Resolution No. 75271
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RESOLUTION NO. 7527
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND AUTHORIZING (1) THE TRANSFER
OF FUNDS TO THE REDEVELOPMENT REVOLVING FUND; (2)
THE PAYMENT OF MONIES IN THE REDEVELOPMENT
REVOLVING FUND TO THE REDEVELOPMENT AGENCY OF THE
CITY OF VERNON; AND (3) THE EXECUTION OF
REDEVELOPMENT REVOLVING FUND LOAN NO. 6 BETWEEN THE
CITY OF VERNON AND THE REDEVELOPMENT AGENCY OF THE
CITY OF VERNON
WHEREAS, the City of Vernon (hereinafter "City"), by adoption's
of Resolution No. 5724, has established the Redevelopment Revolving
Fund as authorized by Health and Safety Code Section 33620; and
WHEREAS, the Redevelopment Agency of the City of Vernon
("Agency") has determined it is necessary and desirable to acquire for
redevelopment purposes and the elimination of blight a building on real!,
property consisting of approximately 53,000 square feet located at 5015''
Pacific Boulevard in the City of Vernon, County of Los Angeles, State
of California, (hereinafter the "Property"); and
WHEREAS, Penny K. Meepos, owner of Property, has agreed to
sell the Property to the Agency on negotiated terms, which the Agency
has determined to be fair and reasonable; and
WHEREAS, Health and Safety Code 33623 requires that the
legislative body approve by resolution adopted by two-thirds vote the
payment of monies in the Redevelopment Revolving Fund to the Agency
upon such terms and conditions as the legislative body may prescribe;
r We
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1 WHEREAS, the loan agreement between the City and the Agency
2 (hereinafter designated as Redevelopment Revolving Fund Loan No. 6)
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appropriately establishes the terms and conditions applicable to the
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advance of monies to the Agency for the acquisition of the Property.
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6 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
7 CITY OF VERNON AS FOLLOWS:
8 SECTION 1: The City Council of the City of Vernon hereby
9 finds and determines that the recitals contained hereinabove are true
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and correct.
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SECTION 2: The City Council of the City of Vernon hereby
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13 approves and authorizes the transfer from the Light and Power Fund to
14 the Redevelopment Revolving Fund, up to the sum of Eight Hundred Thirty
15 Thousand Dollars and No Cents ($830,000.00) to be utilized by the
16 Agency in the acquisition of the Property, including the cost of the
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Property, relocation expenses, preliminary title report, escrow fees,
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title insurance and other costs and expenses incidental to and
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20 necessary for the acquisition of the Property.
21 SECTION 3: The City hereby approves the Redevelopment
22 Revolving Fund Loan No. 6, a copy of which has been presented to the
23 City Council concurrently with this resolution and the City Council
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hereby orders said Redevelopment Revolving Fund Loan No. 6 to be
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26 received and filed by the City Clerk.
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1 SECTION 4: The City Council of the City hereby authorizes
2 the Mayor and the City Clerk to execute said Redevelopment Revolving
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Fund Loan No. 6 for, and on behalf of, the City of Vernon.
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SECTION 5: The City Clerk of the City of Vernon shall
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6 certify to the passage of this resolution and thereupon and
7 thereafter the same shall be in full force and effect.
