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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 -2- MARION A. GRADY, Clerk of the City of San Rafael RUN6,. 6,JKUISSO - Dequtg Cit, 6&ZE 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. -1- 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. -3- 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 -4-