HomeMy WebLinkAbout1988-08-16; Housing & Redevelopment Commission; Resolution 1157
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RESOLUTION NO. 115
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT comIssIa
THE CITY OF CARLSBAD, CALIFORNIA, MAKING FINDINGS OF BE
ACCEPTING LOAN FROM THE CITY AND APPROVING THE DEBT OF
AGENCY FOR CONSTRUCTION OF THE BLUFFTOP SIDEWALK
I WHEREAS, the Housing and Redevelopment Commission
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City of Carlsbad, California, has considered the necess
for funding the Blufftop Sidewalk; and
WHEREAS, the Commission finds that under Section 3
(1) and (2) of the California Redevelopment Law, revise
effective January 1, 1985, the construction of such Blc
Sidewalk benefits the Redevelopment Agency and is an
acceptable expense to the Agency;
NOW, THEREFORE, be it resolved by the Housing and
Redevelopment Commission of the City of Carlsbad, Calif
as follows :
1. That the above recitations are true and correct.
2. That the Housing and Redevelopment Commission her€ makes the following findings:
a. That the construction of the Blufftop Sj improvements are of benefit to the proje area, and b. That no other reasonable means of financ such improvements are available to the community.
3. That the Redevelopment Agency debt for constructic the Blufftop Sidewalk is hereby approved in the ar of $600,000.
4. That the Housing and Redevelopment Commission her6 accepts the loan of $600,000 from the City and ag~ that the Redevelopment Agency will repay this loar demand from Tax Increment.
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5. That the Housing and Redevelopment Commission here agrees to pay an annual interest rate of 8% to the
of Carlsbad on the unpaid balance of the loan.
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PASSED, APPROVED ADOPTED at a regular meeting of tl:
Housing and Redevelopment Commission of the City of Car3
California, held on the 16th day of August, 1988, by the
following vote, to wit:
AYES: Commissioners Lewis, Kulchin, Mamaux and Larson
NOES: None
ABSENT: Commissioner Pettine
ABSTAIN: None
ATTEST:
ALETHA L. RAUTENKRANZ, City &lerk
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