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HomeMy WebLinkAboutMINUTES - 01171984 - 1.53 TO: BOARD OF SUPERVISORS Contra FROM: M. G. Wingett, County Administrator C/ a oS}a DATE: January 17, 1984 ou' "1 In the Matter of the Approval of the Repayment SUBJECT: Agreement Dated January 17, 1984 and Authorizing Resolution No. 84/3 Execution of the Repayment Agreement The Contra Costa County Board of Supervisors RESOLVES THAT: A portion of the costs to be incurred in the formation of the Contra Costa Redevelopment Agency ( the "Agency" ) and the planning and related activities in connection with the development of a redevelopment plan will be borne by Contra Costa County ( the "County" ) ; It is anticipated that the Agency will repay to the County all such costs to be incurred for redevelopment purposes out of tax increment revenues generated within the redevelopment project area; The Agency has. requested a loan from the County in the amount of $200,000; Repayment by the Agency to the County is provided for in a Repayment Agreement, dated January 17, 1984, between the County and the Agency. The County authorizes execution of the Agreement, attached hereto as Exhibit A ; and It has been found and determined that the cost of any public improvements to be undertaken by the County on behalf of, and as specifically authorized by, the Agency shall be repaid by the Agency and shall bear interest at the rate of one percent (la) per annum above the prime interest rate (as defined in the Repayment Agreement) , but not to exceed the maximum interest rate permitted by law. The Contra Costa County Board of Supervisors hereby approves the loan to the Agency in an amount not to exceed $200,000 and authorizes the Chairman of the Board of Supervisors to execute the Repayment Agreement. The Repayment Agreement is hereby approved. The Agreement provides for repayment of all future costs incurred by the County on behalf of the Agency and- for repayment of the loan in Continued on page 2 CONTINUED ON ATTACHMENT: S"' YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON January V7, 1984 APPROVED AS RECOMMENDED X OTHER VOTE OF SUPERVISORS X UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. CC: Director of Planning ATTESTED /-/ 19 Public Works Director J-41;- OLSSON, OUNTY CLERK County Counsel AND EX OFFICIO CLERK OF THE BOARD County Aministrator M382/7-891dfard F, Lipman BY A'IL DEPUTY Page 2 an amount not to -exceed $200,000, both of which bear interest at the rate of one percent ( 1% ) per annum above the prime interest rate (as defined in the Repayment Agreement) but not to exceed the maximum interest rate permitted by law. Interest shall accrue from this date forward, and for repayment to the County for public improvements undertaken by the County on behalf of and as specifically authorized from time to time by the Agency. The cost of such public improvements shall bear interest at the rate of one percent ( 1%) ,per annum above the prime interest rate (as defined in the Repayment Agreement) but not to exceed the maximum interest rate permitted by law. 318 REPAYMENT AGREEMENT THIS REPAYMENT AGREEMENT dated thisl7th day of January , 1984, is made by and between the County of Contra Costa (hereinafter called "County" ) and the Contra Costa County Redevelopment Agency (hereinafter called "Agency" ) . RECITALS 1 . On November 29, 1983, the County duly adopted Ordinance No. 83-67 establishing the Contra Costa County Redevelopment Agency. 2. The Agency is vested with the responsibility for formulating and carrying out necessary redevelopment projects within the County. 3. To that end, the County will expend on behalf of the Agency at the special instance and request of the Agency, staff time, expenses, including, but not limited to, overhead costs, consultants costs, use of County facilities and other related expenses in the formulation, coordination, administration and implementation of a redevelopment plan for the County. 4. These expenditures will be made in the anticipation that such costs will be repaid by the Agency out of tax increment funds generated within the redevelopment project area. 5. In the event that public improvements are undertaken by the County on behalf of the Agency, the Agency will reimburse the County for such public improvements. 