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Home My WebLink AboutRES RD 1995 36 1995 0628RESOLUTION NO. 95 -36 RESOLUTION OF THE MOORPARK REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE CHAIRMAN TO EXECUTE A REIMBURSEMENT AGREEMENT BY AND BETWEEN THE MOORPARK REDEVELOPMENT AGENCY AND THE CITY OF MOORPARK WHEREAS, by Ordinance No. 87 adopted on March 18, 1987, the City Council of the City of Moorpark acting pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et sec.), has activated the Moorpark Redevelopment Agency (the "Agency ") and has declared itself to constitute the Agency; and WHEREAS, by Ordinance No. 110 adopted on July 5, 1989, the City Council approved the Redevelopment Plan for the Moorpark Redevelopment Agency; and WHEREAS, in the furtherance of the Redevelopment Plan, the Agency and the City desire to enter into a Reimbursement Agreement in the form submitted herewith (the "Agreement ") pursuant to which the City shall advance funds in the form of a loan (the "Loan ") in the amount as stated in Agreement, and the Agency will pay the City for said loan and all associated costs of such Loan by periodic payments over a period of years; NOW, THEREFORE, the Moorpark Redevelopment Agency does hereby resolve as follows: Section 1. The Agency hereby determines that the Loan is in the furtherance of the goals and objective of the Redevelopment Plan in the elimination of blight (including social, economic, and physical blight as defined in the California Community Redevelopment Law) by assisting in the continuing operations of the Agency, and hereby consents to the Loan in accordance with the Reimbursement Agreement, in the form attached to this Resolution and incorporated herein by reference. Section 2. The Agency approves the Reimbursement Agreement and authorizes the Chairman to execute the Reimbursement Agreement on behalf of the Agency. PASSED, APPROVED AND ADOPTED THIS 28th day of JUNE J, 1995. ATTEST: By Lillian Hare, Agency Secretary EJV ESTABLISHED * MARCH le. I$$? I FOG QP4� Q>N Of M By: Paul W. 4awr a son 0 r. Chairman U STATE OF CALIFORNIA ) COUNTY OF.VENTURA ) ss. CITY OF MOORPARK ) I, Lillian E. Hare, Secretary of the Redevelopment Agency of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 95 -36 was adopted by the Redevelopment Agency of the City of Moorpark at a meeting held on the 28th day of JUNE 1995, and that the same was adopted by the following vote: AYES: AGENCY MEMBERS HUNTER, MONTGOMERY, PEREZ, AND CHAIRMAN LAWRASON NOES: NONE ABSENT: CHAIRMAN WOZNIAK ABSTAIN: NONE WITNESS my hand and the official seal of said City this 11th day of JULY , 1995. Lillian E. Hare Secretary _. (Seal) ��pPMENr4 EST !SHED MAR(, J. 1987 Qq� /FORN�q QPQ� REIMBURSEMENT AGREEMENT THIS REIMBURSEMENT AGREEMENT is entered into this 28th day of JUNE , 1995, by and between the CITY OF MOORPARK (the "City ") and the MOORPARK REDEVELOPMENT AGENCY (the "Agency "). WHEREAS, by Ordinance No. 87, adopted on March 18, 1987, the City has previously activated the Agency upon completion of appropriate legal proceedings therefore; WHEREAS, the City Council of the City of Moorpark adopted Ordinance No. 110, on July 5, 1989, approving the Redevelopment Plan for the Moorpark Redevelopment Agency; WHEREAS, the Moorpark Redevelopment Agency is proceeding to implement the Moorpark Redevelopment Plan Project (the "Project "); WHEREAS, the Moorpark Redevelopment Agency in furthering the Project is eliminating blighted conditions found in the Project Area including social, economic and physical conditions of blight; WHEREAS, the Community Redevelopment Law authorized redevelopment agencies to enter into contracts for the reimbursement of the costs for activities relating to enactment of the redevelopment, operations of the agency, the adoption of a redevelopment plan, for certain public improvements enumerated in the redevelopment plan, and for projects that further the redevelopment plan by the elimination of blight upon making certain findings and that no other reasonable means of financing the Agency's activities are available to the Agency; WHEREAS, the Community Redevelopment Law authorizes redevelopment agencies to finance the Project with property tax increments, interest income, Agency bonds, loans from private institutions, proceeds from the sale or lease of property, financial assistance from the City including loans, County, State of California, Federal Government, or any other public agency, or any other legally available source, and WHEREAS, the Moorpark Redevelopment Agency has determined to undertake a Redevelopment Project and in order to further the Project has determined that a loan from the City of Moorpark is necessary to undertake and carry out the Project. NOW, THEREFORE, the City and the Agency agree as follows: Section 1. City has agreed to provide for Agency such staff assistance, supplies, technical services and other services and facilities of City as Agency may require in exercising functions under the California Community Redevelopment Law. Such assistance and services may include but not be limited to the services of employees, City resources, and consultants, and help finance certain Redevelopment projects by making loans to the Agency. Section 2. Agency agrees to reimburse City for all costs incurred for the loan, both principal and interest , and for services and costs, if any, associated with the loan by the City pursuant to this Agreement and other indebtedness of Agency to City from and to the extent that funds are available to Agency for such purpose pursuant to California Health and Safety Code Section 33670 or from other sources; provided, however, that Agency shall have the sole and exclusive right to pledge any such sources of funds to the repayment of other indebtedness incurred by Agency in carrying out the redevelopment project. The costs and deferrals of City under this Agreement will be shown on statements submitted to Agency. It is the expressed intent of the parties that the City shall be entitled to repayment of the expenses incurred by the City under this Agreement, consistent with the Agency's financial ability, in order to make the City whole as soon as practically possible. Section 3. The obligations of Agency under this Agreement shall constitute an indebtedness of Agency within the meaning of California Community Redevelopment Law Sections 33670 et seq., to be repaid to City by Agency with interest at the lesser of eleven percent (11 %) per annum or the maximum rate Allowed by law. Section 4. The obligations of Agency under this agreement at the time of execution by the City of Moorpark and the Moorpark Redevelopment Agency is in the principal amount of $374,000, which amount is for Agency's operational costs for Fiscal Year 1995/1996. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. MOORPARK REDEVELO ENT AGENCY ti Y� Paul W i4awfason Jr., ATTEST: Lillian Hare, Agency Secretary CITY OF MOORPARK By:.1 c Steven Kueny, City Man ger ATTEST: Lillian Hare, City Clerk