8 APPROVED AND ADOPTED this 18th day of April, 2000.
9
10 LEONIS C. MALBURG, May r
11 ATTEST:
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13 BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
7527, was duly adopted by the City Council of the City of Vernon at a
regular meeting of the City Council duly held on Tuesday, April 18,
2000, and thereafter was duly signed by the Mayor of the City of
Vernon. 1.1--7
(SEAL)
BRUCE V. MALKENHORST, City Clerk
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SUPPORTING
DOCUMENTS
RESOLUTION NO. 7593
2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 VERNON APPROVING AND AUTHORIZING (1) THE TRANSFER
OF FUNDS TO THE REDEVELOPMENT REVOLVING FUND; (2)
4 THE PAYMENT OF MONIES IN THE REDEVELOPMENT
5 REVOLVING FUND TO THE REDEVELOPMENT AGENCY OF THE
CITY OF VERNON; AND (3) THE EXECUTION OF
6 REDEVELOPMENT REVOLVING FUND LOAN NO. 6 BETWEEN THE
CITY OF VERNON AND THE REDEVELOPMENT AGENCY OF THE
7 CITY OF VERNON AND RESCINDING RESOLUTION NO. 7527
8 ADOPTED APRIL 18, 2000
9 WHEREAS, the City of Vernon (hereinafter "City"), by adoption
10 of Resolution No. 5724, has established the Redevelopment Revolving
11 Fund as authorized by Health and Safety Code Section 33620; and
12 WHEREAS, the Redevelopment Agency of the City of Vernon
13 ("Agency") has determined it is necessary and desirable to acquire for
14 redevelopment purposes and the elimination of blight a building on real
15 Property consisting of approximately 77,537 square feet/1.780 acres
16 located at 3375 E. Slauson in the City of Vernon, County of Los
17 Angeles, State of California, (hereinafter the "Property"); and
18 WHEREAS, Hickey Properties, owner of Property, has agreed to
19 sell the Property to the Agency on negotiated terms, which the Agency
20 has determined to be fair and reasonable; and
21 WHEREAS, Health and Safety Code 33623 requires that the
22 legislative body approve by resolution adopted by two-thirds vote the
23 payment of monies in the Redevelopment Revolving Fund to the Agency
24 upon such terms and conditions as the legislative body may prescribe;
25 and
26 WHEREAS, the loan agreement between the City and the Agency
27 hereinafter designated as Redevelopment Revolving Fund Loan No. 6)
28 appropriately establishes the terms and conditions applicable to the
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advance of monies to the Agency for the acquisition of the Property;
land
WHEREAS, on April 18, 2000, the City Council of the City
adopted Resolution No. 7527 which approved and authorized (1) the
transfer of funds to the Redevelopment Revolving Fund, (2) the payment
of monies in the Redevelopment Revolving Fund to the Agency, and (3)
the execution of Redevelopment Revolving Fund Loan No. 6 between the
City and the Agency (the "4-18-00 Agreement"); and
WHEREAS, the 4-18-00 Agreement provided, among other things,
that the property to be acquired was owned by Penny K. Meepos and
located at 5015 Pacific Boulevard in the City; and
WHEREAS, following the City Council's approval of the 4-18-00',
Agreement, the City found it necessary to seek another site and
selected to acquire property located at 3375 E. Slauson in the City
owned by Hickey Properties; and
WHEREAS, the City Council believes that it is fair and
reasonable to enter into a new Redevelopment Revolving Fund Loan No. 6,
to ` ` %� - and to otherwise provide for the
termination of the 4-18-00 Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
SECTION 1: The City Council of the City of Vernon hereby
finds and determines that the recitals contained hereinabove are true
and correct.
SECTION 2: The City Council of the City of Vernon hereby
approves and authorizes the transfer from the Light and Power Fund to
the Redevelopment Revolving Fund, up to the sum of Eight Hundred Eighty
Thousand Dollars and No Cents ($880,000.00) to be utilized by the
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Agency in the acquisition of the Property, including the cost of the
Property, relocation expenses, preliminary title report, escrow fees,
title insurance and other costs and expenses incidental to and
necessary for the acquisition of the Property.
SECTION 3: The City Council of the City of Vernon hereby
approves the Redevelopment Revolving Fund Loan No. 6, a copy of which
is attached hereto as Exhibit "A" and made a part hereof.
SECTION 4: The City Council of the City hereby authorizes
the Mayor and the City Clerk to execute said Redevelopment Revolving
Fund Loan No. 6 for, and on behalf of, the City of Vernon.
SECTION 5: The City Council of the City of Vernon hereby
rescinds Resolution No. 7527.
SECTION 6: The City Clerk of the City of Vernon shall
certify to the passage of this resolution and thereupon and thereafter
the same shall be in full force and effect.
APPROVED AND ADOPTED this 8th day of August, 2000.
