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HomeMy WebLinkAboutReso RDA 80-1985 RESOLUTION NO. 80 RESOLUTION AUTHORIZING THE EXECUTION OF A LOAN AND REPAYMENT AGREEMENT BY AND BETWEEN THE CITY OF SOUTH SAN FRANCISCO AND THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO 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 U. S. Steel Redevelopment Project (hereinafter referred to as "Project"), in an area (herein- after referred to as "Project Area"), located in the City pursuant to the U. S. Steel Plant Site Redevelopment Plan adopted by City Ordinance; WHEREAS, in furtherance of the implementation of the Project the Agency has undertaken various redevelopment activities and contem- plates 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) provides a method of financing -1- 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 are incorporated in the aforesaid redevelop- ment plan; and WHEREAS, the City of South San Francisco is agreeable to provide certain financial assistance to the Agency with respect to the Project activities within the aforesaid U. S. Steel 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 Redevelopment Project, as initially adopted or thereafter amended, which would be repaid once 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 the City of South San Francisco to provide for an advance of funds to be utilized for the funding of Agency redevelopment activi- ties for the U. S. Steel Redevelopment Project to be repaid from tax increment revenues as received by the Agency. ADOPTED, SIGNED AND APPROVED this 18th day of December , 19 85 . , Reaeve±opmen~./agency City of South San FranCisco --2-- AYES: Chair, Roberta Cerri Teglia; Vice Chair, Mark N. Addiego; Member Jack Drago; Member Ri chard A. Haffey; Member Gus Nicolouplos NOES: NONE ABSENT: NONE ATTEST: t Redevelopment Agency Ex~~uti e~Director,~~~ ~ of the City of South San Francisco -3- LOAN AND REPAYMENT AGREEMENT by and between the REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO and the CITY OF SOUTH SAN FRANCISCO dated as of December 17, 1985 LOAN AND REPAYMENT AGREEMENT THIS LOAN AND REPAYMENT AGREEMENT, dated as of , , by and between the Redevelopment Agency of the City of South San Francisco (the "Agency") and the City of South San Francisco; W I TNE S SETH: WHEREAS, the Agency is a duly constituted redevelopment agency under the laws of the State of California and pursuant to such laws is duly proceeding with the redevelopment of the U. S. Steel Plant Site Redevelopment Project (the "Project Area") within the City; and WHEREAS, the Redevelopment Plan for the Project Area provides for tax increment financing in accordance with the provisions of Chapter 6 of Part 1 of Division 24 of the Health and Safety Code of the State of California and Section 16 of Article XVI of the Constitution of the State of California; and WHEREAS, the Agency proposes to finance certain Redevelop- ment activities by financial assistance from the City. WHEREAS, the Agency is authorized to borrow money and accept financial assistance under Chapter 6 of Part 1 of Division 24 of the California Health and Safety Code and to expend such funds for any lawful purposes of the Agency. WHEREAS, the City is agreeable to provide certain finan- cial assistance to the Agency with respect to the Project activities within the aforesaid U. S. Steel 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 imple- mentation of the aforesaid Redevelopment Project, as initially adopted -1- or thereafter amended, which would be repaid once tax increment revenues are received by the Agency. NOW, THEREFORE, in consideration of the mutual covenants herein contained it is agreed by and between the parties hereto as follows: Definitions. Unless the context otherwise requires, the terms defined in this Section shall, for all purposes of this Agreement, have the meanings herein specified. "Agency" means the Redevelopment Agency of the City of South San Francisco, a redevelopment agency and public body corporate and politic duly organized and existing under and by virtue of the laws of the State of California. "Agreement" means this Loan and Repayment Agreement together with any duly authorized and executed amendments hereto. "City" means the City of South San Francisco, a municipal corporation organized and existing under and by virtue of the laws of the State of California. "Law" means the C~munity Redevelopment Law of the State of California, constituting Part 1 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. "Loan" means any loan made hereunder by the City to the Agency. "Project Area" means the Redevelopment Project Area of the Agency, which project area and the boundaries thereof are -2- described more fully in the redevelopment plan therefor approved by Ordinance No. adopted by the City Council of the City on , 19 , as such plan shall be amended from time to time in accordance with the Law. "Site" means all of that certain real property situated in the City of South San Francisco, County of San Mateo, State of California, described in Exhibit A attached hereto and made a part hereof. "Tax Revenues" means all taxes allocated to, and paid into a special fund of, the Agency with respect to the Project Area pur- suant 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 plans for the Project Areas, 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 1. AuthOrization. Each of the parties hereby repre- sents 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 2. Loan. The City hereby agrees to lend to the Agency, from time to time,'sums for redevelopment activities in an amount requested by Agency subject to the approval of the City to be used for redevelopment activities which benefit said Redevelopment Project. Section 3. Repayment Obligation of Agency. In considera- tion of the loan made pursuant to Section 2, above, the Agency hereby agrees to repay the City all amounts together with interest at the --3-- maximum annual rate allowed by law from tax increment funds as said funds become available subject to the priorities of repayment set forth in that certain agreement entitled "Owner Participation and Development Agreement, by and among, the City of South San Francisco, the Redevelopment Agency of the City of South San Francisco and Neville H. Price and Rosemary C. I. Price" dated 19 . Section 4. Term of Agreement. This Agreement shall take effect upon execution. Section 5. Successor is Deemed Included in All References to Predecessor. Whenever in this Agreement either the Agency or the City is named or referred to, such reference shall be deemed to in- clude 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 6. Amendment. Without written consent neither the City nor the Agency will 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 party, other cove- nants to be observed, or to surrender any right or power herein reserved to the Agency or the City, (b) to cure, correct or supple- ment any ambiguous or defective provision contained herein, or (c) 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 7. Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed to have been received 48 hours after deposit in the United States mail in registered or certified form with postage fully prepaid --4-- 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 8. 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 9. 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 10. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. Section 11. 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 and sealed with their respective corporate seals, all as of the date first above written. -5- REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO By Chairman CITY OF SOUTH SAN FRANCISCO By Mayor (SEAL) Attest: Secretary (SEAL) Attest: By City Clerk -6- EXHIBIT A DESCRIPTION OF SITE (to come) ~~ ~....-...................................... ......... i,=,. :.:.:.:-:.... ____._.__._____..____.__:::::::::::::::::::::::::::::::::::::::::::::::" .... ............ .... . · v.v. ::::::::::::::::::::::::::::::::::::::::::::::: ':':':':' .:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:. oo ......... oo ~~...........~..................~...............~.......~..........................~.....~............................. ...... '"1