R-376
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RESOLUTION NO. 376(RAS)
(Redevelopment Agency)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SANTA MONICA APPROVING EXECUTION OF A PROMISSORY
NOTE WITH THE CITY OF SANTA MONICA TO EFFECT CLOSE
OUT OF THE FEDERAL OCEAN PARK URBAN RENEWAL PROJECT.
WHEREAS, the Redevelopment Agency of the City of
Santa Monica has determined that ~t is ~n the public ~nterest to
close out the Ocean Park Federal Urban Renewal ProJect Cal~f.
R-37/44~ and
WHEREAS, to effect close out of the Ocean Park
Federal Urban Renewal ProJect Claif. R-37/44, the Agency must
retire rema~ning outstand1ng proJect notes with the Un1ted States
Department of Housing and Urban Development 1n the amount of One
Mlll10n F1ve Hundred Twenty-Seven Thousand Three Hundred
Thlrty-F1ve Dollars ($1,527,335): and
WHEREAS, the Agency expects to rece1ve at some t1me
1n the future Two Million, One Hundred Th1rty-Nine Thousand,
Three Hundred and Twenty Dollars ($2,139,320) ~n proceeds from
the sale of Ocean Park Redevelopment ProJect property to the
Pacific Dom1n1on Property Company: and
WHEREAS, to ret1re the remaining Federal proJect
notes pendlng receipt of the land sale proceeds, it is necessary
that the Agency borrow funds from the City of Santa Mon1ca.
NOW, BE IT HEREBY RESOLVED THAT:
SECTION 1. The Redevelopment Agency of the C1ty of
Santa Monlca acknowledges receipt of a loan from the City of
Santa Mon1ca 1n the amount of Seven Hundred Seventy-Two Thousand,
F1ve Hundred Sixty-Elght Dollars and Elght Cents ($772,568.08).
City the
September
execute a
loan.
SECTION 2. The Agency hereby pledges to repay the
amount of the loan upon demand of the City or by
12, 1984 and author1zes the Chairman of the Agency to
Promissory Note w1th the C1ty 10 the amount of the
SECTION 3. The Agency agrees that 1nterest on the
Proffi1ssory Note wl1l accrue at the rate of twelve percent (12%)
per annum on all unpa1d prlnclpal from September 13, 1983.
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SECTION 4. The Secretary of the Redevelopment Agency
shall certlfy to the adoption of thlS resolution, and thenceforth
and thereafter the same shall be in full force and effect.
ADOPTED AND APPROVED this
ATTEST:
By:
~ t?7bJli~LtL
Agency Secretary
Approved as to form:
13th
day of September
, 1983.
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CHAIRMAN OF TH~REDEVELOPMENT AGENCY
By: ~'-.~
ROBERT M. MYERS Q
Agency Attorney
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ADOPTED AND APPROVED THIS
13th
DAY
OF September
, 1983.
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BY '~'-d.c~';;
CHAI RPEttSON - -
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION
NO. 37 6 eRAS)
WAS DULY ADOPTED BY THE REDEVELOPMEHT
AGENCY OF THE CITY OF SANTA MO~ICA AT A MEETING
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THEREOF HELD ON September 13
AGENCY VOTE:
, 1983 BY THE FOllOWING
AYES:
AGENCY t1EMBERS: Conn, Epsteln, Jennings, Press, Zane
and Navar Ed~ards
rlOES:
AGENCY MEMBERS: Reed
ABSENT:
AGENCY MEMBERS: None
ABSTAIN:
AGENCY MEMBERS: ~one
ATTEST:
BY
{ZVn 77~
AHN M. SHORE - SECRETARY
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