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HomeMy WebLinkAboutRDA Reso 1997-1547 RESOLUTION NO. 1547 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING THE FORBEARANCE AGREEMENT BETWEEN ONE PARK LIMITED AND THE CHULA VISTA REDEVELOPMENT AGENCY RESTRUCTURING THE 1985 ORIGINAL AGENCY LOAN IN THE AMOUNT OF $850,000 FOR THE ONE PARK APARTMENTS AT 350 THIRD AVENUE WHEREAS, The Agency originally approved a loan with One Park Limited for the development of the One Park Apartments at 350 Third Avenue through a Cooperative Agreement on October 17, 1985 by Resolution Number 638 then subsequently amended on April 17, 1986 by Resolution Number 678; and WHEREAS, The loan became due in May 1996 and the borrower, One Park Limited, defaulted; and WHEREAS, The terms of the Amended Cooperative Agreement are being restructured to extend the term of the loan and to allow for a portion of the interest to be forgiven if the borrower pays the remaining balance in a timely manner as is reflected in the Forbearance Agreement; and WHEREAS, The Agency conceptually approved the terms of the Forbearance Agreement on September 24, 1996. NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula Vista does hereby find, order, determine and resolve to approve the Forbearance Agreement in the form presented, authorize the Chairman to execute same, and direct staff to take any and all measures necessary and appropriate to implement the same. Presented by Approved as to form by Director of Community Development Attorney Resolution Page 2 PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY ©F CHULA VISTA, CALIFORNIA this 22nd day of July, 1997 by the following vote: AYES: Members Moot, Rindone, Salas, Horton NOES: None ABSENT: Padilla ABSTENTIONS: None Chairman ATTEST: ~' ~ Chris Salomone Executive Secretary STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss: CITY OF CHULA VISTA ) i, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chuta Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1547 and that the same has not been amended or repealed. Dated: July 23, 1997 ~..~, ~_~'~-.a~.,.~-. Chris Salomone Executive Secretary