ATTEST:
s/Bruce V. Malkenhorst
BRUCE V. MALKENHORST, City Clerk
s/Leonis C. Malburg
LEONIS C. MALBURG, Mayor
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
ss
I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
7593, was duly adopted by the City Council of the City of Vernon at an
adjourned regular meeting of the City Council duly held on Tuesday,
August 8. 2000, and thereafter was duly signed by the Mayor of the City
of Vernon.
(SEAL)
s/Bruce V. Malkenhorst
BRUCE V. MALKENHORST, City Clerk
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MON on I I it] N
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REDEVELOPMENT REVOLVING FUND LOAN NO. 6
BY AND BETWEEN
THE CITY OF VERNON, CALIFORNIA
AND
THE REDEVELOPMENT AGENCY OF THE CITY OF VERNON
THIS AGREEMENT is made, entered into and executed in
duplicate originals, either copy of which may be considered and used
as the original hereof for all purposes, as of this a2 day of August,
2000
BY AND BETWEEN
AND
THE REDEVELOPMENT AGENCY OF
THE CITY OF VERNON, A Public
Body,'Corporate and Politic,
duly created and established
pursuant to the Community
Redevelopment Law of the State
of California (hereinafter
referred to as "AGENCY")
THE CITY OF VERNON, a
Municipal Corporation, whose
address is 4305 Santa Fe
Avenue, Vernon, California
90058-0805 (hereinafter
referred to as "CITY")
RBLITALS
WHEREAS, on April 18, 2000, the CITY and the AGENCY entered
into a Redevelopment Revolving Fund Loan No. 6 in connection with
property that was going to be acquired; and
WHEREAS, CITY and AGENCY mutually agree that this
Redevelopment Revolving Fund Loan No. 6 shall supersede the
Redevelopment Revolving Fund Loan No. 6 by CITY and AGENCY on April
18, 2000, said prior agreement being hereby terminated; and
WHEREAS, the AGENCY has determined that the acquisition of
that certain building and real property consisting of approximately
77,537 square feet/1.780 acres located at 3375 E. Slauson in the City
I of Vernon, County of Los Angeles, State of California (hereinafter
'2 "Property") is necessary and desirable for the elimination of blight
3 or for redevelopment purposes, including the provision of fiber optic
4 service for those businesses in the CITY requiring such service; and
5 WHEREAS, at this time, the necessary acquisition funds are
6 not otherwise available to the AGENCY for the purpose of acquiring the
7 Property; and
8 WHEREAS, the CITY has established the Redevelopment Revolving
9 Fund pursuant to the provisions of Health and Safety Code Section
10 33620, et sea.; and
11 WHEREAS, the CITY deems it advisable to loan to the AGENCY
12 city funds necessary to acquire the Property subject to the terms and
13 conditions contained in this Agreement; and
14 WHEREAS, such funds as may be loaned to the AGENCY through
15 the Redevelopment Revolving Fund, as approved from time to time by the
16 City Council, shall be repaid to the CITY if and when tax increment
17 revenues shall be available to the AGENCY.
18 NOW, THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
19 SECTION 1: The foregoing recitals are true and correct and
20 constitute valid consideration for this Agreement.
21 SECTION 2: The CITY agrees to deposit up to the sum of Eight
22 Hundred Eighty Thousand Dollars and No Cents ($880,000.00) into the
23 Redevelopment Revolving Fund and agrees that the AGENCY may withdraw
24 said funds and utilize same in the acquisition of the Property,
25 subject to the terms of this Agreement.
26 SECTION 3: All sums as may be withdrawn by the AGENCY from
27 the Redevelopment Revolving Fund for the purpose of acquiring the
28 Property shall bear interest at a rate per annum equal to five percent
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1 (5%). Such interest payable on the sums so advanced shall accrue and
2 be added to the principal amount of the loan, and all such amounts
3 shall bear interest at said rate and shall compound annually until
4 repaid by the AGENCY to the CITY. All payments of tax increment
5 revenues pursuant to Health and Safety Code Section 33670, in whole or
6 in part, for the repayment of the obligations of the AGENCY as
7 evidenced by this Agreement shall first be applied to the accrued and
8 unpaid interest on the loan, and any additional amounts of tax
9 increment revenues thereafter remaining shall be applied to the
10 outstanding principal balance thereof.
