The URL can be used to link to this page

Home My WebLink AboutReso 2011-040RESOLUTION NO. 2011-040 (Redevelopment Agency Resolution No. 2011-2038) 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 CHULA VISTA REDEVELOPMENT 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 sec .); 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 Chula Vista Project Area (Otay Valley, Southwest, Town Centre II, and Added Area), the Redevelopment Agency has borrowed, and the Redevelopment Agency agrees is has borrowed, from City (and/or the City has advanced to Agency) the sum of Eight Million Two Hundred Fifty-One Thousand Six Hundred Ninety-Six and 82/100 dollars ($8,251,696.82) ("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 Loan Agreement and Promissory Note. 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: 1. 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 Eight Million Two Hundred Fifty-One Thousand Six Hundred Ninety-Six and 82/100 dollars ($8,251,696.82) and in substantially the same form as attached in Exhibit 2. Resolution No. 2011-040 (Redevelopment Agency Resolution No. 20/ /-2038) Page 2 2. The Redevelopment Agency of the City of Chula Vista authorizes the Executive Director of the Agency or his designee to enter into and execute the aforementioned Loan Agreement and Promissory Note in the principal amount of Eight Million Two Hundred Fifty-One Thousand Six Hundred Ninety-Six and 82/100 dollars ($8,251,696.82) and in substantially the same form as attached in Exhibit 2. 3. The City Manager and Executive Director of the Redevelopment Agency or their designees aze hereby authorized to do all acts and things which may be required of them by this Resolution or which may be necessary or desirable to carry out the issuance or execution of the Loan Agreement and Promissory Note as provided by this Resolution and all matters incidental thereto. All such acts and things heretofore done aze hereby approved, ratified, and confirmed. Presented Assistant Director Services Approved as to form by Glen oo ms Coun Resolution No. 2011-040 (Redevelopment Agency Resolution Na. 20l1-1038) Page 3 PASSED, APPROVED, and ADOPTED by the City Council and the Redevelopment Agency of the City of Chula Vista, California, this 1st day of March 2011 by the following vote: AYES: NAYS: ABSENT: ABSTAIN: Council/Agency members: Aguilar, Bensoussan, and Cox Council/Agency members: None Council/Agency members: None Council/Agency members: Castaneda and Ramirez l i' 1' i~ ~ Cheryl Cox, Mar/Chairperson ATTEST: ~~ ~~~ Donna R. Noms, CMC, City Clerk STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF CHULA VISTA I, Donna R. Noms, City Clerk of Chula Vista, California, do hereby certify that the foregoing City Council Resolution No. 2011-040/Redevelopment Agency Resolution No. 2011-2038 was duly passed, approved, and adopted by the City Council and Redevelopment Agency at a regular meeting held on the 1st day of March 2011. Executed this 1st day of March 2011. ~~ ~~~ Donna R. Norris, CMC, City Clerk RDA ADVANCeS FROM G¢N¢eAL FUND PRINCRAL ACCRUED CURRLNi - TO'SA4 1 ~ PND 4 AMOIINIS ADDFI3ON5 INT¢BPST INT¢R&Si YW[ PAYMeNTOI Bb'Yp66k(MMBM(: PTION F0.OM TO 4/M13010 IDELCf1ON51 6~3aR010 ¢ATe INT¢R&ST AD.1 61W")01) FY 960] IXN Flmtl lnvlen fw 96ABAGJJBemA 100 611 60.01049 (W,01019) - JJ5159 SSA3X - (3.]5159) FY9]/A GFTan[fn fm 96 ABAGJ]AFY9J-98 D/8 100 611 530,9]LM (248.6]2.141 J8$j04.68 18],965]8 5906% 16655Po (10.]965 JA) 16,65$98 298,96066 FY 98M GFTOnsfef fo[96 ADAGJJAFY 9g-9OB IW 611 