HomeMy WebLinkAboutRedevelopment Agency - 369 RESOLUTION NO. 369
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, AND THE COOPERATION
AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH REGARDING
CERTAIN CAPITAL IMPROVEMENTS WITHIN, OR OF BENEFIT TO, THE SOUTHEAST
COASTAL 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 ("Agency") and the City of
Huntington Beach ("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 "HBRP"); and
The City Council adopted Ordinance No. 3561 on June 17, 2002, approving and adopting
the Redevelopment Plan for the Southeast Coastal Redevelopment Project("SCRP"); and
The Agency and the City entered into a Cooperation Agreement, dated September 2,
2003 (the "SCRP Cooperation Agreement"), regarding redevelopment projects and capital
improvements to be carried out in the SCRP Area; and
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Agency Resolution No. 369
It is now necessary and appropriate that the City Council and the Agency amend the
Operative Agreements pursuant to the Cooperative Agreement and the SCRP Cooperation
Agreement,to reflect the Agency's total debt as of September 30, 2007.
NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does
hereby resolve as follows:
SECTION 1. That the Operative Agreements between the Redevelopment Agency and
the City of Huntington Beach for the implementation of the HBRP, and the SCRP Cooperation
Agreement, are still in effect as previously approved.
SECTION 2. That, pursuant to such Operative Agreements and the SCRP Cooperation
Agreement, the Agency debt to the City, which is to continue to be carried forward for the HBRP
and the SCRP, is hereby amended as follows:
HBRP SCRP Total
Operative Agreement Debt 1011105 $84,598,047 $7,312,583 $91,910,630
Accrued Interest 10/1/06 to 9/30/07 3,603,878 21,517 3,625,395
Other Reductions of Debt 3,360,000 -- 3,360,000
Total Agency Debt as of 9/30/07 84,841.925 7 334 10 92.176.025
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 4th day of September 2007.
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Cifairperson
REVIEWO ANDAPPROVED: APPROVED AS TO FORM:
,r c
Executive Director Age cy Attorney
INITIAT AND APPROVED:
irector of Finance
07-1131/12725 2
Res. No. 369
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTINGTON BEACH )
I, JOAN FLYNN, 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 4th day of September, 2007 and that it was so
adopted by the following vote:
AYES: Bohr, Carchio, Cook, Coerper, Green, Hansen, Hardy
NOES: None
ABSENT: None
ABSTAIN: None
CIerPVf the Redevelopment Ggency
of the City of Huntington Beach, CA