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HomeMy WebLinkAboutMINUTES - 10221985 - 1.7 (3) REDEVELOPMENT AGENCY . OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on October 22, 1985 , by the following vote: AYES: Supervisors Powers, Schroder, McPeak, Torlakson and Fanden NOES: None ABSENT: None ABSTAIN: None SUBJECT: RESOLUTION NO. RA 85-16 Request for an advance of funds from the County and authorization to execute a Repayment Agreement. On September 17 , 1985, the Redevelopment Agency adopted Resolution No. RA 85-11 authorizing the execution of a Purchase and Sale Agreement to acquire certain remaining segments of former Southern Pacific Railroad right of way and other property interests in the Pleasant Hill BART Station Area Redevelopment Project. The property is to be acquired in two transactions with the first closing escrow on November 1 , 1985 and involving a purchase price of $430,000. The property and interests to be acquired are necessary for the implementation of the Redevelopment Project, the Pleasant Hill BART Station Area Specific Plan and the BART/County/Agency Agreement. While the Agency currently lacks sufficient funds to acquire the property, the County does have funds available and is willing to advance the monies necessary to cover the purchase price and acquisition costs. The Agency anticipates revenues sufficient to repay the County before the funds are needed by the County to cover other costs. Therefore, the Contra Costa County Redevelopment Agnecy does hereby resolve that it: 1. Request an advance of funds not to exceed $450,000 from the County; 2. Authorizes the Executive Director or his designee to execute that certain Repayment Agreement with the County, attached hereto and incorporated herein by this reference, providing for repayment of such funds as . may be advanced from various revenues of the Agency; and 3 . Appropriates the funds .received- from the County for the purposes set forth- in the aforementioned Agreement and authorizes the Executive Director to expend such funds for such purposes. 1 hereby certify that this Is a b wandcorrectCOPY 41 an action tpLkon and entered on we minutes of the Rodealopment Agency on the date shown. ATTESTED: - PHIL BATCHELOR,Agency Secretxy By Deputy cc: Community Development County Counsel County Administrator ORIGINAL REPAYMENT AGREEMENT (Land Acquisition and Public Improvements) This agreement is made this ��day of , 198 , by and between the County of Contra Costa ( "County" ) and the Contra Costa County Redevelopment Agency ( "Agency" ) with respect to the following facts: A. Agency and County both desire that the public improvements provided for in the Redevelopment Plan and the Specific Plan for the Pleasant Hill BART Station Area be constructed as soon as is reasonably possible so as to implement the Redevelopment Plan and Specific Plan and carry out their purpose. B. Agency and County both desire the assemblage of property with the Development Areas designated by the Pleasant Hill BART Station Area Specific Plan. C. It is necessary that the Agency acquire privately-owned property so as to permit construction of public improvements and the assemblage of Development Areas. D. The Executive Director has executed pursuant to authorization contained in Agency Resolution RA 85-11, a Purchase and Sale Agreement to acquire certain former Southern Pacific Railroad right of way and other property interests in the Pleasant Hill BART Station Area, and such right of way and property interests are necessary for the construction of public improvements and assemblage of Development Areas in the Redevelopment .Project. E. County and Agency desire that the County provide the funds to acquire the right of way and property interest covered by the Purchase and Sale Agreement and that such funds should be repaid to the County from revenues anticipated by the Agency in Fiscal Year 1985-86. Therefore, Agency and County agree as follows: 1. County shall, at the request of the Agency, advance to the Agency such amounts, not to exceed $450,000, as are needed by the Agency for acquisition of property and property interest provided for in that certain Purchase and Sale and Trade Agreement dated September 17, 1985, and authorized by Agency Resolution No. RA 85-11. An Agency request for payment of any amount pursuant to this paragraph shall be made at or near the time Agency expects to expend such funds for the purposes stated in this paragraph. The funds advanced shall be drawn from funds held in connection with the County of Contra Costa Assessment District No. 1983-1 . -1- 2. The Agency shall repay to the County any amount advanced by the County pursuant to paragraph 1 above with interest at a rate which is the lower of 12% per annum or the highest amount permitted by law from the date of advance until paid. Any interest accrued shall not bear interest. The entire amount advanced plus accrued interest shall be all due and payable prior to such time as they are needed for construction of those public improvements which are specified in the Engineer' s report prepared in connection with County of Contra Costa Assessment District No. 1983-1 and which Executive Director of the Agency has approved for construction by the Agency. The Agency may repay the County from any revenues it receives prior to the time that said advance of funds is due and payable by the Agency and that Agency appropriates for that purpose, including, but not limited to : the proceeds of bonds; tax increments pursuant to Health & Safety Code Section 33670; proceeds from the sale of land reimbursements, loans or payments from developers pursuant to the provisions of a Disposition and Development Agreement; and any other payments, advances or loans. 3 . The Agency may, pursuant to Health & Safety Code Sections 33670 & 33675, claim any amounts owing to the County pursuant to paragraph 2 as indebtedness in connection with the Pleasant Hill BART Station Area Redevelopment Project. ATTEST: Phil Batchelor, Clerk of the County of Contra Costa Board and County Administrator By Bye ep y Nancy C. Fanden Chairwoman Contra Costa County Redevelopment Agency By Thomas A. Progen, Deputy Executive Director APPROVED AS TO FORM Victor J. Westman, County Counsel By: �� 2. Silvano B. MarIchesi Assistant County Counsel iy t 1 . RA request for advanc& of funds RES RA 85-16 2. SPRR R/W acquisition PH Bart Sta area 4