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
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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.
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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
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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.