HomeMy WebLinkAbout2000-25-1682RESOLUTION NO. 2000-25-1682
CR(1)2000-07-351
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF IRWINDALE
AND THE IRWINDALE COMMUNITY REDEVELOPMENT AGENCY
REVISING INTEREST RATE ON LOAN TO IRWINDALE COMMUNITY
REDEVELOPMENT AGENCY FOR THE NORA FRAIJO AND PARQUE DEL NORTE
REDEVELOPMENT PROJECTS
WHEREAS, the City of Irwindale loans funds to the Irwindale Community Redevelopment Agency
("Agency') to ftmd project costs for the Nora Fraijo and Parque Del Norte Redevelopment Projects; and
VVHEREAS, in accordance with Resolution No. CR(I)CR- 171 of the Irwindale Community Redevelopment
Agency, adopted on December 19, 1985, the interest rate on the above City loans was fixed at the maximum
permissible rate of 12% per annum; and
WHEREAS, the outstanding debt as of June 30, 1999, to the City is $1,453,271 for the Nora Fraijo
Redevelopment Project and $2,090,380 for the Parque Del Norte Redevelopment Project; and
WHEREAS, both the Nora Fraijo and Parque Del Norte Redevelopment Projects are essentially completed
consisting solely of public improvements residences; and
(Ow�l WHEREAS, the combined property tax increment revenues allocated to the two subject residential
redevelopment projects are approximately $15,000 per year, are not expected to grow significantly as the
two redevelopment projects are essentially completed, and are insufficient to annually pay the projects'
existing obligations including the 20% Low and Moderate Income Housing Set Aside fund; and
WHEREAS, the Agency desires to reduce the loan interest rate to a lesser amount.
NOW, THEREFORE, the Board of Directors of the Irwindale Community Redevelopment Agency and
the City Council of the City of Irwindale do hereby find and determine as follows:
SECTION 1. The City's loan to Nora Fraijo and Parque Del Norte in the corresponding amounts of
$1,453,271 and $2,090,380 be reduced from 12% per annum to 1% per annum effective retroactive to July
1,1999.
SECTION 2. The Agency Assistant Secretary and Deputy City Clerk shall certify to the passage and
adoption of this resolution, and the same shall thereupon take effect and be in force.
Resolution No. 2000-25-1682
Resolution No. CR(I) 2000-07-3 51
Page 1
PASSED, APPROVED, AND ADOPTED this 27h day of April 2000.
Man el Al V
Mayor Pro Tern & Vice Chair
& Assistant Secretary
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF IRWINDALE
L Linda J. Kimbro, Deputy City Clerk / Assistant Secretary, do hereby certify that the foregoing Joint
Resolution No. 2000-25-1682 / CR(I) 2000-07-351 was adopted at a regular meeting of the City Council
Irwindale Community Redevelopment meeting held on April 27, 2000, by the following vote:
AYES: COUNCELMEMBERS: Almaz�a, Breceda, Castellanos
NOES: COUNCILMEMBERS: None 100)
ABSENT: COUNCILMEMBERS: Tapia
ABSTAIN: COUNCILMEMBERS: Mayor Miranda
' /' 1, a—'- ,
4n —1� �i�br , Dep'uty City Clerk
of Irwindf
AYES: AGENCY MEMBERS: Almazdn, Breceda, Castellanos
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: Tapia
ABSTAIN: AGENCY MEMBERS: Chair Miranda
Redevelopment Agency
Resolution No. 2000-25-1682
Resolution No. CR(l) 2000-07-351
Page 2