HomeMy WebLinkAboutRES RDA 2011 245 2011 0316RESOLUTION 2011 -245
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK, CALIFORNIA ADOPTING A
FIRST AMENDMENT TO LOAN AGREEMENT BETWEEN
THE CITY OF MOORPARK AND THE REDEVELOPMENT
AGENCY OF THE CITY OF MOORPARK
WHEREAS, the Redevelopment Agency of the City of Moorpark approved that
certain loan agreement by and between the City of Moorpark and the Redevelopment
Agency of the City of Moorpark dated July 1, 2010; and
WHEREAS, the Redevelopment Agency of the City of Moorpark is the holder of a
note secured by Parcel 7 of the Mission Bell Shopping Center and wishes to assign
same to the City of Moorpark in partial satisfaction of the outstanding loan between the
City of Moorpark and the Redevelopment Agency of the City of Moorpark.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The First Amendment to Loan Agreement between the City of
Moorpark and the Redevelopment Agency of the City of Moorpark dated March 16,
2011, and attached as Exhibit "A" to this resolution, is hereby adopted.
SECTION 2. The Agency Secretary shall certify to the adoption of this resolution
and shall cause a certified resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 16th day of March 2011.
ATTEST:
Maureen Benson, Agency Secretary
Attachment: Exhibit "A"
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Resolution No. 2011 -245
Page 2
EXHIBIT "A"
FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT TO LOAN AGREEMENT is entered into this 16th day of
March, 2011 and amends that certain Loan Agreement dated 1st day of July, 2010, by
and between the City of Moorpark ( "City ") and the Redevelopment Agency of the City of
Moorpark ( "Agency ").
RECITALS
WHEREAS, the Agency and City are parties to that certain Loan Agreement
dated as of July 1, 2010 (the "Loan Agreement "); and
WHEREAS, the Agency is the holder of a note by and between the Agency (as
lender) and Mission Bell West LP, originally entered into on August 2, 1995 and
subsequently amended three times, the latest amendment dated as of December 1,
2006 (the "Mission Bell Note "); and
WHEREAS, the Agency wishes to transfer the Mission Bell Note to the City in
partial satisfaction of the outstanding obligation of the Loan Agreement by and between
the City and the Agency.
COVENANTS
NOW, THEREFORE, THE CITY AND AGENCY AGREE AS FOLLOWS:
SECTION 1. Assignment, assumption and partial repayment of funds. Agency
hereby assigns to the City and City hereby agrees to assume the Mission Bell Note. If
and to the extent that any moneys are recovered in satisfaction of the Mission Bell Note
(whether through payment, settlement, foreclosure, sale, or otherwise), prior to June 30,
2011, such moneys shall be credited against the amounts owed by the Agency to the
City pursuant to the Loan Agreement. If any such moneys are received by the City after
June 30, 2011, then no amount shall be credited against such repayment obligation and
the Agency shall be obligated to make a full repayment of the loan amount to the City.
Any moneys recovered by the City from the Mission Bell Note after June 30, 2011 shall
be reimbursed to the Agency — unless the Agency has any other outstanding financial
obligations owed to the City, or unless the Agency has not paid off the Loan Agreement
in its entirety, in either of which case, moneys recovered from the Mission Bell Note will
be applied against those obligations.
SECTION 2. The Mayor and /or City Manager and the Agency Chair and /or
Executive Director are hereby directed and authorized to execute any further such
documentation required to effectuate the intent of this First Amendment.
Resolution No. 2011 -245
Page 3
SECTION 3. Effect of First Amendment. Except as expressly amended herein, the
Loan Agreement is and remains in full force and effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment to Loan
Agreement as of the date first written above.
MOORPARK REDEVELOPMENT AGENCY CITY OF MOORPARK
Janice S. Parvin, Chair
ATTEST:
Maureen Benson,
Agency Secretary
Steven Kueny, City Manager
Maureen Benson,
City Clerk
Resolution No. 2011 -245
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, Agency Secretary of the Redevelopment Agency of the City
of Moorpark, California, do hereby certify under penalty of perjury that the foregoing
Resolution No. 2011 -245 was adopted by the Redevelopment Agency of the City of
Moorpark at a special meeting held on the 16th day of March, 2011, and that the same
was adopted by the following vote:
AYES: Agency Members Mikos, Millhouse, Pollock, Van Dam, and Chair Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 6th day of April, 2011.
Maureen Benson, Agency Secretary
(seal)
Jr ESTABLISH
MARCH 18, 1 S
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