HomeMy WebLinkAboutRDA Reso 2000-1685 RESOLUTION NO. 1685
RESOLUTION DF THE REDEVELOPMENT A .~ENCY OF THE CITY
OF CHULA VISTA APPROVING LC AN ASSUMPTION,
FORBEARAN£ E AND DEBT REPAYMENT \GREEMENTS WITH
THE TRUST F, )R PUBLIC LANDS PROVlDll~ G FOR REPAYMENT
OF OUTSTANE lNG $2.7 MILLION LOAN ORIGINALLY MADE TO THE
SHINOHARA TRUST IN CONNECTION A/ITH AUTO PARK
DEVELOPMEi~ T
WHEREAS, st~,ff has been negotiating with ti" e Shinohara Estate and the Trust for
Public Lands ("TPL") regarding the sale by Shinohara to TPL 'approximately 130 acres of land near
the Sweetwater Reservoir; ant
WHEREAS, th~ Agency holds a first lien on ~ of the 130 acres of such land which
secures repayment of a $1.5 illion loan made by the Agency 2 Shinohara back in 1993; and
WHEREAS, a of July 1,2000, the amount ow( d under the loan was $2.7 million; and
WHEREAS, st~ff recommends approval of he agreements which would permit
acquisition by TPL of the San I~ liguel Property subject to the A ~ncy lien provided that TPL repays the
Agency Loan on the terms and conditions set forth therein.
NOW, THEREI:ORE, BE IT RESOLVED the ',edevelopment Agency of the City of
Chula Vista does hereby appro~ e the Loan Assumption, Forbear tnce and Debt Repayment Agreements
with the Trust for Public Land,, Providing for Repayment of O ]tstanding $2.7 million Loan originally
made to the Shinohara Trust n connection with Auto Park evelopment, in substantially the form
presented with such minor mo~ liflcations as may be required ' approved by the Agency Attorney.
BE IT FURTHI!R RESOLVED that the Chai lan of the Redevelopment Agency is
hereby authorized and d irectec to execute said Agreements for and on behalf of the City of Chula Vista
an Agency staff is authorized a id directed to take all necessan and appropriate actions to implement
same.
Presented by Approv, as to form by
Chris Salomone ~ency' Kaheny F~
Community Development Dire, :tor ~,ttorney
Resolution No. 1685
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 1st day of August, 2000 by the following vote:
AYES: Members Davis, Moot, Padilla, Salas, and ChaidMayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley Horto~
Chairman
A'FFEST: ~
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 Chula Vista, California
DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1685 and that
the same has not been amended or repealed.
Dated: August 2, 2000 (/'~
Ch~'s Salomone
Executive Secretary