HomeMy WebLinkAboutRDA Reso 2011-2038RDA RESOLUTION NO. 2011-2038
(Cfry Courccil Resolution No. 2011-040J
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 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 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:
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 dollazs ($8,251,696.82) and in substantially the
same form as attached in Exhibit 2.
RDA Resolution No. 2011-2038
(Ctry Council Resolution No. 2011-040)
Page 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 dollazs ($8,251,696.82) 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
ary alb .E., AICP Glen R. ogins ,
Assistant ity Manager/Development Services ounsel
Director
RDA Resolution No. 2011-2038
(City Council Resolution No. 20/ 1-040J
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 March 2011, by the following vote:
AYES: Agency/Councilmembers: Aguilaz, Bensoussan, and Cox
NAYS: Agency/Councilmembers: None
ABSENT: Agency/Councilmembers: None
ABSTAIN: Agency/Councilmembers: Castaneda and Ramirez
~ ~ ~
Cheryl Cox, Chad ers. n/Mayor
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. 2011-2038 City
Council Resolution No. 2011-040 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
March 2011.
Executed this 1st day of March 2011. ~ ~,~
Eric Crockett, Secretazy
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RDA Resolution No. 2011-2038
City Council Resolution 2011-040)
Page 5
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RDA Resolution No. 2011-2038
E X H 1 B 1 T 2 (City Courscil Resolution No. 2011-040)
Page 6
UNSECURED PROMISSORY NOTE
$8,251,696.82 Chula Vista, California
Date: 3 / 1 / 11
This Promissory Note ("Note'0 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 Eight Million Two Hundred Fifty One
Thousand Six Hundred Ninety Six and 82/100 dollars ($8,251,696.82) for loans
(and/or advances) made so that Debtor could carry out its mandate under the
Calffornia Redevelopment Law (CRL) 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). 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 fime 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 hereafrer 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. NotNRthstanding 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
failwe 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. 2011-2038
(City Coursci/Resolution No. 2077-040)
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 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 court
may adjudge ceasonableattomey'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):
APPROVED AS TO FO
G en R. Googins
City Attorney
For Borrower (Chula Vista Redevelopment
Agency):
Executive D ect r of the Chula Vista
Redevelopment Agency
ATTE
Donna R. Norris, CMC
City Clerk