SR-413-002 (8)
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;<.edevelopment
Al>.
no
~larch 22 J 1983
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,Santa ~IQn1Ca, Cal1forn:..a
MAR 6 L. 1903
TO: Rede_elopment Agency
FROH: Agency Staff
SUBJECT: A~proval of Promissory ~ote 1n Conformance wlth
Resolution No. 352
Introduction
ThlS report requests the Agency Board'to approve a Promissory Note
between the Agency and City formallzing the Agency lndebtedness of
$4,400,000, recognlzed in Agency Resolution No. 352 for land
transferred to the Agency from the City.
BackFoun?:
To facll1tate the assemblage of land for the Santa Mon1ca Place
ProJect. the C~ty transferred title to s~x parcels of property to
the Agency. Agency Resolution No. 352, adopted October 24, 1978,
establlshed a value of $4.4 mll110n dollars for the property. An
interest rate equal to the rate paid to Redevelopment Agency Leasel
Revenue Bondholders was specified in the resolution. A promissory
note has not been prepared previously formalizing the debt. Therefore,
the Agency needs to approve the attached promissory note. Such actlon
wll1 not require any change in the audited financlal statement of the
Agency.
Reconnnendation
It 1S recommended that the Agency 30ard approve the attached promissory
note, formalizlng the actions taken ~n Agency Resolutlon No. 352.
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Prepared by: C. Robert Green, Dlrector of Flnance
Attachment: Prom1ssory Note
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PRO HIS S 0 R Y
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NOT E
Downto~ Redevelopment
ProJect
Santa Hanies, Californ~a
January 31, 1983
On December 31, 1983. for value received, the unders~gned prom~ses to pay to
the orGer of the C~ty of Santa Monica. a rnun~cipal corporat~on, at Santa Mon~ca.
Callfornla, the sum of Four Million. Four Bundred Thousand Dollars ($4.400.000),
~~th lnterest accrued from January I, 1983 at seven and three-fourths percent
(7 3/4%) per annum. Princlpal and lnterest are payable 1n layful money of
the Unlted States. If action be lnst~tuted on thlS note, the underslgned
?~OmlSes to pay all costs of collection, lncluding reasonable attorney's fees.
ATTEST:
The Redevelopment Agency of
the C~ty of Santa Monlca
BY:
~.L
BY:
C. Robert Green
Treasurer
Ruth Yannatta Gold~ay
Chairperson
APPROv~D AS TO FORM:
3Y:
n...v~ """'. ~ 0
Robert ~~. Myers
Agency Attorney
P.~-~t :!i4