HomeMy WebLinkAboutReso 1983-11338
RESOLUTION NO. 11338
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
AUTHORIZING A LOAN OF BLOCK GRANT FUNDS IN THE AMOUNT OF
$45,600 TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA FOR THE PURPOSE OF CONDUCTING A STUDY OF OTAY VALLEY
ROAD
The City Council of the City of Chula Vista does hereby resolve as follows:
WHEREAS, the Redevelopment Agency has requested a loan from the City in
the amount of $45,600, subject to repayment in accordance with the terms and
conditions of the existing Cooperative Agreement between City and Agency; and,
I
I
WHEREAS, the mon i es to be used woul d be generated from the Commun i ty
Development Block Grant program to be applied to conducting a study to review
the feasibility of the potential of a redevelopment project for Ota'y Valley
Road; and, I
I
WHEREAS, the use of Block Grant monies for conducting the Otay Valley Road
study is an appropriate use of Block Grant funds and is in accordancelwith the
regu 1 at ions of the Community Development Block Grant Program as admi ni stered
by the U. S. Department of Housing and Urban Development.
NOW, THEREFORE, BE IT RESOLVED by the City Counc i 1 of the Ci ty of Chu 1 a
Vista that a loan in the amount of $45,600 be, and the same is hereby,
authorized.
BE IT FURTHER RESOLVED that the loan is authori zed on the condition that
the Redeve 1 opment Agency wi 11 repay the loan through tax increment I recei pts
resulting from the proposed project at the establ ished rate of inter;est paid
to the City for such loans to the Agency.
Approved as to form by
Director
d/r:~/~
Acting City Attorney
WPC 0758H
ULA VISTA, CALIFORNIA, this
83
, by
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
2nd August
day of
the following vote, to-wit:
Malcolm, Cox, Moore, Scott
Councilmen
E$:
,YES:
Councilmen
None
ISTAIN:
SENT:
Councilmen
None
Councilmen
McCandliss
/2. a,
Chula Vista i
I
t
ATE OF CALIFORNIA )
UNTY OF SAN DIEGO ) ss.
.Y OF CHULA VISTA )
I, JENNIE
I
,
M. FULASZ, CMC, CITY CLERK of the City of Chura Vist6, California,
I
the above and foregoing is a full, true and correct bopy of
I
,and that the same has not been amended lor repealed.
I HEREBY CERTIFY that
RESOLUTION NO. 11338
TED
I
( seal)
City Clerk
:-660