HomeMy WebLinkAbout2003-12-02; Housing & Redevelopment Commission; Resolution 3761
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 376
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION 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
:ooperation Agreement dated February 8, 1980, and updated August 20,2001, pursuant to which the City
igreed to incur certain costs and the Commission agreed to reimburse the City for such costs, including
:osts 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
lousing 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
vith the Village Redevelopment Project Area; and
WHEREAS, the Housing and Redevelopment Commission and the City mutually desire to
mplement the Cooperation Agreement and subsequent Resolutions approving advances of funding by
ietting forth a final accounting of the Commission’s Indebtedness to the City and a schedule by which the
:ommission shall repay the Commission’s Indebtedness to the City.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
:ommission of the City of Carlsbad as follows:
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 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.
3. The Commission shall repay to the City the full amount of the Commission
Indebtedness Amount for the Village Redevelopment Area, 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 5
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for said project area. The patties 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 andor
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 Chairman of the Commission is hereby authorized to execute said Repayment
Schedule Agreement in substantially the form approved by the Housing and
Redevelopment Commission, subject to the review and approval of the Legal Counsel
to the Commission.
PASSED, APPROVED AND ADOPTED at a special meeting of the Housing and
iedevelopment Commission of the City of Carlsbad, California, on the
)y the following vote, to wit:
2nd day of December, 2003,
AYES: Board Members Lewis, Finnila, Kulchin, Hall and Packard
NOES: None
ABSENT: None
ABSTAIN: None
HRC Resolution No. 376
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