HomeMy WebLinkAbout19655 - RESOLUTIONS - 9/15/1999 RESOLUTION NO. 19655
OF THE CITY OF PALM SPRINGS, CALIFORNIA,
APPROVING A LOAN TO THE COMMUNITY
REDEVELOPMENT AGENCY IN TEE AMOUNT OF ONE
HUNDRED THOUSAND DOLLARS ($100,000)FOR SM
IMPROVEMENTS BY SMART ALEY,L.L.C.
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 cant'out the purpose as the redevelopment agency in the City of Palm Springs
("City"); 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 information,testimony and evidence provided during the
public hearing on April 7, 1999.
NOW,THEREFORE,BE IT RESOLVED by the City of Palm Springs that a loan for ONE HUNDRED
THOUSAND DOLLARS($100,000)from the City of Palm Springs to the Community Redevelopment
Agency to reimburse Smart Alex, L.L.C. for some off-site improvements is hereby approved in the form
of an"Agreement and Promissory Note,"as on file in the Office ofthe 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 15thday of September 1999.
AYES: Members Barnes, Hodges, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: -CITY OF PALM SP�(i CALIFORNIA
ici al Corpor�rtfopi
City Clerk 1ty jM ager
REVIEWED&APPROVED