HomeMy WebLinkAbout19673 - RESOLUTIONS - 10/20/1999RESOLUTION NO. 19673
OF THE CITY OF PALM SPRINGS, CALIFORNIA,
APPROVING A LOAN TO THE COMMUNITY
REDEVELOPMENT AGENCY IN THE AMOUNT OF
SIXTY THOUSAND DOLLARS ($60,000) FOR SITE
ACQUISITION COSTS BY LINSU DEVELOPMENT
COMPANY, 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 of Palm Springs
("City"); and
WHEREAS, on December 13, 1995, the Community Redevelopment Agency entered into an Owner
Participation Agreement with Linsu Development Company, LLC ("Project"); and
WHEREAS, on December 14, 1996, the Community Redevelopment Agency approved the First
Amendment to the Owner Participation Agreement with Linsu Development Company, LLC; 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 shall execute a "Financing Agreement and Promissory Note" in the amount of
SIXTY THOUSAND DOLLARS ($60,000); and
WHEREAS, the Agency has considered all the information, testimony and evidence provided during the
public hearings on December 13, 1995 and December 4, 1996.
NOW, THEREFORE, BE IT RESOLVED by the City of Palm Springs that a loan for SIXTY
THOUSAND DOLLARS ($60,000) from the City of Palm Springs to the Community Redevelopment
Agency to reimburse Linsu Development Company, L.L.C. for site acquisition costs 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 20th day of October , 1999.
AYES: Members Barnes, Hodges Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: Member Oden
ATTEST: CITY -OF -PALM SPRINGS, CALIFORNIA
A Municipal Corporation�, )
4-
City Clerk °( City Manager
REVIEWED & APPROVED
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