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SWC:mf 4/25/83 <br /> SWC:djg-c 8/17/83R <br /> <br />revenues, and it is the intent of the City and the Agency to extend <br />the loan until such time as tax increment funds are available to <br />repay said loan; <br /> <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AND <br />BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE REDEVELOPMENT <br />AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. The City of Redwood City hereby agrees to loan to the <br />Redevelopment Agency of the City of Redwood City the sum of Two <br />Hundred Thousand and No/100 Dollars ($200,000.00), from the City's <br />Community Development Block Grant funds, to be used solely for the <br />purpose of Block Grant eligible assistance to the Heron Court housing <br />cooperative. <br /> <br /> 2. The Redevelopment Agency of the City of Redwood City hereby <br />agrees to repay the aforementioned loan, with interest thereon, using <br />the City's average interest earning rate on idle funds as of the <br />first day of each calendar quarter, to the City of Redwood City out <br />of revenues accruing to the Agency from tax increments, which may <br />hereafter be available for said repayment. <br /> <br /> 3. The loan of Eight Hundred One Thousand and No/100 Dollars <br />($801,000.00), to the Redevelopment Agency of the City of Redwood <br />City from the City of Redwood City made pursuant to Concurrent <br />Resolution No. 9065 and No. RD-82-04, for a period of one (1) year <br />is hereby extended with payment to be made out of tax increments <br /> <br /> 2 <br /> <br /> <br />