R-413
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SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA,
CALIFORNIA
RESOLUTION NO. 4l3(RAS)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT
AGENCY, CITY OF SANTA MONICA, CALIFORNIA
RATIFYING AND REAFFIRMING A REIMBURSEMENT
AGREEMENT WITH THE CITY OF SANTA MONICA WITH
RESPECT TO A PARKING FACILITY LEASED TO THE CITY
IN THE SANTA MONICA DO~VNTOWN REDEVELOPMENT
PROJECT, AND AUTHORIZING THE EXECUTION OF A
DUPLICATE REIMBURSEMENT AGREEMENT
WHEREAS, the Santa Monica Redevelopment Agency, city of
Santa monica, California (the "Agency") is engaged in activities
necessary to carry out and implement the Redevelopment Plan for
the santa Monica Downtown Redevelopment Project; and
WHEREAS, in order to carry out and implement the
Redevelopment Plan the Agency acquired certain real property
(referred to herein as the "Site") and constructed a public
parking facility containing approximately 1360 spaces (the
"Garage") thereon, and leased the parking facility to the city of
LSanta Monica (the "City") pursuant to a certain Lease Agreement
between the city and the Agency, a copy of which Lease Agreement
is on file in the office of the secretary of the Agency; and
WHEREAS, the Agency and the City entered into a
Reimbursement Agreement which provided for the reimbursement of
all or part of the City's annual rental payments made to the
Agency to lease the parking facility, in accordance wiht the
terms and conditions contained therein; and
WHEREAS, the original Reimbursement Agreement has been lost
or misplaced, and the Agency desires its replacement.
NOW, THEREFORE, THE SANTA MONICA REDEVELOPMENT AGENCY, CITY
OF SANTA MONICA, CALIFORNIA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Agency hereby ratifies and reaffirms the
original Reimbursement Agreement, and the terms and conditions
thereof, and hereby authorizes the Chairman of the Agency to
execute a duplicate Reimbursement Agreement, on behalf of the
Agency.
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SECTION 2. The Executive Director of the Agency (or his
designee), is hereby authorized, on behalf of the Agency, to sign
the duplicate Reimbursement Agreement and all documents necessary
and appropriate to carry out and implement the Reimbursement
Agreement and to administer the city's obligations,
responsibilities and duties to be performed under the
Reimbursement Agreement.
SECTION 3. The Secretary of the Agency shall certify the
adoption of this Resolution, and thenceforth and thereafter the
same shall be in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS
Agency Attorney
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Adopted and approv
I hereby certify th t the foregoing Resolution No. 413 (RAS)
was duly adopted by the
development Agency of the City of Santa
following Agency vote:
Monica at a meeting thereof held on December 9, 1986 by the
Ayes:
Agency Members:
Noes: Agency Members:
Abstain: Agency Members:
Absent: Agency Members:
Finkel, A. Katz, H. Katz, Zane
and Chairperson Conn
None
None
Jennings and Reed
ATTEST:
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secretary
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REIMBURSEMENT AGREEMENT
(DUPLICATE)
THIS REIMBURSEMENT AGREEMENT is entered lnto as of December
_ f 1978 by and between the SANTA MONICA REDEVELOPHENT AGENCY,
CITY OF SANTA MONICA, CALIFORNIA (the "Agency") I a public body
corporate and politic organized and existing under the laws of
the State of California, and the CITY OF SANTA MONICA (the
"Cl tyfl) , a municipal corporation duly organized and existing
under its charter and the laws of the state of Callfornia.
BE.~~TA1.Q
A. The Agency is a redevelopment agency duly created,
established and authorized to transact business and exercise its
powers, all under and pursuant to the California Community
Redevelopment Law (Part 1 of Division 24 of the Health and safety
Code of the State of California).
B. A Redevelopment Plan for a redevelopment project known
and designated as the "Santa Monica Downtown Redevelopment
Project" has been adopted and approved by the city Council of the
city of Santa Monica by Ordinance No. 1021 on January 13, 1976,
and all requirements of law for, and precedent to, the adoption
and approval of said plan have been duly complied with.
C. In accordance with and to implement said Redevelopment
Plan, the Agency is acquiring a certain parcel of land {the
"Slte", described in Exhibit A, of a parking facility together
~Nlth related public improvements (the "Facility") thereon, is
leaslng the Slte and the Facility to the ci~y prusuant to a Lease
Agree~ent between the City and the Agency; and has entered into a
D~SpOSl tion and Development Agreer>ent for the development of a
shopping center. In the Disposition and Development Agreement,
the Agency agreed to acquire the site and construct the Facility.
D. The Agency intends to provide financing of such
acquisition and construction by the issuance and sale of its
parking Lease Revenue Bonds, and from other sources.
E. The Agency proposes to lease the Facility to the City
pursuant to a certain lease between the City and the Agency (the
"Lease Agreement"), a copy of which Lease Agreement is on file in
the office of the City Clerk.
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F. The city inuends to make annual lease payments to the
Agency for the Facility in sufficient amounts to pay the annual
debt service on the Agency I s lease revenue bonds. In
conslderation for the City entering into the Lease Agreement and
maklng such lease payments, the Agency by this Agreement is
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agreeing to re:mburse the City for all or part of the City I S
lease payments. It is conterrplated that such rei~bursement wlll
be rrade from tax lDcrement funds allocated and paid to the Agency
fro~ the Santa Monica Downtown Redevelopment Project.
NOW, THEREFORE, The City and the Agency hereby agree as follows:
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Amount and Time of payment
Dur ~ng the term of the Lease Agreement, the Agency shall
pay to the City each fiscal year, upon written request, an amount
equal to the difference between (a) and (b) below:
(a) the total base rental payments made by the City
to the Agency pursuant to the Lease Agreement
for the Facility for each such year;
(b) the total payments collected by the city from
any sub-lease or payment agreement concerning
the Facility, for such year.
2. Loan
If a payment is made by the Agency hereunder prior to the
end of the fiscal year to which it applies, such payment shall be
a loan to be repaid by the City to the extent and amount that
such pay~ent is deterwined after the close of such fiscal year to
be In excess of the amount actually owed by the Agency for that
year as determined pursuant to section 1 hereof.
3. Available Funds
The Agency shall reimburse the city the amou~t determined
pursuant to Section 1 hereof, from any funds which may be legally
available to the Agency for payment of said amount, lncluding but
not limited to tax increment payments and proceeds from the sale
of bonds.
4. Subordination of Indebtedness
The indebtedness of the Agency to the City created by this
Agreement is subordinate to any pledge of tax increments to the
holders of any tax increment bonds which are or may be issued by
the Agency.
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IN WITNESS WHEREOF, the Agency and the Clty have executed
this Agreement as of the date first set forth hereinabove.
ATTEST:
CITY OF SANTA MONICA
By:
JOHN JALILI,
city Manager
Clty Clerk
APPROVED AS TO FORM:
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City Attorney
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ATTEST:
SANTA MONICA REDEVELOPMENT
AGENCY, CITY OF SANTA MONICA,
CALIFORNIA
Agency Secretary
By:
.TOHN JALILI
Executlve Dlrector
APPROVED:
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Agency Counsel
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