532,]]9.M 92,89.8] IJ1,611bE SOIX 28,9352] 303,346 g9 J35 ]26 ]6 1 8 IW 611 33066]06 530,f6]O6 18],3]]]4 SB90X 3125629 218]940] ]49,461 PJ FY99-0D GFTemrttfm 96 ABAG3]AFY 99-0 01 g]II 31 34]46 2]0 223]2 0.09.13198 FY WLI GF TrvnRee fof 96 ABAG 3JAFY 06010/$ IW 611 334,028 E6 5]402826 238,8]626 S X , , 96 ABAG]JAfY 0111E Dl$ DIb GFT R f IW 611 3]129618 533,295,18 25490.393 5382% E4]OLW 38],68592 A16.9tl2.10 nn tt o~ FY E 5 0 3UDJ 91 3AAN 3 91]69 35,]0163 R6,BSl4l iY 02-03 GFTamfee fm 96 ABAG3JAFY 02-01 Dh' IW RII 191,SSIW 191 f 1 B . . , TOTALTOWN Cf0.ILOANB (A¢AC 0..q S E,9UJIDN 5 pAeldi67) 1 3,601b32g5 5 IATbb.85 S IIO,g94.fi9 S (1910.1]0.]1 S IASJ2DB.lf 5 3RSl,gIfi.M W Grn FUM Lean to OFfamul'wnaf501c3 gnP2001-30.1 I2NO 100 611 95813W 95,A13.AO 6,4019E 190.3% I,IJ]Dfl J.53?00 53,352W x IS-ApLS Qn PoM lnen to BFbuy bxkof9801egwnA21g4-395 100 611 SJS,WOW 5]S,e00.00 81,5]6 J9 1]29% 13,663W `11.23934 68,23934 5 l$)4,IEJAA f ]00.,48161) S II6RbM 11 5 I5lf9d.T 5 1191,11 t.J]I ]0.1oM5 finlFwd Cmh Atlv TC11930.EFCOP IW 651 i99,20EV1 1899.20E 43) - 49P,113.20 Sb3T/. - 1490..113201 10.1um9] GsI FOM CnM1 AdvTG193 ¢EFCOP IOV 651 89893153 IMl8.9L 55) - 6N.JW.19 SFAb'6 - [619]92191 ' - - 30.1umYe GeN Fwd Cnh MV TC1I91 REFCOP IOD 631 81.12058 (81.12658] - SJBjS]60 593EX - (5]835 /fi01 - - 30.Nn-99 GenlFwd Cssh MVTC1193 REFCOP 100 651 1,104,9368 (1.104.9368) - 6]0,30.1.19 5]TeX - (630501.19) - - I0.1w-0D Genl Rintl CUM1 Atlv TC11930.EFCOP FY99-00 IW fi51 8]0,2]l.]6 (BJOj]J.36) - SII JJI JS 58]IX - (511,]]1 JS) - - ]0.Nin-0I Cenl Fwd CUF Atlv TC1193 REFCOP FYDO-01 Ilp 651 91].]]0.25 (91],l]025) - 3]4,9!9.03 6,130% - (5]49M.03) - - ]0.1uo-02 QnIFwtl Cvsh Adr TC11930.EFCOP FY01-0E IW 651 09J.T10.68 (89.]]068) - 420,4LK.80 3.336% 6,63]35 (4ZZMY.2A - J6NM3 GenIFwE CssM1 Adv TC119 REFCOP FY 020.3 100 651 b41650] (014,1650]1 - 191025p 2233% 10,30839 (151,3]4 M1 - - I0.1unL1 GenlFwd Geh MVTCII9S ¢GFCOP FY D]-p4 100 631 263,19639 (263.196.)9) - 2],Yrz.22 IS35X 360.39 (E]Sl6bp - - -05 Nol PVntl Cssh Adv TC119J RDPCOP FY M-03 30 ] 100 631 08.190.59 (11&99505) 950,1959 106,WLM Y2IlX 16,ff0,51 (106.9@061 16,9LL51 ]]5.12605 - w ]0.1w-06 Csnl Fwtl CeaM1 Adv TC119311EFCGP FY 05-06 IW 651 ABJ,dASDV 0.8].48500 IP,05029 9.110% 3],]6312 216,41391 1/0/89841 J0.1nmD] CenlFwtl Ceah Adr TC1193 REFCGP FY 06-0] IW 651 809,834] 801,834] 158,]64,36 5199% 91.GJSE 3M,60208 1,005,32955 30.JUnAe GeN MUW Cnvh MvTC119l RGFCOP FY 0JL8 100 6f1 - - - - ]]96X - 2'gTAL9JRRPUNDOY000P 3 99J4}55.W 5 (]43I,95E.W1 S 3ASM0).01 ! 0.134952W 5 IIJ,UI.Itl 5 (0.16i,N].92) 3 4JIy46.D0 F 3.88299.01 CI193 COP PARYJNG IW 651 24g TIW 248,33100 EN.1019A 565T/. 14048W 2853006 965,81.IW JO-lun-96 GeN Pontl CnM1 AIVl , 8 8CR 8 36WX 13 911 1] 201 ]1939 950.1]3.11 30.1un-9] CenlRmd Gah Atlv TC119 COP PARING IW 651 248,41] ]4 310.,411]4 ~ . 1 , . , ]0.1un-98 GmIFwtl CeeM1 Adv TC1193 LUP PARYJNG IW 651 30].55030 20],53030 19,014.96 593EX 12,)5339 I6JJ9]85 ]]4990.15 S0.1nn-99 CrnIFwd GsL Adv TC1193 COP PARPJNG IW 651 301,821 iO ]0182130 18,005.15 SJJg•/. 16,23195 18821].10 490,05840 J0.hm.CU CeN FUMCnM1 MrTC1193 COP PARKMGFP 1900 IW 651 216654 51 246,6N 51 19495)29 58]1% 14981 PJ 159,YJ438 406,WRA9 J0.1umDl GnIFwd Cm6PMTCI193 COP PNWNGFY OD-01 100 631 2M.EI]A 34421]]0 141491.58 6.1]%. 