HomeMy WebLinkAboutHousing & Redevelopment Commission; 2003-12-10;REPAYMENT SCHEDULE AGREEMENT
This REPAYMENT SCHEDULE AGREEMENT (“Agreement”) is entered into by and
between the CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION, a body
corporate and politic (“Commission”) and the CITY OF CARLSBAD, a municipal corporation
(“City”) as of &’ID ,2003. I
RECITALS
A. The Commission and the City entered into a Cooperation Agreement dated February 8,
1980, 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 the such agreement for redevelopment activities within the Village
Redevelopment Project Area; and
B. The Commission and the City updated and restated the Cooperation Agreement on
August 20, 2001 to include redevelopment activities within both the Village
Redevelopment and South Carlsbad Coastal Redevelopment Project Areas; and
C. The City has made numerous loans and advances to and for the benefit of the
Commission to pay capital and operating expenses of the Commission for redevelopment
projects and programs within the Village Redevelopment Project Area, including but not
limited to loans and advances described in the following resolutions and instruments
(collectively referred to as the “Resolutions”): Commission Resolution No. 3 dated
September 21, 1976; City Council Resolution No. 3958 dated July 6, 1976;
Redevelopment Agency Resolution No. 4 accepting the City Council’s Allocation of
Funds for Redevelopment Agency Operation Fiscal Year 1977-78; Commission
Resolution No. 15 dated September 28, 1982; City Council Resolution No. 7023 dated
September 28, 1982; Commission Resolution No. 031 dated August 16, 1983;
Commission Resolution No. 55 dated August 20, 1985; Commission Resolution No. 52
dated July 30, 1985; Commission Resolution No. 091 dated October 20, 1987; City
Council Resolution No. 7897 dated February 5, 1985; City Council Resolution No. 8183
dated September 17, 1985; City Council Resolution No. 88-278 dated August 9, 1988;
Agreement between the City and the Carlsbad Redevelopment Agency for a Loan of
Funds for Property Acquisition dated September 29, 1999; Commission Resolution No.
041 dated August 21, 1984; Commission Resolution NO. 058 dated September 17, 1985;
Commission Resolution No. 48 dated June 18, 1985; City Council Resolution No. 8070
dated June 18, 1985; Commission Resolution No. 063 dated February 18, 1986; City
Council Resolution No. 8329 dated January 7, 1986; Commission Resolution No. 102
dated April 5, 1988; City Council Resolution No. 88-115 dated April 5, 1988;
Commission Resolution No. 115 dated August 16, 1988; and City Council Resolution
No. 88-224 dated July 5, 1988.
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D. The loans and advances made by the City to or for the benefit of the Village
Redevelopment Project Area through the Commission pursuant to the Cooperation
Agreements and subsequent Resolutions shall be referred to collectively as the
“Commission Indebtedness”.
E. The Commission and the City mutually desire to implement the Cooperation Agreement
and the subsequent Resolutions (collectively . referred to as the “City-Commission
Agreements”) by setting forth (1) a final accounting of the Commission Indebtedness to
the City pursuant to the City-Commission Agreements for the Village Redevelopment
Project Area; and (2) a payment schedule by which the Commission shall repay the
Commission Indebtedness to the City in satisfaction of the City-Commission Agreements
for the Village Redevelopment Project Area.
Now, therefore, it is agreed by and between the parties to this Agreement as follows:
1. Pursuant to the Cooperation Agreement and the subsequent Resolutions, the Commission
is obligated to reimburse the City the fill principal and all accrued interest on the existing
Commission Indebtedness, which the parties estimate to be the sum of $12,821,574 as of
June 30, 2003 (the “Commission Indebtedness Amount”) for redevelopment activities
within the Village Redevelopment Project Area.
2. 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 hds legally
available to the Commission for said Village Redevelopment 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 and/or Resolutions; plus (b)
$14,479,325, which is the estimate of the principal and interest on costs to be incurred by
the City pursuant to the Cooperation Agreement and subsequent Reimbursement
Agreement and/or Resolutions after December 3 1,2003.
3. Except as expressly amended hereby, the Cooperation Agreement and the subsequent
Resolutions shall remain in full force and effect.
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AND CARLSBAD HOUSING
REDEVELOPMENT COMMISSION
By:
Chairman
Attest:
RAl%lOND R. PATCHETT
Executive Director/Secretary
Approved as to form:
RONALD R. BALL,
Commission General Counsel
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the day and year first above written.
" vcLAUDE LEWIS
Mayor
Attest:
BY LO W City Clerk
Approved as to form:
RONALD R. BALL, City Attorney
EXHIBIT “A”
REPAYMENT SCHEDULE
TI m rn tD