HomeMy WebLinkAboutRES RD 1997 59 1997 0521RESOLUTION NO. 97- 59
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 sea.), 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.
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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 21stday of MAY ,
1997.
ATTEST:
By
-1111fian `7
Agency Secretary
REIMBURSEMENT AGREEMENT
THIS REIMBURSEMENT AGREEMENT is entered into this 21st day of
May, 1997, 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 t:o 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 tc 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
sea., to be repaid to City by Agency with interest at the
lesser of ten percent (10a) 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 $385,657,
which amount. a..s for Agency's operational costs for Fiscal Year
1996/1997.
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.
AGENCY CITY OF NOORPARK
Steven _ - i -
ATTEST: I ATTEST:
Lillian Hare,
Agency Secretary a4,
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�UAt;�, 1987
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK i
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. 97 -59
was adopted by the Redevelopment Agency of the City of
Moorpark at a meeting held on the _''_1 day of
MAY It 1997, and that the same was adopted by the
following vote:
AYES: AGENCY MEMBERS EVANS, PER.EZ, RODGERS TEASLEY, AND WOZNIAK
NOES: NONE
ABSENT: CHAIRMAN HUNTER
ABSTAIN: NONE
WITNESS my hand and the official seal of said City
this 27th day of MAY 1997.
Lillian F. Hare, CMC
Secretary
(Sea r":
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