HomeMy WebLinkAboutCC Resolution 4579RESOLUTION NO. 4579
BEFORE THE CITY COUNCIL OF
THE CITY OF SAN RAFAEL, COUNTY
OF MARIN, STATE OF CALIFORNIA
In the matter of a repayment
contract with the San Rafael
Redevelopment Agency
WHEREAS by prior Resolution No. 4250, this Council
loaned the San Rafael Redevelopment Agency $20,000 at 7%
interest for redevelopment purposes.
WHEREAS, the City has incurred and will continue to
incur expenses in furtherance of the Central San Rafael
Redevelopment Project over and above the $20,000 in staff
costs, legal and other consultant fees as well as related admin-
istrative expenses with the understanding that said expenditures
would be repaid to the City by the Redevelopment Agency out
of tax increment revenues generated within the Central San
Rafael Redevelopment Project.
WHEREAS, in addition, the City has made and, in the
future, may make capital improvements within the project area
as part of the redevelopment program also with the understanding
that the costs of such capital improvements would be repaid
to the City by the Redevelopment Agency out of tax increment reven-
ues generated within the Central San Rafael Redevelopment Project
Area.
ORIG NAL
NOW, THEREFORE BE IT RESOLVED by the City Council
of the City of San Rafael, California:
That the Mayor is hereby authorized and empowered
to enter into an appropriate repayment contract with the
San Rafael Redevelopment Agency, a copy of which is attached
hereto as Exhibit "A", which will provide for the repayment
of the above referenced loan as well as the City costs incurred
or to be incurred solely out of tax increment revenues available
to the Redevelopment Agency.
Dated this 1st day of October , 197 3
MARION A. GRADY, Clerk
I, MARION A. GRADY, Clerk of the City of San Rafael,
California, HEREBY CERTIFY that the foregoing resolution was
duly and regularly introduced at a regular meeting of the
Council of said City of the 1st_ day of October , 1973,
by the following vote, to wit:
AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon, and Mayor Bettini
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
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MARION A. GRADY, Clerk of
the City of San Rafael
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REPAYMENT CONTRACT
CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT
This is a repayment contract dated this day of
, 1973, by and between the City of San
Rafael (hereinafter called "City") and the San Rafael Redevelop-
ment Agency (hereinafter called "Agency").
RECITALS:
1. By San Rafael City Council Ordinance No. 1079, the Agency
is vested with the responsibility for carrying out the Central
San Rafael Redevelopment Project (hereinafter called"Project")
which encompasses a project area more particularly described in
the attached map designated "Exhibit A".
2. To assure the successful redevelopment of the Project
and at the special instance and request of the Agency the City
undertook the necessary costs and expenses related to the planning,
coordination and administration relating to the development of and
implementation of the Project.
3. At the special instance and request of the Agency, the
City has incurred and will continue to incur staff and consultant
costs necessary for the successful implementation of the Project.
4. Additionally, the City has made and, in the future, may
make capital improvements within the project area as part of the
redevelopment program. The City and the Agency have had an under-
standing that the Agency shall repay these costs to the City out
of tax increment funds.
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5. That on June 19, 1972, the City by Resolution Number
4250 agreed to loan to the Agency $20,000 to defray Agency
operating costs. The Agency accepted said loan by Resolution
#72-2 dated June 19, 1972.
6. It was the understanding of both the City and the Agency
that further City expenses in connection with the Project would
be repaid by the Agency to the extent the Agency had revenues
available for such repayment.
THE CITY AND AGENCY AGREE:
1. The Agency agrees to reimburse the City for all sums
heretofore expended by the City in connection with the development,
implementation and administration of the Project Area. Said sum
includes the repayment of $20,000 previously loaned to the Agency
pursuant to City Resolution Number 4250 and Agency Resolution
No. 72-2, as well as further expenses incurred by the City over
and above said loan amount. The repayment of the $20,000 loan
shall bear interest on the unpaid portion at the rate of 7% per
annum until fully paid. Said debt representing additional City
costs for consultants and staff time already incurred shall bear
no interest and shall be paid to the City by the Agency in the
manner provided in section 4 below.
2. Agency agrees to reimburse the City for future costs
incurred by the City in furtherance of the Project as it relates
to additional costs to the City for consulting services, staff
time and other related administrative expenses. Said debt shall
bear no interest and shall be paid to the City by the Agency in
the manner provided by section 4 below.
3. Agency agrees to reimburse the City for capital improve-
ments the City has made or, in the future, may make within the
project area as part of the redevelopment program. Said debt
shall bear no interest and shall be paid to the City by the Agency
in the manner provided by section 4 below.
4. Upon receipt by the Agency of a cost certification
statement bearing the signature of a duly authorized agent of
the City and describing in detail all or any part of the costs
hereinabove enumerated that have been actually accrued and paid
by the City, the Agency shall cause to pay the City within 10
days the amount called for in the aforesaid statement, provided
that if the Agency is unable to pay the amount so called for
because of a deficiency in its accumulated tax increment funds,
the Agency shall apportion said funds according to the costs
then outstanding and due and pay on said apportioned amounts.
Those amounts remaining unpaid shall continue to be a debt of the
Agency and be paid immediately to the City upon receipt by the
Agency.
It is understood that in the event such tax increment revenues
fail to yield enough revenue to repay the obligations incurred in
this agreement, the Agency is under no obligation to the City to
make such repayment from any further funds or resources it may
acquire.
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5. If any provision of this Repayment Contract, or the
application thereof to any person, party transaction or circum-
stance, is held invalid, the remainder of this Contract, or the
application of such provision to other persons, parties, trans-
actions or circumstances, shall not be affected thereby.
IN WITNESS WHEREOF the Mayor of the City of San Rafael by
Resolution No. 4579 thereunto duly authorized has caused the
name of said City of San Rafael to be affixed hereto and the
Executive Director of the San Rafael Redevelopment Agency
by Resolution No. 73-3 of said Agency thereunto duly authorized
has caused the name of said San Rafael Redevelopment Agency to be
affixed hereto on the date and year first hereinabove written.
CITY OF SAN RAFAEL
0
Mayor
SAN RAFAEL REDEVELOPMENT AGENCY
By
WILLIAM BIELSER, Executive Director
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