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RESOLUTION NO. 323
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, 1983, 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
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Operative Agreement pursuant to the Cooperative Agreement, which superseded the Operative
Agreements for the Constituents Projects to reflect the Operative Agreement debt as of
September 30, 2001.
NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does
resolve as follows:
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Res. No. 323
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:
Operative Agreement Debt 10/1/00 $ 94,300,086
Accrued Interest 10/1/00 to 6/30/00 4,111,019
Accrued Interest 7/1/00 to 9/30/01 1,370,340
Other Reductions of Debt <700,000>
Operative Agreement Debt at 9/30/01 $ 99,081,445
SECTION 3. The Chairperson is hereby authorized and directed to amend the Agency
debt to the City as approved hereby.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington
Beach at a regular meeting thereof held on the 17th�Qday of September 2001.
Chai erson
ATTEST: -� APPROVED AS TO FORM:
Agency Clerk a1- 'al �U�Agency Attorney
REVIEWED AND APPROVED: INITIAT APP
Ex cutive Director Director o dministrahve Services
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Res. No. 323
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
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 17th day of
September, 2001 and that it was so adopted by the following vote:
AYES: Green, Boardman, Cook, Julien Houchen, Garofalo, Dettloff,
Bauer
NOES: None
ABSENT: None
ABSTAIN: None
Clerk of the Redevelopment Agency
of the City of Huntington.Beach,.CA