5 of Chapter 6 of Part I of Division 24 of Title 1 of the California Health and Safety Code (commencing with Section 33640), and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Promissory Note have existed, happened and been performed in regular and due time, form and manner as required by law. The City may assign its interest in this Promissory Note to a trustee or fiscal agent in connection with the issuance of lease revenue bonds or the delivery of certificates of participation. This Promissory Note is subject to prepayment, in whole or in part, on any date. IN WITNESS WHEREOF, the Redevelopment Agency of the City of South San Francisco has caused this Promissory Note to be executed by its Executive Director on this __ day of January 2003. CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY (Agency) Michael A. Wilson. Executive Director ATTEST: Sylvia M. Payne, City Clerk APPROVED AS TO FORM: Steven T. Mattas, Agency Counsel ACCEPTED CITY OF SOUTH SAN FRANCISCO By: Pedro Gonzalez, Mayor EXHIBIT A REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO PROMISSORY NOTE - Shearwater Redevelopment Plan Area $3,846,000 January ,2003 FOR VALUE RECEIVED, the Redevelopment Agency of the City of South San Francisco (the "Agency") acknowledges itself indebted to and promises to pay the City of South San Francisco ("City"), on or before October 1, 2033, the principal sum of Three Million Eight Hundred Forty Six Thousand Dollars ($3,846,000.00) in lawful money of the United States of America, together with interest thereon, including interest on unpaid interest, at the rate of 6%. Agency shall make a one time payment of Three Million Six Hundred Thousand Dollars upon execution of this Promissory Note. Interest shall accrue on the remaining balance thereafter and be paid annually on December 1st of each year and principal shall be paid On December 1st each year amortized in a manner that will provide level debt service. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Agency hereby pledges to the repayment of amounts owing under this PromiSsory Note all tax increment revenue received by the Agency from the Shearwater Redevelopment Plan Area, other than amounts required to be deposited in the Agency's 20% Low and Moderate Income Housing Fund or to be paid to other taxing entities (unless such payments are subordinated to the payment of this Promissory Note or other debt of the Agency). It is hereby certified, recited and declared that this Promissory Note is made, executed and given pursuant to authority of Resolution __ __ under and by authority of Article 5 of Chapter 6 of Part I of Division 24 of Title 1 of the California Health and Safety Code (commencing with Section 33640), and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Promissory Note have existed, happened and been performed in regular and due time, form and manner as required by law. The City may assign its interest in this Promissory Note to a trustee or fiscal agent in connection with the issuance of lease revenue bonds or the delivery of certificates of participation. This Promissory Note is subject to prepayment, in whole or in part, on anyidate. IN WITNESS WHEREOF, the Redevelopment Agency of the City of South San Francisco has caused this Promissory Note to be executed by its Executive Director on this day of January 2003. CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY (Agency) Michael A. Wilson. Executive Director ATTEST: Sylvia M. Payne, City Clerk APPROVED AS TO FORM: Steven T. Mattas, Agency Counsel ACCEPTED CITY OF SOUTH SAN FRANCISCO By: Pedro Gonzalez, Mayor EXHIB IT B REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO PROMISSORY NOTE - El Camino Redevelopment Plan Area $1,055,000 January ,2003 FOR VALUE RECEIVED, the Redevelopment Agency of the City of South San Francisco (the "Agency") acknowledges itself indebted to and promises to pay the City of South San Francisco ("City"), on or before October 1, 2033, the principal sum of One Million Fifty- Five Thousand Dollars ($1,055,000.00) in lawful money of the United States of America, together with interest thereon, including interest on unpaid interest, at the rate of 6%. Interest shall be paid annually on December 1st of each year and principal shall be paid on December 1st each year amortized in a manner that will provide level debt service. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Agency hereby pledges to the repayment of amounts owing under this Promissory Note all tax increment revenue received by the Agency from the E1 Camino Plan Area, other than amounts required to be deposited in the Agency's 20% Low and Moderate Income Housing Fund or to be paid to other taxing entities (unless such payments are subordinated to the payment of this Promissory Note or other debt of the Agency). It is hereby certified, recited and declared that this Promissory Note is made, executed and given pursuant to authority of Resolution __ __ under and by authority of Article 5 of Chapter 6 of Part I of Division 24 of Title 1 of the California Health and Safety Code (commencing with Section 33640), and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Promissory Note have existed, happened and been performed in regular and due time, form and manner as required by law. The City may assign its interest in this Promissory Note to a trustee or fiscal agent in connection with the issuance of lease revenue bonds or the delivery of certificates of participation. This Promissory Note is subject to prepayment, in whole or in part, on any date. IN WITNESS WHEREOF, the Redevelopment Agency of the City of South San Francisco has caused this Promissory Note to be executed by its Executive Director on this .__ day of January 2003. CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY (Agency) Michael A. Wilson. Executive Director ATTEST: Sylvia M. Payne, City Clerk APPROVED AS TO FORM: Steven T. Mattas, Agency Counsel ACCEPTED CITY OF SOUTH SAN FRANCISCO By: Pedro Gonzalez, Mayor EXHIBIT B REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO $1,055,000 January PROMISSORY NOTE - E! Camino Redevelopment Plan Area ,2003 FOR VALUE RECEIVED, the Redevelopment Agency of the City of South San Francisco (the "Agency") acknowledges itself indebted to and promises to pay the City of South San Francisco ("City"), on or before October 1, 2033, the principal sum of One Million Fifty- Five Thousand Dollars ($1,055,000.00) in lawful money of the United States of America, together with interest thereon, including interest on unpaid interest, at the rate of 6%. Interest shall be paid annually on December 1st of each year and principal shall be paid on December 1st each year amortized in a manner that will provide level debt service. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Agency hereby pledges to the repayment of amounts owing under this Promissory Note all tax increment revenue received by the Agency from the El Camino Plan Area, other than amounts required to be deposited in the Agency's 20% Low and Moderate Income Housing Fund or to be paid to other taxing entities (unless such payments are subordinated to the payment of this Promissory Note or other debt of the Agency). It is hereby certified, recited and declared that this Promissory Note is made, executed and given pursuant to authority of Resolution __ - __ under and by authority of Article 5 of Chapter 6 of Part I of Division 24 of Title 1 of the California Health and Safety Code (commencing with Section 33640), and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Promissory Note have existed, happened and been performed in regular and due time, form and manner as required by law. The City may assign its interest in this Promissory Note to a trustee or fiscal agent in connection with the issuance of lease revenue bonds or the delivery of certificates of participation. This Promissory Note is subject to prepayment, in whole or in part, on any date. IN WITNESS WHEREOF, the Redevelopment Agency of the City of South San Francisco has caused this Promissory Note to be executed by its Executive Director on this __ day of January 2003. CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY (Agency) Michael A. Wilson. Executive Director ATTEST: Sylvia M. Payne, City Clerk APPROVED AS TO FORM: Steven T. Mattas, Agency Counsel ACCEPTED CITY OF SOUTH SAN FRANCISCO By: Pedro Gonzalez, Mayor