HomeMy WebLinkAboutRedevelopment Agency - 327 RESOLUTION NO. 327
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF HUNTINGTON BEACH
APPROVING THE EXECUTION AND DELIVERY
OF AN AGREEMENT REGARDING
FORBEARANCE OF REMEDIES
UNDER LEASE AGREEMENT WITH
THE CITY OF HUNTINGTON BEACH
WHEREAS, the Redevelopment Agency of the City of Huntington Beach, is a public
body, corporate and politic, organized and existing under the laws of the State of California (the
"Agency"); and
The City of Huntington Beach, by its adoption of Resolution No. 2000-35 adopted
April 17, 2000 (the "Resolution of Formation") established by the District pursuant to the
provisions of Chapter 3.56 of the City's Municipal Code (the "Municipal Code") and the Mello-
Roos Community Facilities Act of 1982, as amended, commencing with Section 533311 of the
California Government Code (the "Act"); and
The City Council, by its Resolution No. 2000-36 adopted April 17, 2000, completed
proceedings for the authorization of bonded indebtedness on behalf of the District in an
aggregate principal amount not to exceed $16,000,000 to finance the costs of construction of
certain public facilities (the "Public Facilities") on property within the District, including a
leasehold interest, to pay debt service on such bonded indebtedness and to pay certain
administrative expenses and other costs of the District. Pursuant to such authorization, the
District contemplates the issuance and sale of bonds in the approximate amount of$16,000,000
(the "Bonds") pursuant to the terms of a Fiscal Agent Agreement by and between the District and
U.S. Bank Corporate Trust, as fiscal agent (the "Fiscal Agent Agreement"); and
The City has established Agency and approved and adopted a redevelopment plan (the
"Redevelopment Plan") for a redevelopment project known as the Huntington Beach
Redevelopment Project (the "Redevelopment Project") pursuant to the provisions of
Section 33000 et seq. of the California Health and Safety Code; and
The Agency entered into an Amended and Restated Disposition and Development
Agreement dated as of September 14, 1998, by and between the Agency and Mayer Financial,
Ltd., a California limited partnership (the "DDA") together with a Lease Agreement dated
April 4, 2001, under which the Agency has leased to PCH Beach Resorts, LLC its interest in real
property in the District for a period of 99 years (the "Lease Agreement"); and
Under the provisions of the Lease Agreement, the Agency has the right and power to
terminate the Lease Agreement if an event of default by'the Developer occurs as described in the
Lease Agreement. The Agency acknowledges that payments of Special Taxes levied and
collected with respect to the Leasehold Interest created under the Lease Agreement will be used
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SF:2001 Resolution:Agency—Remedies—Lease Agreement 11-8
Res. No. 327
for payment of the Bonds, but only so long as there is a leasehold interest subject to the Special
Taxes, and the Agency has determined not to exercise its right to terminate the Lease Agreement;
and
NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does
hereby resolve as follows:
Section l: Findings. This Agency finds that the above recitals are true and correct.
Section 2: Approval of Agreement. The proposed form of the Agreement Regarding
Forbearance of Remedies under Lease Agreement (the "Agreement") with the City of
Huntington Beach presented at this meeting is hereby approved. The Chairperson or the
Executive Director of the Agency or his designee (the "Executive Director") is hereby authorized
and directed for and in the name of the Agency to execute the Agreement in substantially the
form hereby approved, with such additions thereto and changes therein as are recommended or
approved by Special Counsel to the Agency and approved by such officers, such approval to be.
conclusively evidenced by the execution and delivery thereof.
Section 3: . Other Acts'. The officers .and'-employees of the Agency are hereby
authorized to undertake such actions as they deem necessary to effectuate the provisions of this
Resolution.
Section 4: Effective Date: This Resolution shall take effect from-and after its date of
adoption.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington
Beach at a regular meeting thereof held on the 19th day of November , 2001.
NJe a.A� �
C airperson
t
ATTEST: _ y APPROVED AS TO FORM:
.Agency Clerk 11_21- (31 Agency General Counsel
REVIEWED-AND APPROVED: INITI ED AND APPROV
e
Exe tive Director IYeputy xecutive Director
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Res. No. 327
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 19th day of
November, 2001 and that it was so adopted by the following vote:
AYES: Green, Boardman, Cook, Garofalo, Dettloff, Bauer
NOES: None
ABSENT: Julien Houchen (out of room)
ABSTAIN: None
Clerk of theRedevelo:pment Agency
of the City ofHuntington-.Beach, CA