HomeMy WebLinkAboutReso 141-1994 RESOLUTION NO. 141-94
CITY COUNCIL, 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 City Council 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 City Council of the City of South San
Francisco at a requ]ar meeting held on the 14th day of
December , 1994 by the following vote:
AYES:
Councilmembers Joseph A. Fernekes, Roberta Cerri Teglia
and Mayor Robert Yee
NOES: None
ABSTAIN: None
ABSENT:
Councilmembers Jack Draqo and John R. Penna
ATTEST:
City Clerk
C:Repayment
RESOLUTION NO. 141-94
EXHIBIT 1
AMENDMENT
TO SEPTEMBER 9, 1992 LOAN AND REPAYMENT AGREEMENT
BETWEEN THE CITY OF SOUTH SAN FRANCISCO
AND THE REDEVELOPMENT AGENCY
In addition to the $585,000 loaned pursuant to paragraph #3 of
the Agreement, and the December 8, 1993 addendum thereto, The City
shall loan to the Redevelopment Agency the amount of
$209,058.Except for this additional advance, all terms and
conditions of the original Agreement shall remain in force.
Dated: ~-C/, / q
ATTEST:
City Clerk
CITYAOF SOUTH SAN FRANCISCO
By: Patricia E. Martel
Acting City Manager
REDEVELOPMENT AGENCY OF THE
C~F SOUTH SAN FRANCISCO
By: Patricia E. Martel
Acting Executive Director