HomeMy WebLinkAbout18943 - RESOLUTIONS - 12/4/1996 RESOLUTION NO. 18943
OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING A LOAN TO THE
COMMUNITY REDEVELOPMENT AGENCY IN
THE AMOUNT OF SEVENTY-NINE THOUSAND
DOLLARS ($79, 000) FOR SITE
' IMPROVEMENTS BY LINSU DEVELOPMENT
COMPANY, L.L.C. ( "LINSU" ) .
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WHEREAS, the Community Redevelopment Agency of the City of Palm
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 in the City
of Palm Springs ( "the City") ; and
WHEREAS, on October 18, 1995, the Community Redevelopment Agency
entered into an Owner Participation Agreement with Linsu
Development Company, L.L.C. ; and
WHEREAS, a Notice of Public Hearing concerning an amendment and
loan approval was published in accordance with applicable law; 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 SEVENTY-NINE THOUSAND DOLLARS
($79, 000) ; and
' WHEREAS, the Agency has considered all the information, testimony
and evidence provided during the public hearing on December 4,
1996 .
NOW, THEREFORE, BE IT RESOLVED by the City of Palm Springs that a
loan for SEVENTY-NINE THOUSAND DOLLARS ($79, 000) from the City of
Palm Springs to the Community Redevelopment Agency to reimburse
Linsu Development Company, L.L.C. for some offsite improvements is
hereby approved in the form of an "Agreement and Promissory Note",
as on file in the Office of the City Clerk; and shall accrue
interest at the rate of 6% per annum and be repayable from net tax
increment accrued from the Project .
ADOPTED this 4th day of December 1996 .
AYES : Members Oden and Mayor Kleindienst
NOES : None
ABSENT: Members Barnes and Spurgin
ABSTAIN: Member Hodges
ATTEST:
CITY OF PALM SPRINGS, CALIFORNIA
A Municipal Corporation
yl
' City Clerk ,4,,City Manager.
REVIEWED & APPROVED
186