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HomeMy WebLinkAbout1993 075 CC RESO1993 075 CC RESO(Ìì´ù RESOLUTION NO. 93- 75 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, The CRL, at Health and Safety Code Section 33600 et seq., authorizes the City to appropriate to Agency such amounts as the City Council deems necessary for redevelopment activities, with such appropriation to constitute a loan to be repaid upon such terms and conditions as the City Council may provide; and WHEREAS, Agency, City, and certain private parties entered into the Fourth Amendment to Disposition and Development Agreement Fourth Amendment"), with a Reference Date of 1993, which Fourth Amendment is incorporated herein by reference, pertaining to the redevelopment of a portion of the Project Area on which the San Gabriel valley Hilton Hotel is located; and WHEREAS, pursuant to Revenue and Taxation Code Section 7280.5, Agency is permitted to pledge transient occupancy taxes imposed by Agency on a project area to redevelopers in the project area as a means of financing redevelopment activities; and WHEREAS, under the provisions of the Fourth Amendment, Agency agreed to pledge certain transient occupancy taxes to the Hotel Owner," as that term is defined in the Fourth Amendment, pursuant to an ordinance to be adopted by Agency imposing transient occupancy taxes in the Project Area; and WHEREAS, under Revenue and Taxation Code Section 7280.5, the Agency's transient occupancy tax ordinance takes effect immediately upon final passage by the Agency, but is not operative until the first day of the calendar quarter commencing more than 180 days after the date of final passage of said ordinance; and WHEREAS, in order for Agency to meet its transient occupancy tax pledge under the Fourth Amendment in the period prior to the operative date of Agency's transient occupancy tax ordinance, it is necessary for City to loan to Agency those sums required to meet such pledge obligation; 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 pertaining to the matter referenced in the above Recitals, a copy of which Agreement is on file in the office of the City BIB] 37650-U01 1993-U02 075-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO1127-U03 DO1680-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 93-75-U05 JUL-U05 7-U05 1993-U05 1993 075 CC RESO(Ìì´ù RESOLUTION NO. 93-75 PAGE TWO Clerk, and which Agreement is incorporated herein by reference, is hereby approved. PASSED, APPROVED, AND ADOPTED this 7th day of July, 1993. ATTEST: CITY CLERK CITY OF BALDWIN PARK COUNTY OF LOS ANGELES) STATE OF CALIFORNIA I, LINDA L. GAIR, City Clerk of the City of Baldwin Park do hereby certify that the foregoing resolution was duly passed and adopted by the City Council of the City of Baldwin Park at a regular meeting thereof, held on July 7, 1993, by the following vote: AYES: GALLEGOS, MARTINEZ, MCNEILL MAYOR VARGAS NOES: NONE ABSTAIN: NONE ABSENT: IZELL BIB] 37650-U01 1993-U02 075-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO1127-U03 DO1680-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 93-75-U05 JUL-U05 7-U05 1993-U05