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9/29/2005 3:09:10 PM
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General - Type
Resolutions
General 2 - Date
8/23/2005
Number
R-772
Description
Reimbursement agreement with respect to financing of the construction of public improvements Grove
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1 <br /> <br /> 2 <br /> <br /> 3 <br /> <br /> 4 <br /> <br /> 5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />28 <br /> <br /> RESOLUTION NO. 772 <br /> <br /> A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br /> OF RIVERSIDE, CALIFORNIA APPROVING A REIMBURSEMENT <br /> AGREEMENT BETWEEN THE CITY OF RIVERSIDE AND THE <br /> REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE WITH <br /> RESPECT TO THE FINANCING OF THE CONSTRUCTION OF PUBLIC <br /> IMPROVEMENTS FOR THE GROVE BUSINESS PARK <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") is <br />engaged in activities necessary to execute and implement the redevelopment plan <br />("Redevelopment Plan") for the Agency's Merged Hunter Park/Northside Redevelopment <br />Project Area adopted on June 74, 2003 ("Project Area"); and <br /> <br /> WHEREAS, the Agency is undertaking certain activities necessary for <br />redevelopment in the Project Area pursuant to the provisions of the California <br />Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) <br />("CRL") and the Redevelopment Plan; and <br /> <br /> WHEREAS, Sections 33132, 33600 and 33601 of the CRL authorize the Agency <br />to borrow or accept financial assistance or other assistance from other public agencies <br />to fund the agency's activities, powers and duties; and <br /> <br /> WHEREAS, at the June 28, 2005 City Council/Agency Joint meeting, an Agency <br />loan in an amount not to exceed $400,000 was approved for certain costs related to the <br />construction of street and storm drain improvements needed for the development of the <br />property situated at the northeast corner of Iowa and Marlborough Avenues; and <br /> <br /> WHEREAS, it is the intent to reimburse capital and preliminary expenditures <br />relating to the construction and acquisition of public facilities within and for the Hunter <br />Park Assessment District from the proceeds of the sale of the bonds for the purposes of <br />Section 1.1150-2 of the Treasury Regulations; and <br /> <br /> WHEREAS, the Agency has entered into that certain "Loan Agreement" dated <br />June 28, 2005 with The Grove Business Park, LLC, a limited liability company ("Owner") <br />wherein the Agency agreed to provide financial assistance to Owner for the purpose of <br />financing the construction of certain public improvements ("Public improvements"); and <br /> <br /> WHEREAS, the Agency desires to obtain financial assistance from the City of <br />Riverside ("City") to meet its financial obligations to Owner under the Loan Agreement <br />and <br /> <br /> <br />
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