HomeMy WebLinkAboutContracts & Agreements_17-1983_CCv0001.pdf LOAN AND PLEDGE AGREEMENT
BETWEEN THE CITY OF REDLANDS AND THE
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
(Reservoir Canyon Flood Control Facility)
1 . PARTIES AND DATE
This Agreement is made and entered into this 19th
day of 1983 , by and between the CITY OF
REDLANDS, a municipal corporation ("City" ) , and the REDEVELOP-
MENT AGENCY OF THE CITY OF REDLANDS ("Agency" ) , a public
agency organized pursuant to the provisions of the Community
Redevelopment Law of the State of California.
2. RECITALS .
2. 1 City has established Agency and a redevelop-
ment project known as the Redlands Redevelopment Project
("Project") pursuant to the provisions of Section 33000 et
of the California Health and Safety Code.
2.2 Agency is undertaking a program under these
statutes for the redevelopment , replanning and redesign of
blighted areas within the Project containing stagnant ,
improperly utilized and unproductive land which requires
redevelopment in the interest of health, safety and general
welfare of the people of City.
2. 3 Agency' s Plan provides that Agency may, with
the consent of City, pay all or part of the value of the
land and the cost of installation and construction of any
building, facility or other improvement which is publicly
owned either within or without the Project . Further, the
Plan generally identifies certain street improvements ,
drainage improvements , sanitary sewer improvements , water
lines , underground power and utilities and parkway landscap-
ing, together with appurtenant public improvements , which
will improve and serve the Project and alleviate conditions
of blighting.
2.4 City has agreed to undertake the design and
construction of certain flood control facilities known as
the Reservoir Canyon Flood Control Facilities ("Flood Control
Facilities") within the boundaries of the Project , and to
fund the construction of such Flood Control Facilities .
2.5 Agency wishes to make any funds which might
become available to Agency from increased property taxes
collected from properties within the boundaries of the
Project available to City to assist in the financing of such
Flood Control Facilities , and to reimburse City by periodic
payments over a period of years , if necessary, for such
advances to finance the Flood Control Facilities as City may
make.
2. 6 City and Agency have found that it would be
in the best interests of the taxpayers and residents of City
to have the Flood Control Facilities constructed, and are in
agreement that any tax increment revenues generated pursuant
to Health and Safety Code Section 33670 within the boundaries
of the Project and received by the Agency and the Project ,
and not otherwise committed, shall be pledged, at this time,
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to the City to assist in financing a portion of the costs
and expenses for the Flood Control Facilities . Tax increment
revenue ("Tax Increment") which is allocated to Agency
pursuant to Health and Safety Code Section 33670(b) shall be
used and pledged and reimbursed by Agency to City and paid
by City to complete design and construction of the Flood
Control Facilities .
2.5 City' s Council has found and determined that
such Flood Control Facilities are of benefit to the Project
area and that no other reasonable means of financing such
public improvements are available to City, and has agreed to
pay for the cost of the design, installation and construction
of such public improvements through an agreement with the
County of San Bernardino ("County" ) .
3 . TERMS .
3 . 1 Flood Control Facilities . City shall commence
and undertake whatever contractual agreements are required
with County for the design, installation and construction of
certain public flood control improvements of benefit to the
Project (the Flood Control Facilities) which are consistent
with the Redevelopment Plan for the Project , with these
improvements to be financed through cash advances from
City' s general funds .
3 .2 fledge of Tax Increment . After the payment
of all costs and expenses for the operation, maintenance and
general administration of the Agency and of previously
incurred indebtedness , as deemed appropriate by the Agency,
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Agency shall incur a debt and obligation to the City and
shall plege and transmit Tax Increment received from within
the boundaries of the Project , to City, and said Tax Increment
shall be used and applied to reimburse City for all costs
associated with the design, installation and construction of
the Flood Control Facilities .
3. 3 Obligation Constitutes Indebtedness . This
Agreement shall constitute an obligation and debt of the
Agency to use all available Tax Increment revenue to reim-
burse City by periodic payments for the construction of the
public improvements provided for herein, and to have the
City apply said funds to fulfill its obligations to County.
IN WITNESS WHEREOF, the parties hereto have entered
into this Agreement on the day and year first hereinabove
written.
CITY OF R LAND
By:
Mayo,,.r
ATTEST:
City Clel-k
THE REDS, 'LOPMENTnAGENCY OF
THE CI F REDiI ro S
By:
Chairman
ATTEST:
Executiv4 Director aO�'
Secretary