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HomeMy WebLinkAboutRedevelopment Agency - 306 RESOLUTION NO. 3 0 6 , A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown-Lake Redevelopment Project, the Redevelopment Plan for the Talbert-Beach Redevelopment Project, the Redevelopment Plan for the Main-Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 19831 by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown-Lake, Talbert-Beach, Main-Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and I 4/s:4-99Resolut:debt 1999 RLS 99-585 8/25/99 The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 1998. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: Section 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project, is still in effect as previously approved. Section 2. That pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Pre AB 1290 Post AB 1290 Total Debt Debt Operative Agreement Debt 10/l/98 $82,157,637 $3,418,605 $85,576,242 . Accrued Interest 10/1/98 to 6/30/99 3,407,573 122,582 3,530,155 Accrued Interest 7/1/99 to 9/30/99 1,135,856 40,860 1,176,716 Other Reductions of Debt 0 500,000 -500,000 Operative Agreement Debt at 9/30/96 $86,701,066 $3,082,047 $89,783,113 Section 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. 2 4/s:4-99Resolut:debt 1999 RLS 99-585 8/25/99 Af-e-s 30 6' PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of September , 1999. Chairperson ATTEST: APPROVED AS TO FORM: Agency Clerk Agency Attorney Y I9 REVIEWED AND APPROVED: INITIATED AND APPROVED: 6&,, J/141 ) Executlyl6birector Dir ctor of Administrative Services 3 4/s:4-99Resolution:Debt 1999 RLS 99-585 8/26/99 Res. No. 306 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, 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 regular meeting of said Redevelopment Agency held on the 20th day of September, 1999 and that it was so adopted by the following vote: AYES: Julien, Bauer, Garofalo, Green Dettloff, Harman, Sullivan NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca.