HomeMy WebLinkAboutMINUTES - 02111992 - 1.65 TO: REDEVELOPMENT AGENCY
1 Contra
FROM: Phil Batchelor
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:
Executive Director COun �
DATE: February 11, 1992
SUBJECT: Loan Agreement- Glendale Federal Savings
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve Loan Agreement with Glendale Federal Savings and authorize the
Redevelopment Director or his designee to execute said Agreement; and
authorize the Redevelopment Director or his designee to execute a
Certificate of Acceptance and deposit into escrow.
FISCAL IMPACT
No General Funds are involved.
The total cost to acquire the subject properties is $1.5 million. The
Agency is making a down payment of $300, 000. Glendale Federal Savings
is carrying the remainder of the amount on terms.
BACKGROUNDIREASONS FOR RECOMMENDATIONS
On December 17, 1991, the Agency and the Board approved a number of
actions related to the Agency's purchase of properties owned by
Glenfed Development Ventures in Area 4 of the Pleasant Hill BART
Station Area. The background material made reference to a loan from
Glendale Federal Savings to the Agency, but the actions failed to
authorize the Redevelopment Director to execute a Loan Agreement.
It is expected that escrow will close on this property on or around
February 20, 1992. A Certificate of Acceptance will need to be signed
and deposited into escrow.
CONTINUED ON ATTACHMENT: YES SIGNATURE: A
q'VL--'0-,
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENON OF A ENCY COMM7TEE
APPROVE OTHER
7
SIGNATURE(S) :
ACTION OF AGENCY ON February 11 , 1992 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
,cc: Community Development
CAO ATTESTED February 11 , 1992
County Counsel PHIL BATCHELOR,
SRA22/jb/glendall.bos AG CY SECRETARY
BY Z , DEPUTY