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Home My WebLink About1991 032 CC RESO1991 032 CC RESO(Ìì¼` RESOLUTION NO. 91-32 RESOLUTION OF THE CITY COUNCIL OF TILE CITY OF BALDWIN PARK, CALIFORNIA, APPROVING THE BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FOR FISCAL YEAR 1991-92 AND LOANING FUNDS PURSUANT TO SAID BUDGET WHEREAS, the Budget of the Baldwin Park Redevelopment Agency the Agency") for Fiscal Year 1991-92 is attached hereto as Exhibit A" the Budget"), and by this reference incorporated herein; and WHEREAS, the City Council is permitted under State law to make available certain loans to the Agency; and WHEREAS, the City Council, in accordance with the provisions of the California Community Redevelopment Law the Law"), has created an Agency Administrative Fund the Administrative Fund"); and WHEREAS, the City Council desires to loan funds to the Agency from the City of Baldwin Park General Fund pursuant to the proposed Budget for administrative expenses; and WHEREAS, the Fiscal Year 1991-92 Loan Agreement documenting such loan is attached hereto as Exhibit B" and by this reference incorporated herein; and NOW, THEREFORE, BE IT HEREBY RESOLVED, DETERMINED AND ORDERED BY TILE CITY COUNCIL OF THE CITY OF BALDWIN PARK AS FOLLOWS: SECTION 1. The Budget of the Agency for Fiscal Year 1991-92 is hereby approved. SECTION 2. The sum not to exceed $400,000.00 is hereby appropriated from the General Fund in the form of staff support to the Administrative Fund in accordance with the Agency's approved Budget for Fiscal Year 1991-92. SECTION 3. The Mayor and City Clerk are hereby authorized to execute the Loan Agreement attached hereto as Exhibit B" on behalf of the City as the City's Act and Deed. PASSED, APPROVED, AND ADOPTED this 19th day of June, 1991. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` RESOLUTION NO. 91- 32 PAGE TWO STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF BALDWIN PARK I, LINDA L. GAIR, City Clerk of the City of Baldwin Park, do hereby certify that the foregoing Resolution was duly adopted by the City Council and signed by the Mayor of said City at a meeting held on the 19th day of June, 1991; and that the same was passed by the following vote to-wit: AYES: COUNCILMAN IZELL, MCNEILL, GALLEGOS, KEYSER, MAYOR LOWES NOES: COUNCILMAN NONE ABSENT: COUNCILMAN NONE ABSTAIN: COUNCILMAN NONE BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` RESOLUTION NO. 91- 32 EXHIBIT A" BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 WEST RAMONA BOULEVARD PROJECT AREA Revenues Tax Increment $190,500 Land Sale Proceeds Interest Earnings Other TOTAL $190,500 Expenditures Bonded Indebtedness $137,170 Loan Repayment 3,900 Administration 50,000 TOTAL $191,070 The West Ramona Project Area owes the City $3,899. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 SAN GABRIEL RIVER PROJECT AREA Revenues Tax Increment $878,500 Land Sale Proceeds Interest Earnings Other TOTAL $878,500 Expenditures Bonded Indebtedness $641,170 Loan Repayments/ESB 653,000 Administration 50,000 TOTAL $1,344,170 The San Gabriel River Project Area owes the City $244,160. ESB is payment to Ellis, Sloan, Burnett as part of agreement with that developer requiring Agency payments based on formula of increased assessed valuation generated by developer. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 DELTA REDEVELOPMENT PROJECT AREA Revenues Tax Increment $138,000 Land Sale Proceeds Interest Earninqs Other TOTAL $138,000 Expenditures Bonded Indebtedness/Assessment $131,000 Loan Repayments Administration 50,000 TOTAL $181,000 The Delta Project Area owes the City $1,156,066. To the extent that funds are available, repayment of debt to the City will occur after assessment district payments are satisfied and current administrative expenses are met. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 PUENTE-MERCED Revenues Tax Increment $342, 000* Land Sale Proceeds Interest Earnings Other TOTAL $342,000 Expenditures Bonded Indebtedness $450,000 Loan Repayments Administration/Legal 100,000 TOTAL $550,000 The Puente-Merced Project Area owes the City $345,754. * Sales Tax pays any shortfall in tax increment to pay debt service. