HomeMy WebLinkAboutRDA Reso 2011-2037RDA RESOLUTION NO. 2011-2037
(City Council Resolution No. 2011-039)
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 sue.); 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 cagy 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 borrowed, 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:
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 Four Million Three Hundred Fify-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.
RDA Resolution No. 2011-2037
(City Council Resolution No. 2011-039J
Page 2
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 necessazy 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
P.~. ~AICP
Manager/Development Services
Director
Approved as to form by
len R. ogins
enc unsel
RDA Resolution No. 2011-2037
(City Cauuci! Resolution No. 2011-039J
Page 3
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency and the City
Council of the City of Chula Vista, California, this 1st day of Mazch 2011, by the following vote:
AYES: Agency/Councilmembers: Aguilar, Bensoussan, Ramirez, and Cox
NAYS: Agency/Councilmembers: None
ABSENT: Agency/Councilmembers: None
ABSTAIN: Agency/Councilmembers: Castaneda
i
1 ~ ~
4 ~
Cheryl Cox, Chaim rso ayor
ATTEST:
Eric Crockett, Secretazy
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Eric Crockett, Secretary of the Redevelopment Agency of the City of Chula Vista, California,
do hereby certify that the foregoing Redevelopment Agency Resolution No. 2011-2037/City
Council Resolution No. 2011-039 was duly passed, approved, and adopted by the
Redevelopment Agency and Chula Vista City Council at a regular meeting held on the 1st day of
Mazch 2011.
Executed this 1st day of March 2011.
f- / l:. e~~l/
Eric Crockett, Secretary
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RDA Resolution No. 2011-2037
City Council Resolution 2011-039
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RDA Resolution No. 2011-2037
ICiry Council Reso(ulton No- 10/1-039)
EXHIBIT 2 Page 6
UNSECURED PROMISSORY NOTE
$4,357,427.36 Chula Vista, California
Date: 3/ 1 / 11
This Promissory Note ("Note") is executed on 3/ 1 / 11 herewith by and between
CITY OF CHULA VISTA, a California municipal corporation ("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 Four Million Three Htutdred Fifty Seven
Thousand Four Hundred Twenty Seven and 36/100 dollazs ($4,357,427.36) for
loans andJor advances made so that Debtor could carry out its mandate under the
California Redevelopment Law (CRL) and fund proposed and ctrrrent
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/]00 dollazs ($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 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.
RDA Resolution No. 2011-2037
(City Council Resolution No. 2011-039J
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
connection with the enforcement and administration of this Note or following a
default by Debtor, including but not limited to, reasonable attomey'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 court
may adjudge reasonable attorney's fees in such suit or action.
6. This Note shall be governed by and constmed according to the laws of the State
of California.
7. Time is of the essence for each and every obligation under this Note.
For bender (City of Chula Vista):
By:
Jim dov
Ci onager
For Borrower (Chula Vista Redevelopment
Agency):
By: t, /
Gary b , AI P, PE
Executive ' ector of the Chula Vista
Redevelopment Agency
APPROVED AS TO FORM:
G1enR. Googins
City Attorney
ATTE
1~"~
Donna R. Norris, C , C
City Clerk