6. The purpose of this Agreement is to provide for the repayment by the Agency of a loan from the County in an amount not to exceed $200,000, future loans from the County as may be required for administrative costs and expenses incurred by the County on behalf of the Agency, and any costs undertaken for public improvements by the County on behalf of the Agency, all of which are necessary for the formulation, coordination, administration and implementation of a redevelopment plan for the County. It is also the purpose of this Agreement to allow the authorization of future loans by the County and repayment therefore to become a part of this .Agreement after the authorization or appropriations by the County Board of Supervisors and Agency, without further amendment to this Agreement. AGREED 1 . The Agency agrees to repay the loan from the County in an -1- 319 amount not to exceed $200, 000 for the Agency' s costs and expenses in formula-ting, coordinating, administering and implementing a redevelopment plan. The loan shall bear interest at the rate of one percent ( 1%) per annum above the prime interest rate (defined below) , but not to exceed the maximum interest rate permitted by law. For purposes of calculating the applicable interest rate, the "prime rate" means the prime rate charged by Wells Fargo Bank, San Francisco, California. The interest rate will be adjusted quarterly to conform to the changes in the prime rate effective on January 1, April 1, July 1, and October 1 of each year. The loan shall bear interest from the date that loan funds are drawn by the Agency and shall be repaid solely from tax increment funds generated within the redevelopment project area. It is understood that in the event such tax increment revenues fail to yield enough revenue to repay this obligation, the Agency is under no obligation to the County to make such repayment from any further funds or resources it may acquire. In the event that the County authorizes by appropriate resolution any future loan( s) , such loan( s) shall become a debt of the Agency and shall be reflected as Exhibit A, which shall be attached to this Agreement and made a part hereof as if fully set forth herein. Such future loan( s) shall bear interest at the rate set forth above. 2. The Agency agrees to reimburse the County for all costs incurred by the County in furtherance of a redevelopment plan. These costs include, but are not limited to, costs to the County of consulting services, staff time and other related administrative expenses. This debt shall bear interest at the rate set forth in Section 1 above. 3. If the County and the Agency so authorize by resolution, the County may incur costs for public improvements on behalf of the Agency. These costs shall become a debt of the Agency and shall be reflected as Exhibit B, which shall be attached to this Agreement and made a part hereof as if fully set forth herein. These costs shall bear interest at the rate set forth in Section 1 above, and shall be paid to the County by the Agency in the manner provided in Section 4 below. 4. Upon receipt by the Agency of a cost certification statement bearing the signature of a duly authorized agency of the County and describing in detail all or any part of the costs hereinabove enumerated that have been actually accrued and paid by the County, the Agency shall cause to pay the County within ten ( 10) days the amount set forth in the statement, provided that sufficient tax increment revenues are available to pay such amount. 32® -2- It is. understood by the Agency and the County that such repayment shall be a debt of the Agency and shall be repaid solely from tax increments generated within the redevelopment project area. 5. It is agreed by the parties hereto that the repayment to the County pursuant to this Agreement is hereby subordinated to any and all payments necessary to satisfy the Agency' s obligations in connection with any existing or future bonded indebtedness or obligation which may be incurred by the Agency for the benefit of the redevelopment plan or to the extent necessary for any bonded indebtedness for which the Agency has pledged as a security or source of repayment tax increment funds generated within the project area. 6. If any provision of this Repayment Agreement, or the application thereof to any person, party, transaction, or circumstance, is held invalid , the remainder of this Repayment Agreement, or the application of such provision to other persons, parties, transactions or circumstances, shall not be affected thereby. IN WITNESS WHEREOF, the Chairman of the Contra Costa County Board of Supervisors by Resolution No . 84 35 thereunto duly authorized has caused the name of Contra Costa County to be affixed to this Repayment Agreement and the Executive Director of the Contra Costa County Redevelopment Agency by Resolution No . RA84-4 of the Agency thereunto duly authorized has caused the name of the Contra Costa County Redevelopment Agency to be affixed to this Repayment Agreement on the date hereinabove written. COUNTY OF CONTRA COSTA By: Y IONS- County Supervisor APPROVED AS TO FORM: CONTRA COSTA COUNTY REDEVELOPMENT AGENCY 0:' 0 Li By. Z cz/// - ..... County Counsel Executive Dire or CCSRE/1/4/84 321 -3-