HomeMy WebLinkAboutReso 2011-039RESOLUTION NO. 201 I-039
(Redevelopmen! Agency Resolution No. 20l /-2037)
RESOLUTION OF THE CITY COUNCIL AND
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA AUTHORIZING THE EXECUTION OF A LOAN
AGREEMENT AND PROMISSORY NOTE FOR THE
MERGED BAYFRONT/TOWN CENTRE I PROJECT AREA
WHEREAS, the City of Chula Vista is a California municipal corporation operating
under the general laws of the State of California; and
WHEREAS, the Chula Vista Redevelopment Agency is a public body, corporate and
politic, exercising governmental functions and powers and organized and existing under the
Community Redevelopment Law of the State of California (California Health and Safety Code
Section 33000 et se .); and
WHEREAS, the Chula Vista Redevelopment Agency was established to exercise and
undertake redevelopment activities for purposes of implementing the Redevelopment Project
Areas (the "Project Areas"), including Merged Bayfront/Town Centre I Project Area (Bayfront
and Town Centre I) and Merged Chula Vista Project Area (Otay Valley, Southwest, Town
Centre II, and Added Area); and
WHEREAS, in order to carry out its mandate and fund proposed and current
redevelopment projects and activities in the Merged Bayfront/Town Centre I Project Area
(Bayfront and Town Centre I), the Redevelopment Agency has bon•owed, and the
Redevelopment Agency agrees it has borrowed, from City (and/or the City has advanced to
Agency) the sum of Four Million Three Hundred Fifty-Seven Thousand Four Hundred Twenty-
Seven and 36/100 dollars ($4,357,427.36) ("City Loan") (Individual loan(s) (and/or advance(s))
amounts which form the City Loan are described in Exhibit 1); and
WHEREAS, the Redevelopment Agency and the City wish to memorialize the
aforementioned City Loan and its terms, including repayment schedule and interest due, by
entering into a Loan Agreement and Promissory Note, attached as Exhibit 2.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
and the Redevelopment Agency of the City of Chula Vista that:
The City Council of the City of Chula Vista authorizes the City Manager to enter
into and execute the aforementioned Loan Agreement and Promissory Note in the
principal amount of Four Million Three Hundred Fifty-Seven Thousand Four
Hundred Twenty-Seven and 36/100 dollars ($4,357,427.36) and in substantially
the same form as attached in Exhibit 2.
Resolution No. 2011-039
(RDA Resolution No. 20l7-2037)
Page 2
The Redevelopment Agency of the City of Chula Vista authorizes the Executive
Director of the Redevelopment Agency or his designee to enter into and execute
the aforementioned Loan Agreement and Promissory note in the principal amount
of Four Million Three Hundred Fifty-Seven Thousand Four Hundred Twenty-
Seven and 36/100 dollazs ($4,357,427.36) and in substantially the same form as
attached in Exhibit 2.
The City Manager and Executive Director of the Redevelopment Agency or their
designees are hereby authorized to do all acts and things which may be required
of them by this Resolution or which may be necessary or desirable to carry out the
issuance or execution of the Loan Agreement and Promissory Note as provided by
this Resolution and all matters incidental thereto. All such acts and things
heretofore done are hereby approved, ratified, and confirmed.
Presented by Approved as to form by
Gazy I alb .E., AIC ten R. ogins
Assistant ~ Manager/Development Services rney
Director
Resolution No. 2011-039
(RDA Resolution No. 201 /-7037)
Page 3
PASSED, APPROVED, and ADOPTED by the City Council and the Redevelopment
Agency of the City of Chula Vista, California, this 1st day of March 2011 by the following vote:
AYES:
NAYS:
ABSENT:
ABSTAIN
Council/Agency members: Aguilar, Bensoussan, Ramirez, and Cox
Council/Agency members: None
Council/Agency members: None
Council/Agency members: Castaneda
,~I k4.~-l~[-
Cheryl Cox, M or/ airperson
ATTEST:
D o
d ~. ~ ~~.
