AgdaPkt 2003-01-08 - Laserfiche WebLink

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/�, ! LOAN AGREEMENT CITY OF REDWOOD CITY /CITY OF REDWOOD CITY REDEVELOPMENT AGENCY This LOAN AGREEMENT (the "Loan Agreement') dated January , 2003, and effective as of January 1 , 2003, is between the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY a public body, corporate and politic, duly organized and existing under the laws of the State of California (the "Agency "), and the CITY OF REDWOOD CITY a charter city and municipal corporation organized and existing under the laws of the State of California (the "City') (collectively, the 'Parties "); RECITALS WHEREAS, the Agency is authorized to transact business and exercise powers under and pursuant to the provisions of Part 1 of Division 24 of the Health and Safety Code of the State of California (the 'Redevelopment Law "), and has the power under Section 33601 of the Redevelopment Law to borrow money for any of its corporate purposes; and WHEREAS, a redevelopment plan for the Redwood City Redevelopment Project Area in the City (the 'Redevelopment Project'), has been adopted and, from time to time, amended in compliance with all requirements of the Redevelopment Law; and WHEREAS, pursuant to the Redevelopment Plan for the Redevelopment Project and the provisions of Section 33670 of the Health and Safety Code, the Agency is entitled to receive certain allocations of tax increment revenues ('Tax Revenues "); and WHEREAS, in order to assist in financing needs for the Redevelopment Project, the City has previously loaned funds to the Agency and the Agency has repaid such loaned funds from tax increment revenues derived from the Redevelopment Project; and WHEREAS, for over four (4) years the Parties have worked to bring a downtown cinema retail complex and public parking component to the City; and WHEREAS, on January 29, 2001, the Parties authorized execution of a Disposition and Development Agreement with a private developer for the construction of a retail /cinema complex in the Redevelopment Project; and WHEREAS, on December 9, 2002, the Parties authorized execution of an Amended Disposition and Development Agreement (the "DDA ") with a private developer for the construction of a retail /cinema complex in the Redevelopment Project; and WHEREAS, the DDA included the construction of a public parking facility (the 'Public Parking Facility') in the Redevelopment Project to be financed by the Agency; and F:Atty/Agr /Agr.088 010703