HomeMy WebLinkAboutCity Council - 4304 RESOLUTION NO. 4304
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH AUTHORIZING AN APPROPRIATION OF
MONEY TO THE REDEVELOPMENT REVOLVING FUND FOR
THE ACQUISITION OF CERTAIN REAL PROPERTY
WHEREAS, the Redevelopment Agency of the City of Huntington
Beach desires to purchase certain real property within the Down-
town Redevelopment Project Area; and
The City Council by resolution has established the Redevel-
opment Revolving Fund for use by the Redevelopment Agency for
the acquisition of parcels within project areas and for other
purposes; and
The Redevelopment Agency desires to have appropriated to
said fund the sum of ONE HUNDRED THOUSAND DOLLARS ($100 ;000) ,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Huntington Beach hereby authorizes the Mayor and Clerk to
execute the contract attached hereto as Exhibit "A" which sets
forth the terms and conditions upon which the Redevelopment Agency
will receive an appropriation of ONE HUNDRED THOUSAND DOLLARS
( $100, 000) and the requirements for repayment of principal and
interest on same .
BE IT FURTHER RESOLVED that the Council hereby appropriates
the sum of ONE HUNDRED THOUSAND DOLLARS ($100 ,000) to the Redevel-
opment Revolving Fund for the express purpose of implementing the
provisions of Exhibit "A" hereof, and directs the City Treasurer to
pay over to the Redevelopment Agency funds in accordance with the
terms of Exhibit "A" hereof.
PASSED AND ADOPTED by the City Council of the City of Huntington
Beach at a regular meeting thereof held on the 16th day of August ,
1976 . e .�
ATTEST: Mayor
City Clerk
WSA: cs
1 . '
APPROVED AS TO CONTENT: APPROVED AS TO FORM:
City ministrator „ C y A n
APPROVED, INITIATING DEPARTMENT:
NO FISCAL IMPACT.
FISCAL IMPACT -- BJ_lDGETED
FISCAL IMPACT -- NOT BUDGETED
REQUIRES FINANCIAL IMPACT REPORT___.
2 .
LOAN AGREEMENT
THIS AGREEMENT, made this day of 1976,
by and between the City of Huntington Beach, a municipal corporation,
hereinafter called CITY, and the Redevelopment Agency of the City
of Huntington Beach, a public body, corporate and politic, herein-
after called AGENCY.
WHEREAS, pursuant to an agreement for purchase of real
property by and between AGENCY and JOHN HENRICKSEN, herein called
"GRANTOR" dated L4 12ii9?t. , AGENCY is obligated
to make certain purchase payments; and
CITY has agreed to furnish to AGENCY such funds as
required by AGENCY to meet the terms of said agreement with
GRANTOR; and
CITY is establishing a Redevelopment Revolving Fund
within its City Treasury for the purpose of providing to AGENCY
sums of money for like purposes; and
CITY is appropriating the sum of $100,000 to such fund
for the purpose of providing for said acquisition by AGENCY; and
The CITY desires to lend to AGENCY and AGENCY desires to
borrow from CITY monies sufficient to meet the obligation to
GRANTOR embodied in the aforementioned purchase agreement .
NOW, THEREFORE, the parties hereto agree as follows :
1. CITY will deposit in its Redevelopment Revolving
Fund the sum of $100 ,000.
1 .
2. CITY will lend AGENCY out of such deposited amount
sums sufficient to meet the payments required by the terms of
the Henricksen purchase agreement.
3 . All funds loaned to AGENCY pursuant to the agree-
ment will be repaid by AGENCY within a reasonable time not to
exceed ninety (90) days upon the receipt by AGENCY of any other
funds which funds are available for the acquisition of real
property by AGENCY. Such loan or loans or advances shall be
repaid to the Redevelopment Revolving Fund together with interest
due thereon.
4 . Advances to AGENCY pursuant to this agreement will
bear interest at the rate of six and one-half percent per annum
compounded annually from the date of each such advance during
the first year after date of this agreement until the date of
repayment thereof, and advances in future years shall bear
interest at rates to be determined by the City Council when such
advances are made .
5. In the event that at any future time AGENCY has
other funds which are then available for use in the performance
of the Henricksen Purchase Agreement then AGENCY shall first
utilize such funds in the performance of said agreement . The
right to draw upon the funds from the Redevelopment Revolving
Fund as provided herein shall then and there terminate. In such
event , CITY may thereafter at its sole option withdraw any funds
in the Redevelopment Revolving Fund which were furnished or
repaid to such fund pursuant to this agreement and AGENCY hereby.
agrees to said withdrawal .
2 .
6 . The CITY will thereafter be excused from further
performance pursuant to this agreement and may then and there and
at its sole option return the funds advanced or unexpended to its
general fund.
Dated: l"• 1976
CITY OF HUNTINGTON BEACH, a
municipal corporation.
A.
Mayor
ATTEST:
City Clerk
APPROV D AS TO CONTENT: APPROVED AS TO FORM:
r •
•
Cite Administrator City Attor ey
APPROVED BY INITIATING DEPARTMENT:
Dated / 1976
REDEV OPMENT AGENCY OF THE CITY
OF HUNTCINNGGTOP B CH
B . l
Chairman
ay
WSA:bt
3• +
Res. No. 4304
S'rNI'E OF CALIFORNIA )
COUNTY OF ORANGE ) as:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City. Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the .16th day
Of August 1976 by the following vote:
AYES: Councilmen:
Bartlett Pattinson, Siebert, Shenkman Wieder
NOES: Councilmen:
None
ABSENT: Councilmen:
Coen, Gibbs
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California