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 SIERRA VISTA PROJECT AREA Revenues Tax Increment $357,100 Land Sale Proceeds Interest Earnings Other TOTAL $357,100 Expenditures Bonded Indebtedness $275,000 Loan Repayments Administration 100,000 TOTAL $375,000 The Sierra Vista Project Area owes the City $10,038. Higher administrative costs are based on increased redevelopment activity in Sierra Vista in FY 1991-92. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` BALDWIN PARK REDEVELOPMENT AGENCY BUDGET FY 1991-92 CENTRAL BUSINESS DISTRICT PROJECT AREA Revenues Tax Increment $460,426 Land Sale Proceeds a Interest Earnings a Other a TOTAL $460,426 Expenditures Bonded Indebtedness $454,005 Loan Repayments a Administration 50,000 TOTAL $504,005 C The Central Business District Project Area owes the City $2,160,084. To the extent that funds are available repayment of debt to the City will occur after bond indebtedness debt service) requirements and current administrative expenses have been met. BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` RESOLUTION NO. 91-32 EXHIBIT B" FISCAL YEAR 1991-92 LOAN AGREEMENT BALDWIN PARK REDEVELOPMENT PROJECT THIS AGREEMENT is entered into this 19th day of June, 1991, by and between the City of Baldwin Park, a municipal corporation, the City"), and the Baldwin Park Redevelopment Agency, a public body, corporate and politic, the Agency"). RECITALS WHEREAS, Section 33600 et seq. of the California Community Redevelopment Law authorizes the Agency to borrow money or accept financial or other assistance from the City; and NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the parties hereto agree as follows: COVENANTS SECTION 1. Amount of Loan. The City agrees to loan the Agency an amount not to exceed $400,000.00. Said loan shall be in addition to any and all amounts previously loaned to the Agency. The project areas to which the funds are loaned are shown on Attachment 1. SECTION 2. Disbursement of Funds. The City agrees to disburse loan proceeds to the Agency upon receipt of a request from the Agency and based upon documented timesheets. The Agency agrees to use such proceeds only for the purposes provided for in the adopted annual budget of the Agency for Fiscal Year 1991-92. SECTION 3. Interest. The Agency agrees to pay the City interest per annum at rate equal to what they would receive on the funds borrowed at the time of repayment of the loan. SECTION 4. Repayment. The Agency agrees to repay any and all funds borrowed as soon as possible SECTION 5. Obligation Constitutes Indebtedness. This Loan Agreement shall constitute an obligation and debt of the Agency to use all available Tax Increment revenue to repay City by periodic repayments. Such indebtedness shall be subordinate to any and all other Agency indebtedness incurred by Agency, including indebtedness incurred through the issuance of Tax Allocation Notes or Bonds or any other Bonds of the Agency. IN WITNESS WHEREOF, the City and the Agency have executed this Agreement as of the date first above written. CITY OF BALDWIN PA BALDWIN PARK REDEVELOPMENT AGENCY BETTE L. LOWES, MAYOR BETTE LOWES,CHAIRMAN ATTEST: Z Z. IR, CITY CLERK DONALD PENMAN, SECRETARY BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05 1991 032 CC RESO(Ìì¼` ATTACHMENT NO. 1 ADMINISTRATIVE STAFF SUPPORT TO THE BALDWIN PARK REDEVELOPMENT AGENCY FROM THE CITY OF BALDWIN PARK FY 1991-92 Project Area Amount Not to Exceed Sierra Vista $100,000 Puente-Merced 100,000 San Gabriel River 50,000 Central Business District 50,000 Delta 50,000 West Ramona 50,000 $400,000 The amount of staff time will be accounted for on timesheets maintained by the various staff persons working on Agency Projects. F_ BIB] 37650-U01 1991-U02 032-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO2009-U03 DO2088-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 91-32-U05 JUN-U05 19-U05 1991-U05