HomeMy WebLinkAbout2003-12-02; City Council; Resolution 2003-3131
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CITY COUNCIL RESOLUTION NO. 2003 - 313
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING A REPAYMENT
SCHEDULE AGREEMENT BETWEEN THE CARLSBAD HOUSING
AND REDEVELOPMENT COMMISSION AND THE CITY OF
CARLSBAD FOR DEBT OF THE VILLAGE REDEVELOPMENT
PROJECT AREA
WHEREAS, the Housing and Redevelopment Commission and the City entered into a
Cooperation Agreement dated February 8, 1980, and updated August 20, 2001, pursuant to which the City
agreed to incur certain costs and the Commission agreed to reimburse the City for such costs, including
costs incurred by the City both before and after the date of said agreement; and
WHEREAS, the City has previously made loans and advances to and for the benefit of the
Housing and Redevelopment Commission to pay capital and operating expenses of the Commission,
which, as of June 30, 2003, including principal and interest total $12,821,574 for redevelopment activities
with the Village Redevelopment Project Area; and
WHEREAS, the Housing and Redevelopment Commission and the City mutually desire to
implement the Cooperation Agreement and subsequent Resolutions approving advances of funding by
retting forth a final accounting of the Commission’s Indebtedness to the City and a schedule by which the
Commission shall repay the Commission Indebtedness to the City in satisfaction of the Cooperation
4greement.
IS follows:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad
1. That the above recitations are true and correct.
2. Pursuant to the Cooperation Agreement and the subsequent Resolutions approving
advances of funding, the Commission is obligated to reimburse the City the full
principal and all accrued interest on the Commission’s Indebtedness, which the
parties estimate to be the sum of $12,821,574 as of June 30,2003 for redevelopment
activities within the Village Redevelopment Project Area.
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3. The Commission shall repay to the City the full amount of the Commission
Indebtedness Amount, with interest equal to the annual average rate of return earned
on the City's investment portfolio as determined by the City Treasurer, compounded
annually, until paid, generally in accordance with the Repayment Schedule attached
to this Agreement as Exhibit "A", with variations permitted to reflect the actual
amount of funds legally available to the Commission for said project area. The parties
hereto acknowledge that the Commission Indebtedness Amount consists of the sum of
the following: (a) $12,821,574, which the parties estimate to be the principal and
accrued interest as of June 30,2003 on costs incurred by the City pursuant to the
Cooperation Agreement and subsequent Reimbursement Agreement andor
Resolutions; plus (b) $14,479,325, which is the estimate ofthe principal and interest
on costs to he incurred by the City pursuant to the Cooperation Agreement and
subsequent Reimbursement Agreement and/or Resolutions after December 3 1,2003.
4. Except as expressly amended hereby, the Cooperation Agreement and the subsequent
Resolutions approving advances of funding shall remain in full force and effect.
5. The Mayor is hereby authorized to execute said Repayment Schedule Agreement in
substantially the form approved by the City Council , subject to the review and
approval of the City Attorney.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City
,f Carlsbad, California, on the 2nd day of December, 2003, by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Kulchin, Hall and Packard
4TTEST:
/I &*LA h2fz-5
M. WOOD, City Clerk
/
ZC ResolutionNo. 2003-313
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