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HomeMy WebLinkAboutContracts & Agreements_27-1977AGREEMENT FOR LOAN AND REPAYMENT THIS AGREEMENT entered into as of this 22nd day September, 1977, by and between the City of Redlands, California, a municipal corporation, hereinafter called "City" and the Redevelopment Agency of the City of Redlands, California hereinafter called "Agency"; WHEREAS, the Agency is undertaking activities to complete in the Redlands Redevelopment Project; and WHEREAS, the Agency has an existing need for funding to carry out certain project activities in the project area; and WHEREAS, the City desires to assist the Agency in such need; and WHEREAS, the California Community Redevelopment Law authorizes the City to make a Loan to the Agency. NOW, THEREFORE, BE IT RESOLVED, that the parties hereto do mutually agree as follows: 1) Amount of Loan The City agrees to loan the Agency $200,000. Said loan shall be in addition to any and all amounts heretofore loaned to the Agency. 2) Disbursement of Loan Proceeds The City agrees to disburse loan proceeds to the Agency upon receipt of a request in writing from the Agency. The Agency agrees to use such proceeds only for the purposes provided for under the State law and within the Redlands Redevelopment Project Area. 3) Interest The Agency agrees to pay the City an interest rate equal to the yield on annual investments of the City plus 1%, not to exceed 8%. Interest payment to be made quarterly on all funds borrowed. 4) Repayment Repayment shall consist of all Tax Increments not required for bond service on outstanding bonds and available to the Agency from the Redlands Redevelopment Project Area. In the event that the Agency is not able to repay the Loan by June 21, 1987, this agreement shall be reviewed and renegotiated by the City and Agency as to the time repayment. IN WITNESS WHEREOF the Agency and City have executed this agreement as of the date first above written. REDLANDS REDEVELOPMENT AGENCY ATTEST: ) Z ._� R bert H. Mitchell Executive Director Redevelopment Agency APPROVED FOR FORM: Edward F. ^_'aylor City Attorney CITY OF REDLANDS, a municipal corporation Char es rjY, , ,,. Ma ATTEST: Mosele C y Clerk P R O M I S S O R Y N O T E $ 200,000 1977 The Redevelopment Agency of the City of Redlands, California, here- inafter called "Agency" for value received, promises to pay to the City of Redlands, California, a municipal corporation, hereinafter called "City" the sum of $200,000 with interest rate equal to the annual yield of City investment plus to payable in quarterly in- stallments from October 1, 1977 until paid, with said principal plus said interest to be paid not later than June 30, 1987, or not later than a subsequent date agreed to by the Agency and the City. This Promissory Note is executed in compliance with and is intended to incorporate all terms and conditions of that certain "Agreement for Loan and Repayment", entered into the 22nd day of September, 1977, by Agency and City. APPROVED FOR FORM: City Attorney The Redevelopment Agency of the City of Redlands, California r `Ch rJ e G De rj. n, _ irman ATTEST: Robert N. Mitchell, Executive Director MINUTES of a regular meeting of the Redevelopment Agency of the City of Redlands, held in the Council Chambers, Safety Hall, 212 Brookside Avenue, on June 21, 1977, at 5:25 P.M. PRESENT Charles G. DeMirjyn, Chairman Chresten M. Knudsen, Vice Chairman Ellsworth E. Miller, Member Warren R. Elliott, Member H. L. Archbold, Acting Executive Director Edward F. Taylor, City Attorney Peggy A. Moseley, Secretary Erwin S. Hein, Redlands Daily Facts Sally Bowman, San Bernardino Sun ABSENT Bertha Rose Grace, Member The minutes of the regular meeting of the Redevelopment Agency of June 7, 1977, were approved as submitted. -- - Mr. Archbold presented an agreement for loan and repay- ment between the City of Redlands and the Redevelopment Agency - City Agency to provide the Agency with adequate cash flow and Agreement requested authorization for the Chairman to sign the agreement in behalf of the Agency. Mr. Archbold stated that the maximum amount would not exceed $1,000,000. Approval of the agreement and authorization for the Chairman to sign in behalf of the Agency was given by AYE votes of all present on motion of Member Knudsen, seconded by Member Miller. There being no further business, the Redevelopment Agency adjourned to a Council Personnel meeting. Next regular meeting, July 5, 1977. Respectfully submitted, Redevelopment Agency Page one - June 21, 1977 CITY MANAGER Joslyn Senior Center Consultant Contract City -Agency Loan Agreement Helicopter Services Contract Underground Utilities District No. 5 Page six - June 21, 1.977 Acting City Manager Archbold presented a contract between Lynn McEuen and the City of Redlands for consultant services at the Joslyn Senior Center. On motion of Councilman Miller, seconded by Councilman Knudsen, the contract was approved with the City Manager authorized to sign in behalf of the City. Terms of the contract shall be from July 1, 1977, to June 2, 1978; contractor shall pay $9.00 per hour for 768 hours of work totaling $6,912.00 payable semi --annually for the period of this contract. Mr. Archbold presented an agreement for loan and repayment between the City and the Redevelopment -Agency to provide the Agency with adequate cash flow and requested authori- zation for the Mayor to sign the agreement in behalf of the City and the Agency. Mr. Archbold stated that the maximum amount would not exceed $1,000,000. Approval of the agreement and authorization for the Mayor to sign in behalf of the City was given by AYE votes of all present on motion. of Council- man Miller, seconded by Councilman Elliott. Acting City Manager presented a request from Chief Brickley for Council approval of a contract for the Sheriff's helicopter services for fiscal year 1977-78 between the City of Redlands and the County of San Bernardino. Chief Brickley also asked that the Mayor be authorized to sign the contract which is in the amount of $25,330.37. On motion of Councilman Miller, seconded by Councilman Knudsen, the agreement was approved as described by AYE votes of all present. The Underground Utilities Advisory Committee of the City of Redlands recommended that the City establish Under- ground Utilities District No. 5 in the vicinity of the San Bernardino County Museum in conjunction with the County of San Bernardino. On motion of Councilman Miller, seconded by Councilman Knudsen, approval of this recom- mendation and authorization to hold a public hearing on July 5, 1977, was given following the assurance by Mr. Shefchik that the City of Redlands' Rules-20 funds will not be involved in this underground district. This motion was approved by AYE votes of all present. The public hearing will be held in the Council Chambers at 7:00 P.M. on Tuesday, July 5, 1977.