11 SECTION 4: The loan from the CITY to the AGENCY as hereby
12 approved may be repaid from time to time, in whole or in part, at the
13 option of the AGENCY, solely from the tax increment revenues, if any,
14 if and when tax increment revenues shall be available and paid to the
15 AGENCY for such purpose pursuant to Health and Safety Code Section
16 33670(b).
17 SECTION 5: The AGENCY and the CITY hereby agree that any
18 repayment obligation of the AGENCY with respect to the loan as may
19 hereafter be funded by the CITY from time to time shall at all times
20 be subordinated to any and all other outstanding, or as hereafter may
21 be outstanding, bonds, notes or other forms of indebtedness payable in
22 whole or in part from the tax increment revenues of the AGENCY and
23 shall not constitute a prior lien as to either the tax increment
24 revenues received by the AGENCY or any other legally available funds
25 of the AGENCY.
26 SECTION 6: The CITY and the AGENCY hereby acknowledge and
27 agree that the amounts which may hereafter be advanced by the CITY to
28 the AGENCY as necessary to acquire the Property pursuant to this
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I Agreement shall be considered as an indebtedness of the AGENCY as the
2 same is intended for purposes of the filing of a Statement of
3 Indebtedness with the'County of Los Angeles pursuant to Health and
4 Safety Code Section 33675. The repayment obligation of the AGENCY
5 hereunder shall be made from the legally available tax increment
6 revenues of the AGENCY and any other funds of the AGENCY, if any, and
7 at the option of the AGENCY, legally available therefor.
8 SECTION 7: The sums advanced pursuant to this Agreement
9 shall be utilized by the AGENCY solely for the -acquisition of the
10 Property and necessary expenses and costs incidental thereto.
11 SECTION 8: The CITY and the AGENCY hereby agree to execute
12 any and all ancillary documents as may reasonably be requested by any
13 bondholder or other purchaser of bonds, notes or other forms of
14 indebtedness of the AGENCY for which the tax increment revenues of the
15 AGENCY have been or as may be hereafter be pledged therefor.
16 SECTION 9: This Agreement shall take effect from and after
17 the date of adoption and approval by the CITY and the AGENCY pursuant
18 to official action of the governing bodies thereof and shall be
19 effective for a duration not to exceed the time as necessary to repay
20 fully the CITY the principal amount of the advances from the
21 Redevelopment Revolving Fund for the acquisition of the Property,
22 together with interest thereon as evidenced by this Agreement but in
23 no event shall such repayment obligation extend for a duration of time
24 in.excess of that provided in any applicable redevelopment plan, as
25 now constituted or as the same may hereafter be amended.
26 SECTION 10: This Agreement is the entire agreement of the
27 parties. The AGENCY represents that in entering into this Agreement,
28 it has not relied on any previous representations or understandings of
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any kind or nature..
SECTION 11: The AGENCY and the CITY mutually agree that this
Agreement shall supersede the Redevelopment Revolving Fund Loan No. 6
between the parties dated April 18, 2000, and said prior Agreement is
hereby terminated.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement or caused this Agreement to be executed by their respective
officers, duly authorized, as of this date, month and year first above
written.
ATTEST:
BY:
BRUCE V. MALKENHORST, City Clerk
APPROVED AS TO FORM:
BY:
EDUARDO OLIVO, City Attorney
APPROVED AS TO FORM:
BY:
EDUARDO OLIVO, Legal'Counsel
CITY OF VERNON
BY:
LEONIS C. MALBURG, Mayor
REDEVELOPMENT AGENCY OF THE
CITY OF VERNON
BY:
LEONIS C. MALBURG, Chairman
BY:
BRUCE V. MALKENHORST
Secretary
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RESOLUTION NO. RA-169
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF VERNON
APPROVING AND AUTHORIZING THE EXECUTION OF
REDEVELOPMENT FUND LOAN NO. 6
WHEREAS, the Redevelopment Agency of the City of Vernon
("Agency") is engaged in activities necessary or appropriate to carry
out the California Community Redevelopment Law (Health & Safety Code
Sections 33000, et seq.) within the City of Vernon; and
WHEREAS, the Agency has determined that a building on real
property consisting of approximately 53,000 square feet located at 5015
Pacific Boulevard, in the City of Vernon, County of Los Angeles, State
of California (hereinafter "Property"), is desirable and necessary for
the elimination of blight and for redevelopment.purposes, including the
provision of fiber optic services to businesses in the City which
require such service; and
WHEREAS, Penny K. Meepos, the owner of the Property has
agreed to sell the Property to the Agency on negotiated terms, which
the Agency has determined to be fair and reasonable; and
WHEREAS, the City of Vernon has agreed to loan the necessary
funds to the Agency for the acquisition of the Property by payment of
said required funds into the Redevelopment Revolving Fund; and
WHEREAS, the City and the Agency are desirous of entering
into Redevelopment Revolving Fund Loan No. 6 in order to enable the
Agency to acquire the Property.
