HomeMy WebLinkAboutReso RDA 17-2000 RESOLUTION NO. 17-2000
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE EXECUTION OF A
PROMISSORY NOTE WITH THE CITY FOR THE TRANSFER
OF 124 LINDEN AVENUE TO THE REDEVELOPMENT
AGENCY
WHEREAS, the Redevelopment Agency desires the execution of a Promissory Note with
the City for the transfer of 124 Linden Avenue; and
WHEREAS, the Note is in the amount of $410,000, the appraised value of the property;
and
WHEREAS, this action enables the Agency to implement its commitment under the
Disposition and Development Agreement with Robert and Kathleen Giorgi and furthers the
.. process to have a new retail furniture store constructed in the downtown area; and
WHEREAS, the Agency action will consummate the transaction for the implementation
of the Disposition and Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that it hereby authorizes the execution of a Promissory Note with the City
for the transfer of 124 Linden Avenue.
BE IT FURTHER RESOLVED that the Redevelopment Agency authorizes the Executive
Director to execute the Promissory Note on behalf of the Redevelopment Agency.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the
Redevelopment Agency of the City of South San Francisco at a Regular meeting held on the
26th day of July , 2000 by the following vote:
AYES: Boardmembers Pedro Gonzalez, Eugene R. Mullin and John R. Penna, and
Chair Karyl Matsumoto
NOES: None.
ABSTAIN: None.
ABSENT: Vice Chair Joseph A. Femekes
ATTEST: ~,la~ /'~, ~Clerk
\\M U LDER\VGATTR ELL~File Cabinet\RESO\promissorynote.rda.doc
PROMISSORY NOTE
$410,000 , California
Date
1. FOR VALUE RECEIVED, the undersigned Borrower, the
REDEVELOPMENT AGENCY OF THE CITY OF SOU'IIq SAN FRANCISCO (the
"Maker"), hereby promises to pay to the order of THE CITY OF SOUTH SAN
FRANCISCO (the' "Holder"), at 400 Grand Avenue, South San Francisco, California, the
principal sum of FOUR HUNDRED AND TEN THOUSAND DOLLARS ($410,000.00),
pursuant to the Disposition and Development Agreement ("DDA"), by and between the
Redevelopment Agency of the City of South San Francisco, the City of South San
Francisco, and Robert and Kathleen Giorgi, executed on June 23, 2000, and incorporat~
herein by reference.
2. Payments shall be due as follows:
A. All principal shall be due upon close of escrow with regard to the
subsequent sale by Maker of the property known as 212 Baden
Avenue, South San Francisco, California, but not more than five
years from the date of this note, except as Holder may, permit in its
discretion. :
3. The Maker may prepay, without penalty or premium, any amount of the
principal under this Note prior to the due date hereof.
"Maker"
By: Michael A. Wilson
Executive Director,
City of South San Francisco
Redevelopment Agency