HomeMy WebLinkAboutReso 58-1989RESOLUTION NO. 58-89
CITY iCOUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF
A LOAN AND REPAYMENT AGREEMENT FOR
THE DOWNTOWN/CENTRAL REDEVELOPMENT AREA
WHEREAS, the Redevelopment Agency of the City of South San Francisco is a
duly const~ituted redevelopment agency under the laws of the State and pursuant
to such laws is proceeding with the redevelopment of the Downtown/Central
Redevelopment Project; and
WHEREAS, the Redevelopment Plan provides for tax increment financing in
accord wi~h the relevant provisions of the Health & Safety Code and the
Constitution of the State of California; and
WHEREAS, the Agency is authorized to borrow money and accept financial
assistance and to expend such fund for any lawful purposes of the Agency; and
WHEREAS, the City is willing to provide certain financial assistance to
the Agency with respect to activities within the Downtown/Central Redevelopment
Project by making an advance of monies which will be repaid once tax increment
revenues are received by the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that it hereby authorizes the City Manager to execute on behalf of the
City the "Loan and Repayment Agreement (Downtown/Central Redevelopment Agency").
A copy of the Agreement is on file in the City Clerk's Office.
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 regular
meeting held on the 26th day of April
, 1989 the following vote:
AYES:
Councilmembers Mark N. Addiego, Jack Drago, Gus Nicolopulos, and Mayor
Roberta Cerri 'reglia
NOES: None
ABSTAIN: None
ABSENT: Councilmember Richard A. Haffey
~C~'ATTEST: ~Ity Cle~~'rk