A,
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF VERNON AS FOLLOWS:
SECTION 1: The Agency hereby finds and determines that the
recitals contained hereinabove are true and correct.
SECTION 2: The Agency hereby approves Redevelopment
Revolving Fund Loan No. 6, a copy of which has been presented to the
Agency concurrently with this resolution, and the Agency hereby
orders said Agreement to be received and filed by the Agency's
Secretary.
SECTION 3: The Agency hereby authorizes the Chairman and
the Secretary to execute the Redevelopment Revolving Fund Loan No. 6
for, and on behalf of, the Agency.
SECTION 4: The Secretary of the Agency shall certify to
the passage of this resolution, and thereupon and thereafter the same
shall be in full force and effect.
APPROVED AND ADOPTED this 18th day of April, 2000.
LEONIS C. MAL URG, Ch irman
ATTEST:
BRUCE V. MALKENHORST, Secretary
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, Secretary of the Redevelopment Agency
of the City of Vernon, do hereby certify that the foregoing Resolution,
being Resolution No. RA-169, was duly adopted by the Board of Directors
of the Redevelopment Agency of the City of Vernon (hereinafter
"Agency") at a regular meeting of the Agency duly held on Tuesday,
April 18. 2000, and thereafter was duly signed by the Chairman of the
Agency of the City of Vernon.
(SEAL)
2-z-
BRUCE V. MALKENHORST, Secretary
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I REDEVELOPMENT REVOLVING FUND LOAN NO. 6
BY AND BETWEEN
2 THE CITY OF VERNON, CALIFORNIA
AND
3 THE REDEVELOPMENT AGENCY OF THE CITY OF VERNON
4
THIS AGREEMENT is made, entered into and executed in
5
6 duplicate originals, either copy of which may be considered and used
7 as the original hereof for all purposes, as of this 81h day of August,
8 2000
9 BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF VERNON, A Public
10 Body, Corporate and Politic,
duly created and established
11 pursuant to the Community
Redevelopment Law of the State
12 of California (hereinafter
referred to as "AGENCY")
13
AND THE CITY OF VERNON, a
14 Municipal Corporation, whose
address is 4305 Santa Fe
15 Avenue, Vernon, California
90058-0805 (hereinafter
16 referred to as "CITY")
17
RECITALS
18
19 WHEREAS, on April 18, 2000, the CITY and the AGENCY entered
20 into a Redevelopment Revolving Fund Loan No. 6 in connection with
21 property that was going to be acquired; and
22 WHEREAS, CITY and AGENCY mutually agree that this
23 Redevelopment Revolving Fund Loan No. 6 shall supersede the
24 Redevelopment Revolving Fund Loan No. 6 by CITY and AGENCY on April
25 18, 2000, said prior agreement being hereby terminated; and
26 WHEREAS, the AGENCY has determined that the acquisition of
27 that certain building and real property consisting of approximately
2877,537 square feet/1.780 acres located at 3375 E. Slauson in the City
I of Vernon, County of Los Angeles, State of California (hereinafter
'2 "Property") is necessary and desirable for the elimination of blight
3 or for redevelopment purposes, including the provision of fiber optic
4 service for those businesses in the CITY requiring such service; and
5 WHEREAS, at this time, the necessary acquisition funds are
6 not otherwise available to the AGENCY for the purpose of acquiring the
7 Property; and
8 WHEREAS, the CITY has established the Redevelopment Revolving
9 Fund pursuant to the provisions of Health and Safety Code Section
10 33620, et sea.; and
11 WHEREAS, the CITY deems it advisable to loan to the AGENCY
12 city funds necessary to acquire the Property subject to the terms and
13 conditions contained in this Agreement; and
14 WHEREAS, such funds as may be loaned to the AGENCY through
15 the Redevelopment Revolving Fund, as approved from time to time by the
16 City Council, shall be repaid to the CITY if and when tax increment
17 revenues shall be available to the AGENCY.
