CC Resolution 1984-003( RESOLUTION NO. 84-3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING AN AGREEMENT
RELATIVE TO AN ADDITIONAL ADVANCE OF FUNDS FROM
THE CITY OF LA QUINTA TO THE LA QUINTA REDEVELOP-
MENT AGENCY.
BE IT RESOLVED by the City Council of the City of La Quinta,
California, to approve an agreement between the City of La Quinta
and the La Quinta Redevelopment Agency relative to an additional
advance of funds in the amount of Ten Thousand Dollars $10,000.00),
totaling $25,000.00, from the City of La Quinta to the La Quinta
Redevelopment Agency.
APPROVED and ADOPTED this 3rd day of January 19?4.
MAYOR
ATTEST;
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
Th- Y?;.3
CITY ATTORNEY NAGER
BIB]
05-01-1996-U01
09:10:42AM-U01
CCRES-U02
84-U02
03-U02
( AGREEMENT RE: FINANCIAL ASSISTANCE
La Quinta Redevelopment Project)
THIS AGREEMENT RE: FINANCIAL ASSISTANCE is made and entered into
as of the day of 1984, by and between the
CITY OF LA QUINTA the City?) and the LA QUINTA REDEVELOPMENT AGENCY
the"Agency')
RECITALS:
A. The City and the Agency have completed proceedings for the
adoption of a Redevelopment Plan for the La Quinta Redevelopment
Proj eat.
B. In connection with the adoption of the Redevelopment Plan,
the Agency has incurred, and will incur, certain costs, and the City
is willing to assist the Agency in financing such costs in accordance
with the terms and conditions hereof.
C. The Agency is authorized under California Health and Safety
Code Section 33?00 to accept financial assistance from any public or
private source.
NOW, THEREFORE, in consideration of the foregoing recitals and
the mutual covenants and conditions set forth herein, the Parties
hereto agree as follows:
1. Deposit of Funds
a) Upon the Execution of this Agreement, the City shall
make an additional deposit of funds with the Agency in an amount equal
to TEN THOUSAND DOLLARS $10,000.00), totaling $25,000.00.
b) The Agency may draw upon the funds advanced by the City
from time to time, to pay the costs and expenses incurred in connection
with the proceedings relative to the adoption of the Redevelopment Plan,
including, without limitation, financial consultant fees, redevelopment
consultant fees, environmental consultant fees, bond counsel fees,
Agency counsel fees, document filing fees, engineering fees and repro-
duction expenses.
2. Adoption of Redevelopment Plan
The City and the Agency agree to use their best efforts to take
such actions as deemed appropriate by the City and the Agency to complete
all steps leading to adoption and approval of the Redevelopment Plan
BIB]
05-01-1996-U01
09:10:42AM-U01
CCRES-U02
84-U02
03-U02
( prior to December 31, 1983. Such steps may include, without
limitation, the hiring of a financial consultant, redevelopment
consultant, Agency counsel, environmental onsultant, bond counsel,
underwriter, architects and engineers.
3. Repayment of Funds Advanced
Upon the adoption of the Redevelopment Plan and subject to
the resolution of any legal challenge, the City and the Agency agree
to use their best efforts to issue or cause the issuance of bonds,
notes or certificates of participation to carry out the Redevelopment
Plan and to utilize such other financial assistance as may be
appropriate to do so, and to repay the amounts advanced by the City
pursuant to paragraph 1 a) above with simple interest at the rate of
ten percent 10%) per annum thereon frorn th? date the amount was
advanced by the City to date of repayment.
CITY OF
BY:_________
Its: Mayor
EsTZ?
City Clerk, of La Quinta
REDEVELOPMENT AGENCY OF THE CITY
OF LA Q?TA??1?
BY:
Its: Chairman
ATTEST
Secretary, Rede?elopment Agency
of the City of La Quinta
2-
BIB]
05-01-1996-U01
09:10:42AM-U01
CCRES-U02
84-U02
03-U02