R-7339
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CITY COUNCIL OF THE CITY OF SANTA MONICA
RESOLUTION NO. 7339(CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA RATIFYING AND REAFFIRMING A
REIMBURSEMENT AGREEMENT WITH THE SANTA MONICA
REDEVELOPMENT AGENCY, CITY OF SANTA MONICA,
CALIFORNIA WITH RESPECT TO A PARKING FACILITY
LEASED TO THE CITY IN THE SANTA MONICA DOWNTOWN
REDEVELOPMENT PROJECT, AND AUTHORIZING EXECUTION
OF A DUPLICATE REIMBURSEMENT AGREEMENT
WHEREAS, the Santa Monica Redevelopment Agency, ci ty 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 of approximately 1360 spaces (the "Garage")
therein, and leased the parking facility to the City of Santa
Monica (the "Cityll) pursuant to a certain Lease Agreement between
the ci ty and the Agency, a copy of which Lease Agreement is on
file in the office of the City Clerk; and
WHEREAS, the Agency and the City entered into a
Reimbursement Agreement which provided for the reimbursement of
all or a part of the City's annual rental payments made to the
Agency to lease the parking facility; and
WHEREAS, the original Reimbursement Agreement has been lost
or misplaced, and the City desires its replacement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby ratifies and reaffirms
the original Reimbursement Agreement, and the terms and
conditions thereof, and hereby authorizes the Mayor of the city
of Santa Monica to execute a duplicate Reimbursement Agreement on
behalf of the City.
SECTION 2. The
authorized, on behalf
Mayor (or his designee),
of the City, to sign the
is hereby
duplicate
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EY"UT",T'i A
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Reimbursement Agreement
appropriate to carry
Agreement and to
responsibilities and
Reimbursement Agreement.
and
out and
administer
duties to
all documents
implement the
the City's
be performed
necessary and
Reimbursement
obligations,
under the
SECTION 3. The City Clerk shall certify the adoption of
this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
AGREEMENT AS TO FORM:
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ROBERT M. MYERS
city Attorney
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I hereby certify that t e foregoing Resolution No. 7339(CCS)
ember, 1986.
A ~
\ l1ayor
was duly adopted by the city
the City of Santa Monica
at a meeting thereof held on December 9, 1986 by the following
Council vote:
Ayes: Counci1members: Finkel, A. Katz, H. Katz, Zane
and Mayor Conn
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: Jennings and Reed
ATTEST:
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city Clerk
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REIMBURSEMENT AGREEMENT
CDUPLICATE)
THIS REIMBURSEMENT AGREEMENT is entered into as of December
1, 1978 by and between the SANTA MONICA REDEVELOPMENT AGENCY,
CITY OF SANTA MONICA, CALIFORNIA Cthe "Agency"), a public body
corporate and politic organized and existing under the laws of
the State of California, and the CITY OF SANTA MONICA (the
"city"), a municipal corporation duly organized and existing
under its charter and the laws of the state of California.
B;G.Q.I1.ALQ.
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 Cthe
"Site", described in Exhibit A, of a parking facility together
with related public improvements Cthe ItFacility") thereon, is
leasing the site and the Facility to the city prusuant to a Lease
Agreement between the city and the Agency: and has entered into a
Disposition and Development Agreement 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 Cthe
"Lease Agreement"), a copy of which Lease Agreement is on file in
the office of the City Clerk.
F. The City intends 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
consideration for the City entering into the Lease Agreement and
making such lease payments, the Agency by this Agreement is
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agreeing to reimburse the City for all or part of the city's
lease payments. It is contemplated that such reimbursement will
be made from tax increment funds allocated and paid to the Agency
from the Santa Monica Downtown Redevelopment Project.
NOW, THEREFORE, The city and the Agency hereby agree as follows:
1. Amount and Time of Payment
During 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 Ca) 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 payment is determined 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. ~~ailable Funds
The Agency shall reimburse the City the amount determined
pursuant to section 1 hereof, from any funds which may be legally
available to the Agency for payment of said amount, including 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 City have executed
this Agreement as of the date first set forth hereinabove.
ATTEST:
CITY OF SANTA MONICA
city Clerk
By:
JOHN JALILI,
city Manager
APPROVED AS TO FORM:
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city Attorney' - 0-
ATTEST:
SANTA MONICA REDEVELOPMENT
AGENCY, CITY OF SANTA MONICA,
CALIFORNIA
Agency secretary
By:
JOHN JALILI
Executlve Dlrector
APPROVED:
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Agency Counsel '
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