HomeMy WebLinkAbout2011-03-08 - RESOLUTIONS - AMENDED RESTATED RDA 2008 LOAN (4)RESOLUTION NO. RDA 11-3
' A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
CLARITA AUTHORIZING MODIFICATIONS TO A LOAN AGREEMENT WITH THE CITY
OF SANTA CLARITA AND APPROVING THE EXECUTION OF AN AMENDED AND
RESTATED LOAN AGREEMENT AND 2008 NOTE RELATED THERETO
WHEREAS, the Redevelopment Agency of the City of Santa Clarita (the "Agency") is
authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of California (the
"Law"), to incur indebtedness for the purpose of financing certain redevelopment activities
within and/or of benefit to its Newhall Redevelopment Project Area (the "Project Area"); and
WHEREAS, the City of Santa Clarita (the "City") previously loaned funds to the Agency
for administrative purposes and to fund redevelopment projects of the Agency evidenced by a
total of thirteen (13) promissory notes in the aggregate principal amount of $10,242,068, and
together with accrued interest, with an outstanding aggregate balance due of $11,943,000 as of
May 31, 2008 (the "Prior Notes"); and
WHEREAS, on May 13, 2008, the City made a new loan in the principal amount of
' $5,135,000 to the Agency to fund redevelopment projects of the Agency pursuant to and in
accordance with a Loan Agreement dated as of May 13, 2008 (the "Loan Agreement"), pursuant
to which Loan Agreement the new loan and the Prior Notes were consolidated into a single note
in the principal amount of $17,078,000 (the "2008 Note"); and
WHEREAS, on March 8, 2011, in accordance with the terms and provisions of the Loan
Agreement, the Agency prepaid a portion of the 2008 Note in the amount of $7,700,000,
representing $3,359,928.94 of accrued interest and $4,340,071.06 of principal repayment; and
WHEREAS, the Agency and the City desire to modify the Loan Agreement to (i)
reestablish and reaffirm the terms and conditions upon which the 2008 Note was made, including
the addition of a debt service repayment schedule, (ii) evidence the partial repayment of the 2008
Note and (iii) clarify the source of repayment of the 2008 Note, including the Agency's pledge of
tax increment revenues securing the 2008 Note, all as provided and further described in the
Amended and Restated Loan Agreement, dated as of March 8, 2011 (the "Amended and Restated
Loan Agreement"), the proposed form of which has been presented to this Board; and
WHEREAS, the Board of the Agency, with the aid of its staff, has reviewed the Amended
and Restated Loan Agreement and related documentation, which documentation is on file with
the Secretary of the Agency;
' NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
CLARITA DOES RESOLVE AS FOLLOWS:
In accordance with the Law and the terms and provisions of the Loan Agreement, the
Agency hereby approves the modifications and clarifications to the Loan Agreement as set forth '
in the Amended and Restated Loan Agreement, including the addition of a debt service
repayment schedule and the pledge of tax increment revenues securing the 2008 Note.
SECTION 1. The Agency hereby approves the Amended and Restated Loan Agreement
in substantially the form on file with the Secretary, together with such revisions, amendments and
completions as shall be approved by the Chairperson, the Vice Chairperson, the Executive
Director, the Treasurer or the Secretary of the Agency, or any designee of any of them (each, an
"Authorized Officer"), such approval to be conclusively evidenced by the execution and delivery
thereof by an Authorized Officer. The date, maturity date, interest rate or rates, form and other
terms of the 2008 Note shall be as provided in the Amended and Restated Loan Agreement, as
finally re -executed.
SECTION 2. Any one of the Authorized Officers is hereby authorized and directed,
jointly and severally, to execute and deliver any and all documents and instruments and to do and
cause to be done any and all acts and things necessary or proper in order to consummate the
execution of the Note and otherwise to effectuate the purposes of this Resolution and the
transactions contemplated hereby.
SECTION 3. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 8th day of March, 2011. '
CHAIR
ATTEST:/
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SECRET
DATE: vb" II
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, Acting Secretary of the Redevelopment Agency of the City of Santa
Clarita, do hereby certify that the foregoing Resolution was duly adopted by the Redevelopment
Agency of the City of Santa Clarita at a regular meeting thereof, held on the 8th day of March,
2011, by the following vote:
AYES: AGENCY MEMBERS:
NOES: AGENCY MEMBERS
ABSENT: AGENCY MEMBERS
Kellar, Ender, Weste, McLean
I2116W
Ferry
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss. '
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, , City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution No. RDA 11-3 adopted by
the City Council of the City of Santa Clarita, California on March 8, 2011, which is now on file
in my office.
Witness my hand and sea] of the City of Santa Clarita, California, this day of
2011.
City Clerk I
By
Deputy City Clerk
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