R-4868
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RESOLUT ION NO. 4868 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA AUTHORIZING A LOAN IN THE AMOUNT OF $800,000 TO
THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
WHEREAS, it is necessary and in the public interest that the
Redevelopment Agency of the City of Santa Monica avail itself of the financial
assistance provided by Title I of the Housing Act of 1949, as amended, to
carry out the redevelopment project described as Ocean Park Project l(a)
and l(b)--Calif. R-37/44, and bounded generally by Ocean Park Boulevard
on the north, the City limits on the south, Neilson Way on the east and
Barnard Way on the west, hereinafter referred to as the "Project;" and
WHEREAS, it is recognized that the federal contract for such
financial assistance pursuant to said Title I will impose certain obliga-
tions and responsibilities upon the Local Public Agency and will require
among other things the provision of local grants-in-aid; and
WHEREAS, an application on behalf of the Redevelopment Agency
of the City of Santa Monica for an increase in the project capital grant
in the amount of $800,000 for undertaking and financing the Project has
been submitted to the Department of Housing and Urban Development; and
WHEREAS, the United States of America and the Secretary of the
Department of Housing and Urban Development has been assured of full com-
pliance by the Redevelopment Agency of the City of Santa Monica with
regulations of the Department of Housing and Urban Development effectuating
Title VI of the Civil Rights Act of 1964, and of the provision of matching
local grants-in-aid in the amount of $800,000; and
WHEREAS, funds are available in the total reserves of the City
of Santa Monica in the amount of $800,000 for the required loan period of
eighteen months;
NOW, THEREFORE, BE IT RESOLVED by the Members of the City Council
that a loan in the amount of $800,000 at 6~%
for eighteen months be
authorized to the Redevelopment Agency of the City of Santa Monica, and
that said monies shall be made available to the Redevelopment Agency of the
City of Santa Monica on or before June 20, 1977.
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Res.No.4868 (CCS)
ADOPTED and APPROVED th i s 10th day of
May
, 1977.
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Mayor
ATTEST:
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hereby certify that the foregoing resolution was duly adopted
by the City Council of the City of Santa t10nica at a regular meeting thereof,
he I d on the 10th day of
May
, 1977, by the following vote of
the Counc i I :
AYES:
Councilmember: BambriCk, Cohen, Reed, Scott
van den Steenhoven, Swink
NOES:
Councilmember: None
ABSENT:
Councilmember: Trives
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/? C ty Clerk
APPROVED AS TO FORM:
City Attorney
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