HomeMy WebLinkAbout1985-06-18; City Council; Resolution 80701
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RESOLUTION NO. 8070
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING THE
PURCHASE OF PROPERTY LOCATED AT 2940 ROOSEVELT
STREET, AND THE LOAN OF FUNDS TOTHE CARLSBAD
REDEVELOPMENT AGENCY.
WHEREAS, the City Council has determined that it is in the
best interest of 'the City of Carlsbad, California, to purchase the
property located at2940 Roosevelt Street for the purpose of
constructing a downtown parking lot; and
WHEREAS, this purchase is to be conducted by the Carlsbad
Redevelopment Agency; and
WHEREAS, the allocation of funds to this project requires the
loan of funds to the Carlsbad Redevelopment Agency in the amount of
Six Hundred Thousand Dollars ($600,000); and
WHEREAS, said funds can be made available to the Carlsbad
Redevelopment Agency through a loan to the Agency from the City's
General Capital Construction Fund; and
WHEREAS, said loan is to accrueipterestat a rate of ten
percent (10%) per year simple interest until fully repaid to the
City's General Capital Construction Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. Staff is directed to proceed with the purchase of said
property.
2. The loan of $600,000 is hereby authorized from the City's
General Capital Construction Fund to the Carlsbad Redevelopment
Agency for the purpose of acquiring said property and constructing
a parking lot.
3. The Carlsbad Redevelopment Agency is hereby directed to
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?pay $220,000 of existing debt to the City of Carlsbad General
ipital Construction Fund related to prior projects.
PASSSED, APPROVED AND ADOPTED by the City Council of the City
day f Carlsbad,California, at a regular meeting held on the
f June , 1985, by the following vote,- to wit:
18th
AYES :
NOES : None
ABSENT : None
Council Members Casler, Lewis, Kulchin, Chick and pettine
rTTEST:
iLETHA L. RAUTENKRANZ , City perk
(SEAL)
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