18 NOW, THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
19 SECTION 1: The foregoing recitals are true and correct and
20 constitute valid consideration for this Agreement.
21 SECTION 2: The CITY agrees to deposit up to the sum of Eight
22 Hundred Eighty Thousand Dollars and No Cents ($880,000.00) into the
23 Redevelopment Revolving Fund and agrees.that the AGENCY may withdraw
24 said funds and utilize same in the acquisition of the Property,
25 subject to the terms of this Agreement.
26 SECTION 3: All sums as may be withdrawn by the AGENCY from
27 the Redevelopment Revolving Fund for the purpose of acquiring the
28 Property shall bear interest at a rate per annum equal to five percent
-2-
1 (5%). Such interest payable on the sums so advanced shall accrue and
2 be added to the principal amount of the loan, and all such amounts
3 shall bear interest at said rate and shall compound annually until
4 repaid by the AGENCY to the CITY. All payments of tax increment
5 revenues pursuant to Health and Safety Code Section 33670, in whole or
6 in part, for the repayment of the obligations of the AGENCY as
7 evidenced by this Agreement shall first be applied to the accrued and
8 unpaid interest on the loan, and any additional amounts of tax
9 increment revenues thereafter remaining shall be applied to the
10 outstanding principal balance thereof.
11 SECTION 4: The loan from the CITY to the AGENCY as hereby
12 approved may be repaid from time to time, in whole or in part, at the
13 option of the AGENCY, solely from the tax increment revenues, if any,
14 if and when tax increment revenues shall be available and paid to the
15 AGENCY for such purpose pursuant to Health and Safety Code Section
16 33670 (b) .
17 SECTION 5: The AGENCY and the CITY hereby agree that any
18 repayment obligation of the AGENCY with respect to the loan as may
19 hereafter be funded by the CITY from time to time shall at all times
20 be subordinated to any and all other outstanding, or as hereafter may
21 be outstanding, bonds, notes or other forms of indebtedness payable in
22 whole or in part from the tax increment revenues of.the AGENCY and
23 shall not constitute a prior lien as to either the tax increment
24 revenues received by the AGENCY or any other legally available funds
25 of the AGENCY.
26 SECTION 6: The CITY and the AGENCY hereby acknowledge and
27 agree that the amounts which may hereafter be advanced by the CITY to
28 the AGENCY as necessary to acquire the Property pursuant to this
-3-
I Agreement shall be considered as an indebtedness of the AGENCY as the
2 same is intended for purposes of the filing of a Statement of
3 Indebtedness with the County of Los Angeles pursuant to Health and
4 Safety Code Section 33675. The repayment obligation of the AGENCY
5 hereunder shall be made from the legally available tax increment
6 revenues of the AGENCY and any other funds of the AGENCY, if any, and
7 at the option of the AGENCY, legally available therefor.
8 SECTION 7: The sums advanced pursuant to this Agreement
9 shall be utilized by the AGENCY solely for the acquisition of the
10 property and necessary expenses and costs incidental thereto.
