HomeMy WebLinkAboutRES CC 1996 1201 1996 0515RESOLUTION NO. 96 - 1201
A RESOLUTION OF THE CITY OF MOORPARK ACCEPTING A
UNSECURED PROMISSORY NOTE FOR DEFERRED DEVELOPMENT
FEES BY MISSION BELL PARTNERS.
Whereas, the Moorpark Redevelopment Agency (Agency) entered into a
Development and Disposition Agreement (DDA)on April 21, 1995, with Mission
Bell Partners (Developer) for the purchase of Agency land and the
development of approximately fifteen acres of property including a grocery
store, a theater and associated retail uses; and
Whereas, per Section 307 thereof, the Agency agreed to cooperate with
the Developer in seeking a deferral from the City of certain development
fees amounting to $316,620.35 per Exhibit "A" with a simple, non -
compounded interest rate of eight percent (8.0 %); and
Whereas, the original amount of said fees includes the "Arts in
Public Places" fee of $5,601.30, which has been eliminated by the City of
Moorpark(City) acceptance of proposed artwork for both Commercial Planned
Development Permits No. CPD -89 -1 and CPD -89 -2; and
Whereas, it is the City's intention to defer the subject development
fees using the amendment of an Unsecured Promissory Note.
Now, therefore, the City does resolve to:
Section 1. Accept the amendment of the Unsecured Promissory
Note dated November 18, 1995, to the City of Moorpark from Mission Bell
Partners from $316,620.35 to $311,019.05 reflecting the removal of the
required "Arts in Public Places" fee of $5,601.30.
Section 2. The terms of the Loan are to remain consistent with
Section 307 of the DDA between the Agency and Developer as approved April
21, 1995, and reflected in the referenced Promissory Note in Section 2.
PASSED, APPROVED AND ADOPTED this 15th day of May 1996.
AYES:
NOES:
ABSTAIN:
Paul W. LaKvrason Jr.
Mayor
ATTEST:
C L. I C2l�c t!
illian E.Hare
City Clerk
AVISSRES0.03A
MOORPARK
F- 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Lillian E. Hare, City Clerk of the City of Moorpark, California,
do hereby certify under penalty of perjury that the foregoing
Resolution No. 96 -1201 was adopted by the City Councl1 of the
City of Moorpark at a meeting held on the 15th day of MAY
1996, and that the same was adopted by the following vote:
AYES: COUNCILMEMBERS BROWN, HUNTER, PEREZ, WOZNIAK AND MAYOR LAWRASON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
WITNESS my hand and the official seal of said City this 2nrh
day of MAY , 1996.
Lillian E. Hare, City Clerk
PAUL W. LAWRASON JR. JOHN E. WOZNIAK ELOISE BROWN PATRICK HUNTER BERNARDO M. PEREZ
Mayor Mayor Pro Tem Councilmember Councilmember Councilmember