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
City Council Resolution No. 2011-039/Redevelopment Agency Resolution No. 2011-2037 was
duly passed, approved, and adopted by the City Council and Redevelopment Agency at a regular
meeting held on the 1st day of March 2011.
Executed this 1st day of March 2011.
~~~~~~~
Donna R. Norris, CMC, qty Clerk
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Resolution No. 2011-039
RDA Resolution No. 2011-2037
Pag e 5
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EXHIBIT 2
Resolution No. 2011-039
(RDA Resolution No. 1017-1037)
Page 6
LIVSECURED PROMISSORY NOTE
$4,357,427.36
Chula Vista, California
Date:
This Promissory Note ("Note") is executed on herewith by and between
CITY OF CHLTLA VISTA, a California municipal corporation ("Lender'), and the
CFiULA VISTA REDEVELOPMENT AGENCY, a public body, corporate and
politic ("Debtor'). Debtor is executing this Note in connection with and in
consideration of Lender's loan to Debtor of Four Million Three Hundred Fifty Seven
Thousand Four Hundred Twenty Seven and 36/100 dollars ($4,357,427.36) for
loans and/or advances made so that Debtor could cazry out its mandate under the
California Redevelopment Law (CRL) and fund proposed and current
redevelopment projects and activities in the Merged Bayfront/Town Centre I
Project Area (Bayfront and Town Centre I). For value received, Debtor Agrees to
the following:
For value received, Debtor promises to pay to Lender the principal amount of
Four Million Three Hundred Fifty Seven Thousand Four Hundred Twenty Seven
and 36/100 dollas ($4,357,427.36). Interest in the amount of the monthly rate
available through the Pooled Money Investment Account (PMIA) Average Month
Effective Yields in effect at the time the loan (and/or advance) was made shall
accrue on the outstanding principal balance of the City Loan. The
aforementioned interest shall not be compounded.
2. Debtor promises to make payment as stated in and abide by the terms of the Loan
Agreement, incorporated by reference into this Promissory Note, between the
Debtor and Lender for the Merged Bayfront/Town Centre I Project Area.
3. Debtor waives any right of offset it now has or may hereafter have against the
holder hereof and its successors and assigns. Debtor waives presentment,
demand, protest, notice of protest, notice of nonpayment or dishonor and all other
notices in connection with the delivery, acceptance, performance, default or
enforcement of this Note. Notwithstanding any provision herein or in any
instrument now or hereafter securing this Note the total liability far payments in
nature of interest shall not exceed ttte limits imposed by the applicable usury laws.
4. Debtor expressly agrees to any extension or delay in the time for payment or
enforcement of the Note, to renewal of this Note and to any substitution or release
of any of the Property, all without any way affecting the liability of Debtor
hereunder. Any delay on City's part in exercising any right hereunder shall not
operate as a waives City's acceptance of partial or delinquent payments or the
failure of City to exercise any rights shall not waive any obligation of Debtor or
any right of City, or modify this Note, or waive any other similaz default.
Resolution No. 2011-039
(RDA Resolution No. 2017-2037)
Page 7
5. Debtor agrees to pay all costs of collection when incurred and all costs incurred
by [he holder hereof in exercising or preserving any rights or remedies in
connection with the enforcement and administration of this Note or following a
default by Debtor, including but not limited to, reasonable attorney's fees. If any
suit or action is instituted to enforce this Note, Debtor promises to pay, in addition
to the costs and disbursements otherwise allowed by law, such sum as the wort
may adjudge reasonable attorney's fees in such suit or action.
6. This Note shall be governed by and construed according to the laws of the State
of California.
7. Time is of the essence for each and every obligation under this Note.
For Lender (City of Chula Vista):
For Borrower (Chula Vista Redevelopment
Agency):
By:
Jim Sandoval
City Manager
APPROVED AS TO FORM:
Glen R. Googins
City Attorney
By:
Gary Halbert, AICP, PE
Executive Director of the Chula Vista
Redevelopment Agency
ATTEST:
Donna R. Norris, CMC
City Clerk