11 SECTION 8: The CITY and the AGENCY hereby agree to execute,
12 any and all ancillary documents as may reasonably be requested by any
13 bondholder or other purchaser of bonds, notes or other forms of
14 indebtedness of the AGENCY for which the tax increment revenues of the
15 AGENCY have been or as may be hereafter be pledged therefor.
16 SECTION 9: This Agreement shall take effect from and after
17 the date of adoption and approval by the CITY and the AGENCY pursuant
18 to official action of the governing bodies thereof and shall be
19 effective for a duration not to exceed the time as necessary to repay
20 fully the CITY the principal amount of the advances from the
21 Redevelopment Revolving Fund for the acquisition of the Property,
22 together with interest thereon as evidenced by this Agreement but in
23 no event shall such repayment obligation extend for a duration of time
24 in excess of that provided in any applicable redevelopment plan, as
25 now constituted or as the same may hereafter be amended.
26 SECTION 10: This Agreement is the entire agreement of the
27 parties. The AGENCY represents that in entering into this Agreement,
28 it has not relied on any previous representations or understandings of
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I any kind or nature. \
2 SECTION 11: The AGENCY and the CITY mutually agree that this
3 Agreement shall supersede the Redevelopment Revolving Fund Loan No. 6
4 between the parties dated April 18, 2000, and said prior Agreement is
5 hereby terminated.
6 IN WITNESS WHEREOF, the parties hereto have executed this
7 Agreement or caused this Agreement to be executed by their respective
8 officers, duly authorized, as of this date, month and year first above
9 written.
10 CITY OF VERNON
11 By: .
12 EONIS C. MAL`URG, yor
13 ATTEST:
14 BY. !'
15 BRUCE V. MALKENHORST, City Clerk
16
APPROVED AS TO FORM:
17
18 BY:�
19 EDUARDO OLIVO, City Attorney
20 REDEVELOPMENT AGENCY OF THE
CITY OF VERNON
21
BY:�'
22 LE NIA C. MALBUR C, it an
23 BY:
24 BRUCE V. MALKENHORST
Secretary
25
26 APPROVED AS TO FORM:
27 BY
28 EDUARDO OLIVO, Legal Counsel
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1 REDEVELOPMENT REVOLVING FUND LOAN NO. 6
BY AND BETWEEN
2 THE CITY OF VERNON, CALIFORNIA
AND
3 THE REDEVELOPMENT AGENCY OF THE CITY OF VERNON
4
THIS AGREEMENT is made, entered into and executed in
5
6 duplicate originals, either copy of which may be considered and used
7 as the original hereof for all purposes, as of this 18th day of April,
8 2000
9 BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF VERNON, A Public
10 Body, Corporate and Politic,
duly created and established
11 pursuant to the Community
Redevelopment Law of the State
12 of California (hereinafter
referred to as "AGENCY")
13
AND THE CITY OF VERNON, a
14 Municipal Corporation, whose
address is 4305 Santa Fe
15 Avenue, Vernon, California
90058-0805 (hereinafter
16 referred to as "CITY")
17
RECITALS
18
19 WHEREAS, the AGENCY has determined that the acquisition of
20 that certain building and real property consisting of approximately
21 53,000 square feet located at 5015 Pacific Boulevard in the City of
22 Vernon, County of Los Angeles, State of California (hereinafter
23 "Property") is necessary and desirable for the elimination of blight
24 or for redevelopment purposes, including the provision of fiber optic
25 service for those businesses in the CITY requiring such service; and
26 WHEREAS, at this time, the necessary acquisition funds are
27 not otherwise available to the AGENCY for the purpose of acquiring the
28 Property; and
I WHEREAS, the CITY has established the Redevelopment Revolving
2 Fund pursuant to the provisions of Health and Safety Code Section
3 33620, et sea.; and
4 WHEREAS, the CITY deems it advisable to loan to the AGENCY
5 city funds necessary to acquire the Property subject to the terms and
6 conditions contained in this Agreement; and
7 WHEREAS, such funds as may be loaned to the AGENCY through
8 the Redevelopment Revolving Fund, as approved from time to time by the
9 City Council, shall be repaid to the CITY if and when tax increment
10 revenues shall be available to the AGENCY.
11 NOW, THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
12 SECTION 1: The foregoing recitals are true and correct and
13 constitute valid consideration for this Agreement.
14 SECTION 1: The CITY agrees to deposit up to the sum of Eight
15 Hundred Thirty Thousand Dollars and No Cents ($830,000.00) into the
16 Redevelopment Revolving Fund and agrees that the AGENCY may withdraw
17 said funds and utilize same in the acquisition of the Property,
18 subject to the terms of this Agreement.
