HomeMy WebLinkAboutReso RDA 8-1980 RESOLUTION NO. 8
RESOLUTION AUTHORIZING THE EXECUTION
_ OF A REIMBURSEMENT AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF SOUTH SAN FRANCISCO AND
ALLSTATE INSURANCE COMPANY
RESOLVED, by the Members of the Redevelopment
Agency of the City of South San Francisco, that
WHEREAS, in furtherance of the objections 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; and
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) pro-
vides 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 will be incorporated
in the aforesaid redevelopment plan at the time of adoption;
and
WHEREAS, the ALLSTATE INSURANCE COMPANY 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 thereafter amended, which would be repaid only if
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 ALLSTATE INSURANCE COMPANY 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 2]$tday of May ,
1980.
Chairman, Redevelopment Agency
City of South San Francisco
ATTEST:
Executive Director
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