HomeMy WebLinkAbout9/15/1999 - STAFF REPORTS (28) i
RESOLUTIONNO. 19655
OF THE CITY OF PALM SPRINGS, CALWORM A,
APPROVING A LOAN TO THE COMMUNITY
REDEVELOPMENT AGENCY INTHE AMOUNT OF ONE
HUNDRED THOUSAND DOLLARS($100,000)FOR SITE
IMPROVEMENTS BY SMART AIEX L.L.C.
WHEREAS,the Community redevelopment agency of the city ofPalm springs,California("Agency)
is constituted under the Community Redevelopment Law(California Health and Safety code section
33000 et. seq.)To carry out the purpose as the redevelopment agency in the City ofPalm Springs
Ct '):and
WHEREAS,on April 7, 1999,the Community Redevelopment Agency entered into an Owner
Participation Agreement with Smart Alex,L.L.C. ("Project');and
WHEREAS,pursuant to California Health and Safety Code Sections 33132 and 33601,the Agency is
authorized to borrow money from other public agencies to fulfill its obligations;and
WHEREAS,the Agency has executed a"Financing Agreement and Promissory Note"in the amount of
ONE HUNDRED THOUSAND DOLLARS($100,000);and
WHEREAS,the Agency has considered all the inforrnation,testimony and evidence provided during the
public hearing on April 7, 1999.
NOW,THEREFORE,BEITRESOLVEDbythe City ofPalm Springs that aloan forONEHUNDRED
THOUSAND DOLLARS($100,000)from the City ofPahm springs to the Community Redevelopment
Agency to reimburse Smart Alex,L.L.C.for some off-site improvements is hereby approved in the form
ofan"Agreement and Promissory Note,"as on file in the Office ofthe City Clerk,and shall acam interest
at the rate of 6•/per annum and be repayable from net tax increment accrued from the project.
ADOpM this 15thday of September , 1999,
AYES: Members Barnes, Hodges, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
A Municipal Corporation
BY
City Clerk City Manager
REVIEWED&APPROVED
RESOLUTION NO. 19656
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 1999-00 FISCAL YEAR.
WHEREAS Resolution 19541, approving the budget for the fiscal year
1999-00 was adopted on June 16, 1999; and
WHEREAS the City Manager has recommended, and the City Council
desires to approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is
authorized to record . inter-fund cash transfers as required in
accordance with this Resolution, and that Resolution 19541,
adopting the budget for the 1999-00 fiscal year is hereby amended
as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No.
001 12416 $100,000
Title:
General Fund Redevelopment
Notes Receivable
Purpose: To provide funding for Smart Alex OPA via General Fund loan to
North Palm Canyon Project Area.
SECTION 2. SOURCE Loan to be repaid from tax increment--from Smart Alex Project.
FUND Activity Account Amount
No.
955 26274 $100,000
Title:
Redevelopment
Long Term Debt Group Loans Payable
General Fund
Adopted this 15th day of September , 1999.
AYES: Members Barnes, Hodges, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED AS TO FORM
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