HomeMy WebLinkAboutRedevelopment Agency - 7 RESOLUTION NO . 7
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH AUTHORIZING THE EXECUTION
OF ACCONT.RACT WITH THE CITY APPROPRIATING FUNDS TO
THE REDEVELOPMENT REVOLVING FUND
WHEREAS , the Redevelopment Agency of the City of Huntington
Beach is desirous of acquiring certain real property within the
Downtown Redevelopment Project Area, commonly called the
"Henricksen" property; and
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An appropriation to the Redevelopment Revolving Fund is
necessary to acquire said property; and
.A contract between the City of Huntington Beach and the
Redevelopment Agency has been prepared setting forth the conditions
for the receipt and repayment of funds to the City and is attached
hereto as Exhibit "A, "
NOW, THEREFORE, the Redevelopment Agency of the City of
Huntington Beach does hereby resolve as follows :
The Chairman of the Redevelopment Agency is authorized to
execute a contract with the City of Huntington Beach for the
appropriation of funds to the Redevelopment- Revolving Fund,
Exhibit "A" attached hereto . +
PASSED AND ADOPTED by the Redevelopment Agency' of the City
of Huntington Beach at a regular meeting thereof held on the 16th
day of August , 1976.
ATTEST ayo h i man
Redevelopment Agency
Clerk
APPRO AS TO CONTEN APPROVED AS TO FORM:
'-Chief Executive Officer City Attorn a Le 1
Adviser for the R evelopment
Agency
WSA: cs
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APPROVED, INITIATING DEPARTMENT:
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LOW 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, here n called
'GRANTOR'' dated ��. /� fib' , 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 t'o AGENCY
sums of money for like purposes . and
CITY is appropriating the s urn- of, $100 ,0'00 to such: fuhd
for the purpose of providing for said acquisition by AGENCY; and
The CITY desires to lend to AGENCY dnd, 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 .
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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 a's provided herein. shall •then and. there terminate . In such
event ,. CITY may thereafter at - its sole option with'draw. an:y funds
in the Redevelo:pment .Revolving Fund which were furnished or..
repaid to such fund pursuant to this agreement and AGENCY hereby
agrees to said withdrawal
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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 : r / 1976
CITY, OF HUNTINGTON BEACH., a= _
municipal corporation.
Mayor
ATTEST: r'
City Clerk
APPROVED AS TO CONTENT.; APPROVED AS TO FORM.
CitK Administrator City Attor ey
APPROVED BY INITIATING DEPARTMENT:
Dated: 1976
REDEV OPMENT AGENCY OF THE CITY
OF HUNTINGTO BCH
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Chairman
By
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WSA :bt
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Res . No. 7
i STATE OF CALIFOR -L )
I i'OUN.TY OIL ORANGE )
I , A`LICIA M. WENT�JORTH , 1erk � of the Redevelopment
Agency of the City of Huntington Beach , California, DO HEREBY
CERTIFY that the foregoinf resolution was duly adopted by the
` Redevelopment; Agency of the City of Huntington Beach .at .a
meeting of said Redevelopment Agency held on the 16th day of
' August 1976-_, and that it was so adopted- by the
I following vote :
AYES : Members :
Bartlett Pattinson Siebert, Shenkman Witeder
NOES : Members :
None
ABSENT : Members :
` Coen, Gibbs
' ' '`
' C1erk =. of the Redevelopment
Agency, of the City of
j Huntin-gton Beach
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