149]11.35 ISJ 465.1] 401682 Al 30.1un-0i QnI FUOtl Cvh Adv TCD 9l COP PA¢KD.'GFY 01-02 100 631 29],M360 391,94] 80 111.651q 5536% 13509.8 128,15860 38.10E 90 30.JUnL3 Cxnl Fwtl CVxM1AM TCI193 COP PARKING FY 020.3 IW fi51 23414018 09,190.18 19,30.413 2233% 5,23833 M,812.20 28,93288 30-IUnM Cenl Fwtl CaF Adv TC1193 COP PARPJNGPY03M IW 631 01,8]369 81,8]569 8,929.01 1536% 1,33]61 9.68165 91.53]11 ]0.1un-05 CeN Pontl CUM1 AEV TC119J COP PARKING FY W-05 IPU 651 33],855.13 ]]].e5S 13 20,260.80 1536% 3b5315 2431425 262,169.38 n-06 CeN FUN CeeF Adv TCD9 COP PARKMGFY 05-06 10.1 IW 651 349.911W 349,91]00 48.1]15] 3933% 9,9]9.03 SA,I52W ]W.065 G0 n ]0-IUnAJ GmI FUN CmL Adv TC119 R]P PARKNG FY 06-0] IM 651 81,1]9.15 1EI.IT1.]5 43,564.11 S.IMY. 11,991.14 35,063.25 3]6,24300 10.1urt-08 C:nIFwd CeeL Adv TC1193 RTP PARKMGFY O]AB IM 651 - - - 186% - 93 f ID 5 J]65y9{ f ;J65j%JO 3 I,EpA98A2 3 111,1109 5 - S _ .10.31,966.96 i J}8,86].06 TOTAf: COP ~ 0] 651 . 4] 5283] ~ 1] 528.35 2],63469 58]1% 3.0.0.]9 26.4150] ]1,943]8 J0.1unCU GFTmmsfee roe96 ABAGJ]AFY WOO J0.1nrt-0I GF Tensfm fa[96 ARAG3]AFY DOD! 1 IW 631 , ISS,W01] , ISS,M04] ]8,]8582 58]IX 9,10243 8].88829 242,928]1 96 ABAGlJAFY OIAE f f 100 651 82]91 134 134.81].92 '!3.819 E9 5166% 8?080] 82,@1.35 336.9550 30.1un@ GFTmu n oa , 93189 9 1WT 4 I iJU 90 11,323]0 8,118.]0 30.1uu0] GF Tnmfa fm 96 A0AGlJAFY 02Ll 100 631 60.896.W 60,896.00 . . , . S ]4 S 11819] - S 410.33.14. 5 186,18151 5 SI.IJI.JS 5 5 M9b519. .5 63,946.06 MTALAMG]]A . . TOTALTOWN CIROCOP ADV P0.G8N[RAL PUND 5 1],I.A'.W1.93 5 IJ$]J.952,OA15 5,Wd 59145 S S,A91 VE.40 5 1fi6N1.80 3 10.1MP4J.9E) 3 3,051!66}8 5 J,686.ISA.11 FY11 (Year-Entl ESn t N2 28320!! Resolution No. 2011-040 RDA Resolution No. 2011-2038 Page 5 -aar ~ E~:.kD ____., y, Re,a,=3 ffiI .~~L ~a 6 gGm25 ~ry °S ~di p~ n n r of U~ _~ m~e~ "~ ~ -^ a~xaF $.~.m=.s ~~z ~.Sn~~ NCR ACZ 00 oG <' ~jY~$~j$Y~ <Hnc N&~N~6 ~~~C a F naaa„ £~ 8888 yy6. V "aa"a"a€ ~ia~Sa ~~~~s. ~~~ ~Eikib ~~d~ ~5~~~ u~~tl~~°. 99$4 assa ~~~~ "s w W Resolution No. 2011-040 EXHIBIT 2 (Redevelopment Agency Resolution No. 201 /-2038) Page 6 UNSECURED PROMISSORY NOTE $8,251,696.82 Chula Vista, California Date: This Promissory Note ("Note's is executed on herewith by and between CITY OF CHiJLA VISTA, a California municipal corporafion ("Lender'), and the CHULA 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 Eight Million Two Hundred Fifty One Thousand Six Hundred Ninety Six and 82/100 dollazs ($8,251,696.82) for loans (and/or advances} made so that Debtor could carry out its mandate under the California Redevelopment Law (CRL) and fund proposed and current redevelopment projects and acfivities in the Merged Chula Vista Project Area (pray Valley, Southwest, Town Centre II, and Added Area). For value received, Debtor Agrees to the following: 1. For value received, Debtor promises to pay to Lender the principal amount of Eight Million Two Hundred Fifty One Thousand Six Hundred Ninety Six and 82/100 dollars ($8,251,696.82). 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 Chula Vista 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 for payments in nature of interest shall not exceed the 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 waiver. 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. 2011-040 (Redevelopment Agency Resolution No. 201 /-1038) Page 7 5. Debtor agrees to pay all costs of collection when incurred and all costs incurred by the holder hereof in exercising or preserving any rights or remedies in connecfion with the enforcement and administratiori of this Note or following a default by Debtor, including but not limited to, reasonable attorney's fees. If any suit of 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 court may adjudge seasonable 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