HomeMy WebLinkAboutReso 102-1981RESOLUTION NO. 102-81
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF
A REIMBURSEMENT AGREEMENT WITH THE
REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO
that'
BE IT RESOLVED by the City Council of the City of South San Francisco
1. Execution of Agreement.
Execution of an Agreement entitled "Reimbursement Agreement"
between the City of South San Francisco and the Redevelopment Agency of the
City of South San Francisco is hereby authorized, and a copy of said Agree-
ment is attached hereto as Exhibit "A."
2. .Signatures.
The Mayor is authorized to execute said Agreement on behalf of
the City, and the City Clerk attest his signature thereto.
I hereby certify that the foregoing Resolution was regularly intro-
duced and adopted by the City Council of the City of South San Francisco at
a regular meeting held on the 2nd day of September , 1981,
by the following vote'
AYES' Councilmembers Ronald G. Acosta, Mark N. Addie.qo, Emanuele N. Damonte,
Gus Nicolopulos; and Roberta Cerri Te.qlia
None
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None
NOES'
ABSENT:
ATTEST'
EXHIBIT "A" TO RESOLUTION NO. 102-81 ADOPTED 9/2/81
REIMBURSEMENT AGREEMENT
AGREE~.~ENT, made on or as of the day of
,19 , by and between THE CITY OF
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SOUTH SAN FRANCISCO, a Municipal corporation (City) and
THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO,
a public body, corporate and politic, (which, together with
any successor public body or officer hereafter designated
by or pursuant to law, is hereinafter referred to as "Agency"),
established pursuant to Part I (commencing with Section 33000)
of Division 24 of the Health and Safety Code of the State of
California (hereinafter~ called "Community Redevelopment Law"),
WITNESSETH:
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 refered to as "Project
Area"), located in the City pursuant to the GATEWAY REDEVELOPMENT
PLAN adopted by City Ordinance No. 867-81 on June 17, 1981;
WHEREAS, th e Agency has no independent source of
funding other than by and in accordance with the statutory
provisions of the Community Redevelopment Law which 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 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 redevelopment plan; and
WHEREAS, the City is agreeable to provide certain
financial assistance to the Agency with respect to the Project
activities within the afOresaid Gateway Redevelopment Project,
as adopted or thereafter amended, by making an advance of
certain mon.ies~' to be utilized for the funding of Agency
activities in the implementation of the aforesaid Gateway
Redevelopment Project, as adopted or _ther_eafter amended,
which would be repaid only if tax increment revenues are
received by the Agency.
NOW THEREFORE, in consideration of the premises
and'the mutual obligations of the parties hereto, each of
them does hereby covenant and agree with the other as follows:
1. City will advance So Agency certain sums of
monies not to exceed the sum of $125,000 from time to time
on an annual basis with this Agreement to be renewed each year.
2. The Agency hereby agrees to repay to the City
after obligations to satisfy any tax allocation bonds which
from time to time may be outstanding., the sums advanced pursuant
to this Agreement together with interest thereon from tax increment
revenues if and as said revenues become available from property taxes
which are to be collected and allocated in accordance with the pro-
visions of the aforesaid redevelopment plan. Said payments
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shall be made each year out of tax increment revenues
received by the Agency and shall continue until the total
of all indebtedness under this Agreement has been paid in
full.
3. The parties further agree that any other
authorized expenditures falling under the purview of the
aforesaid 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 shall be paid out of the same tax
increment revenues.
4. The repayment obligations, if any, of the
Agency pursUant to this Agreement to .~he Ci.%y shall
commence within one year after the receipt of tax increment
revenues, if any, received by the Agency in accordance with
the Health and Safety Code and said repayment shall be in
amounts as agreed to by and between the parties taking into
consideration any bond repayment obligation of the Agency as
set forth above.
IN WITNESS WHEREOF,
The City and the Agency have executed this Agreement
as of the date first above written.
CITY OF SOUTH SAN FRANCISCO,
a municipal corporation
ATTEST:
'City ~lerk
ATTEST
Secretary
By:
Mayor
REDEVELOPMENT AGENCY OF THE
CITY OF SOUTH SAN FRANCISCO
a public agency
By:
Chairman
APPROVED AS TO FORM AND LEGAL ADEQUACY
Robert Rogers, City Attorney
Herman H. Fitzgerald, Agency Counsel
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