19 SECTION 2: All sums as may be withdrawn by the AGENCY from
20 the Redevelopment Revolving Fund for the purpose of acquiring the
21 Property shall bear interest at a rate per annum equal to five percent
22 (5%). Such interest payable on the sums so advanced shall accrue and
23 be added to the principal amount of the loan, and all such amounts
24 shall bear interest at said rate and shall compound annually until
25 repaid by the AGENCY to the CITY. All payments of tax increment
26 revenues pursuant to Health and Safety Code Section 33670, in whole or
27 in part, for the repayment of the obligations of the AGENCY as
28 evidenced by this Agreement shall first be applied to the accrued and
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I unpaid interest on the loan, and any additional amounts of tax
2 increment revenues thereafter remaining shall be applied to the
3 outstanding principal balance thereof.
4 SECTION 3: The loan from the CITY to the AGENCY as hereby
5 approved may be repaid from time to time, in whole or in part, at the
6 option of the AGENCY, solely from the tax increment revenues, if any,
7 if and when tax increment revenues shall be available and paid to the
8 AGENCY for such purpose pursuant to Health and Safety Code Section
9 33670(b).
10 SECTION 4: The AGENCY and the CITY hereby agree that any
11 repayment obligation of the AGENCY with respect to the loan as may
12 hereafter be,funded by the CITY from time to time shall at all times
13 be subordinated to any and all other outstanding, or as hereafter may
14 be outstanding, bonds, notes or other forms of indebtedness payable in
15 whole or in part from the tax increment revenues of the AGENCY and
16 shall not constitute a prior lien as to either the tax increment
17 revenues received by the AGENCY or any other legally available funds
18 of the AGENCY.
19 SECTION 5: The CITY and the AGENCY hereby acknowledge and
20 agree that the amounts which may hereafter be advanced by the CITY to
21 the AGENCY as necessary to acquire the Property pursuant to this
22 Agreement shall be considered as an indebtedness of the AGENCY as the
23 same is intended for purposes of the filing of a Statement of
24 Indebtedness with the County of Los Angeles pursuant to Health and
25 Safety Code Section 33675. The repayment obligation of the AGENCY
26 hereunder shall be made from the legally available tax increment
27 revenues of the AGENCY and any other funds of the AGENCY, if any, and
28 at the option of the AGENCY, legally available therefor.
BIB
SECTION 6: The sums advanced pursuant to this Agreement
shall be utilized by the AGENCY solely for the acquisition of the
Property and necessary expenses and costs incidental thereto.
SECTION 7: The CITY and the AGENCY hereby agree to execute
any and all ancillary documents as may reasonably be requested by any
bondholder or other purchaser of bonds, notes or other forms of
indebtedness of the AGENCY for which the tax increment revenues of the
AGENCY have been or as may be hereafter be pledged therefor.
SECTION 8: This Agreement shall take effect from and after
the date of adoption and approval by the CITY and the AGENCY pursuant
to official action of the governing bodies thereof and shall be
effective for a duration not to exceed the time as necessary to repay
fully the CITY the principal amount of the advances from the
Redevelopment Revolving Fund for the acquisition of the Property,
together with interest thereon as evidenced by this Agreement but in
no event shall such repayment obligation extend for a duration of time
in excess of that provided.in any applicable redevelopment plan, as
now constituted or as the same may hereafter be amended.
M
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement or caused this Agreement to be executed by their respective
officers, duly authorized, as of this date, month and year first above
written.
ATTEST:
BY: /�✓�`
BRUCE V. MALKENHORST, City Clerk
APPROVED AS TO FORM:
B
BY: I
EDUARDO OLIVO, City Attorney
APPROVED AS TO FORM:
BY:
EDUARDO OLIVO, Legal Counsel
CITY OF VERNON
v EONIS C. MALB G, Ma or
REDEVELOPMENT AGENCY OF THE
CITY OF VERNON
L 9ONI S C . MALB RG . Clxa rman
BY:
BRUCE V. MALKENHORST
Secretary
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