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AGENCY RESOLUTION NO. '88 -
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF HUNTINGTON BEACH APPROVING AND
AUTHORIZING EXECUTION OF A PROMISSORY NOTE
WHEREAS, on March 7, 1983, after a duly-noticed public
hearing, the Redevelopment ..Agency of the City of Huntington
Beach (the "Agency" ) approved a Participation Agreement ( the
"Participation Agreement" ) between the Agency and Huntington
Breakers Apartments, Limited (the "Participant" ) ; and
The parties to the Participation Agreement are
proceeding to implement the redevelopment activities provided
for in the Participation Agreement;
The Agency has determined that it will facilitate the
successful completion of the activities proposed in the
Participation Agreement and the Redevelopment Plan for the
Main-Pier Redevelopment Project if certain .material is added to
the Participation Agreement; and
The- Agency has approved an Amendment (the "Amendment")
to the Participation Agreement pursuant to which the Agency
assumes the obligation to pay park and . recreation fees to the
City of Huntington Beach;
NOW, THEREFORE, the Redevelopment Agency of the City
Huntington Beach does resolve as follows :
Section 1. The Agency approves the "Agency Promissory
Note, " which is attached hereto as Attachment No. 1 and is
incorporated herein.
1 .
Section 2 . Upon approval of the City Council of the
City of Huntington Beach of the deferral of park and recreation
fees, the Chairman is authorized and directed to execute the
Agency Promissory Note (Attachment No. 1) , whereupon the Agency
Secretary shall 'deliver said Note to the City Clerk.
ADOPTED this 17th day of Se tuber
Chai 4 velopment
Agency of the City of
Huntington Beach
ATTEST: APPROVED AS TO FORM:
01
Agency Clerk Agency Counsel
APPROVED AS TO FORM: INITIATED AND APPROVED:
r
Spdcial Agency Counsel ment. Coordinator -
REVIEWED AND APPROVED:
Chief Executive Officer
2.
ATTACHMENT NO. 1
AGENCY`PROMISSORY`NOTE i
f t428, 000
FOR . VALUE RECEIVED, the Redevelopment Agency of the City
of Huntington Beach (the "Agency" ) promises to pay to the order
of the City of Huntington Beach ( the "City" ) the sum of Four
Hundred Twenty-Eight Thousand Dollars (t4281, 000) with interest
at the rate of twelve percent ( 12% simple. per annum payable from
revenues received by the Agency pursuant to Section 33760(b) of
the California Health and Safety Code and attributable to the
Main-Pier Redevelopment Project, as such revenues are available
for repayment by the Agency in view of the redevelopment goals,
objectives , and other obligations of the Agency.
THE REDEVELOPMENT AGENCY OF
THE dnSCY OF HU IL GTON BEACH
By
ATTEST: APPROVED AS TO FORM:
QJ
Agency Clerk Agency Counsel
APPROVED AS TO FORM: INITIATED AND APPROVED:
Special Agency Co el e e ment Coordinator
REVIEWED AND APPROVED:
-7 �4;
Ch Executive Officer
88
Res. No. 88
`\ STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH)
I, ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the
City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing
resolution was duly adopted by the Redevelopment Agency of the City of
Huntington Beach at a meeting of said Redevelopment Agency held on the
17th day of September 19..84 , and that it was so adopted
by the following vote:
.AYES: Members
Pattinson', MacAllister, Kelly, Mandic
NOES: Members:
Thomas, Finley, Bailey
ABSENT: Members: .
None
Clerk of the Redevelopment Agency of
the City of Huntington Beach, Ca.