HomeMy WebLinkAbout1992 123 CC RESO1992 123 CC RESO (Ìì º RESOLUTION NO. 92-123
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK APPROVING A FINANCING
AGREEMENT AND PROMISSORY NOTE BETWEEN THE
CITY OF BALDWIN PARK AND THE BALDWIN PARK
REDEVELOPMENT AGENCY
WHEREAS, the City of Baldwin Park City") is a municipal
corporation and a general law city of the State of California; and
WHEREAS, the Baldwin Park Redevelopment Agency Agency")
is a public body, corporate and politic, organized and existing
under the California Community Redevelopment Law CRL") Health
& Safety Code 3300 et seq.); and
WHEREAS, Agency and City, on August 16, 1978, by
Ordinance No. 780 of the City Council of City, as amended by
Ordinance No. 839 on June 16, 1982, and Ordinance No. 883 on
December 5, 1984, established the Puente-Merced Redevelopment
Project Area; and
WHEREAS, Agency, pursuant to its authority, condemned
certain property located within the Puente-Merced Redevelopment
Project Area owned by Thrifty Oil Company Thrifty"); and
WHEREAS, pursuant to a Stipulation and Order to Dismiss
Appeal entered into between the Agency and Thrifty, Agency agreed
to compensate Thrifty for the condemnation the total amount of
Three Hundred Twenty Thousand and Ninety-Two Dollars $320,092.00),
payable in two installments, with the first installment of One
Hundred Eighty-One Thousand Four Hundred Eighty-Five Dollars
$181,485.00) due by December 31, 1991 First Installment"), and
the second installment of One Hundred Thirty-Eight Thousand Six
Hundred and Seven Dollars $138,607) due by December 31, 1992
Second Installment"); and
WHEREAS, Agency's payment of the First Installment was
made by the City pursuant to an understanding that the City's
payment would constitute a loan by the City to the Agency; and
WHEREAS, Agency and City agree that a similar loan by the
City to the Agency for payment of the Second Installment is
required, but that the amount of such additional loan needs to be
only for a portion of the Second Installment, in the amount of
Forty-Six Thousand One Hundred and Seven Dollars $46,107.00); and
WHEREAS, City and Agency staff have proposed a Financing
Agreement and Promissory Note between the City and Agency in the
total amount of Two Hundred Twenty-Seven Thousand Five Hundred
Ninety-Two Dollars $227,592.00), consisting of a ratification of
the loan of One Hundred Eighty-One Thousand Four Hundred
Eighty-Five Dollars $181,485.00) for the First Installment, and
Forty-Six Thousand One Hundred and Seven dollars $46,107.00) for
application to the total amount due for the Second Installment; and
WHEREAS, the CRL, at Health and Safety Code Section 33600
et seq., authorizes the transactions as set forth in the proposed
Financing Agreement and Promissory Note.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Baldwin Park that the Financing Agreement and Promissory
Note Agreement") between the City and Agency effecting and
documenting the loan by the City to the Agency in the total amount
of Two Hundred Twenty-Seven Thousand Five Hundred Ninety-Two
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1992 123 CC RESO (Ìì º RESOLUTION NO. 92-123
PAGE TWO
Dollars $227,592.00), a copy of which Agreement is on file in the
office of the City Clerk, and which Agreement is incorporated
herein by reference, is hereby approved.
PASSED, APPROVED, AND ADOPTED this 16th day of December,
1992.
ATTEST:
LINDA L. GAIR, CITY CLERK
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 and
regularly approved and adopted by the City Council of the City of
Baldwin Park at its regular meeting of the City Council on December
16, 1992 by the following vote:
AYES: COUNCILMEN IZELL, MARTINEZ, GALLEGOS, MAYOR VARGAS
NOES: COUNCILMEN NONE
ABSENT: COUNCILMEN NCNEILL
LINDA L. GAIR, CITY CLERK
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