R-352
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RESOLUTION NO.
352
(Redevelopment Agency)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ESTABLISHING A VALUE FOR
PROPERTIES RECEIVED FROM THE CITY AND AUTHORIZING
THE REPAYMENT TO THE CITY FOR SAID PROPERTIES
WHEREAS, under the authority of City Council Ordinance No 1021,
adopted January 13, 1976, the Redevelopment Agency has proceeded to acquire the
site for the Downtown Redevelopment ProJect, and
WHEREAS, in order to assist the Redevelopment Agency in this effort,
the City Council has transferred title to several parcels of land within the
project to the Agency; and
WHEREAS, the City Council In transferring title to the Agency has
placed a certain value for those parcels
NOW BE IT HEREBY RESOLVED THAT:
SECTION 1. The Redevelopment Agency of the City of Santa Monica
acknowledges the transfer of title of Parcels 196-907, 908, 910, 911 and
197-900, 902 to the Redevelopment Agency from the City.
SECTION 2
The Agency hereby pledges to repay the City the amount
of Four Million, Four Hundred Thousand Dollars ($4,400,000) in exchange for the
transfer of title, as funds become available.
SECTION 3. The Agency agrees that interest shall accrue on all unpaid
principal at the same rate as shall be paid to the purchaser of the Agency's
Downtown Project Lease/Revenue Bonds.
SECTION 4. The Agency agrees that payments from available funds shall
be applied first to accrued and second to outstanding principal.
ADOPTED and APPROVED this 24th day of October
, 1978.
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Seym6ur l. Cohen
Chairman Pro Tempore -_
ATTEST'
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Resolution No. 352
Redevelopment Agency
I hereby certify that the foregoIng resolution was duly adopted by
the Redevelopment Agency of the City of Santa Monica at a special meeting
thereof, held on the 24th day of Octobe~ 1978.
AYES:
Bambrick, Reed, Trives, van den Steenhoven, Cohen
NOES: Scott
ABSENT Swi nk
J-L~'
John Jal ili, Secretary
AP.P. ROVED AS TO LEGAL ?kiF. ORM
AND ~CY:
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