CIC Resolution 86-30ALAMEDA COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO. 86 -30
APPROVING A LOAN FROM THE CITY OF ALAMEDA
TO FINANCE COMMISSION ACTIVITIES AND AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE AGREEMENT TO REPAY
FUNDS TO THE CITY OF ALAMEDA
WHEREAS, Commission staff has prepared a proposed
Community Improvement Commission budget for fiscal year 1986 -87
attached hereto as Exhibit "A" and by this reference incorporated
herein; and
WHEREAS, said budget provides for $417,020 to be
expended by the Commission in the implementation of Alameda's
community improvement efforts; and
WHEREAS, the City of Alameda by Resolution No.
has agreed to loan to the Community Improvement Commission
$50,000 to be expended pursuant to the proposed budget; and
WHEREAS, said loan is made to the Community Improvement
Commission at 12% interest.
NOW, THEREFORE, BE IT RESOLVED that the loan of $50,000
from the City of Alameda is hereby accepted; and
BE IT FURTHER RESOLVED that the Executive Director is
hereby authorized to enter into an agreement to repay funds, a
copy of which is attached hereto and marked Exhibit "B ", on the
above - referenced loan solely out of tax - increment revenues
available to the Commission within the Alameda Community
Improvement Project pursuant to Health and Safety Code Section
33670 et seq.
EXHIBIT A
ALAMEDA COMMUNITY IMPROVEMENT COMMISSION
PROPOSED BUDGET
FISCAL YEAR 1986-87
Revenues
Tax Increment
General Fund Loan
Total Funds Available
Expenditures
Professional Services
Financial Audit
Personnel Services
City Manager 12,892
Senior Secretary 1,972
- Management Analyst 32,979
Fringe Benefits 9,458
$367,020
50,000
$417,020
$ 1,500
$ 57,301
Other Costs $358,219
Tax Increment payment to
Alameda Marina Village
Associates as per Section
702 Owner Participation
Agreement
Tax Increment - 20% set
aside for low and
moderate income
housing
278,935
73,404
- Dues: California Community
Redevelopment Agencies
Association 600
- Data Processing 343
Miscellaneous 4,937
Total Expenditures
$417,020
EXHIBIT "B"
AGREEMENT TO REPAY FUNDS
THIS IS A REPAYMENT AGREEMENT dated this day of
, 1986, by and between the CITY OF ALAMEDA
(hereinafter called "City ") and the ALAMEDA COMMUNITY IMPROVEMENT
COMMISSION (hereinafter called "Commission ").
RECITALS:
1. On August 3, 1982, the City duly adopted Ordinance
No. 2103 N.S. establishing the Alameda Community Improvement
Commission.
2. The Alameda Community Improvement Commission is
vested with the responsibility for formulating and carrying out
necessary community improvement projects within the City of
Alameda.
3. To that end, the City of Alameda has expended and
will continue to expend on behalf of the Commission at the
special instance and request of the Commission, staff time,
expenses, overhead, consultant costs and other related expenses
in the formulation, coordination, administration and
implementation of a Community Improvement Plan for the City of
Alameda.
4. Said expenditures have been made in the anticipation
that said costs would be repaid by the Commission out of tax -
increment funds to be generated within the community improvement
project area.
5. On , the City, by Resolution No
, agreed to loan to the Commission $50,000 to fund the
Commission's expenses.
AGREED:
1. The Commission agrees to reimburse the City for all
sums heretofore expended by the City in connection with the
development, planning, adoption, administration and
implementation of the Alameda Community Improvement Plan
including, but not limited to, all staff time and overhead costs,
costs of use of City facilities, consulting fees and other
related costs. Said debt shall bear 12% interest and shall be
paid to City by Commission in the manner provided in Section 4
below.
2. The Commission agrees to reimburse the City for all
future costs incurred by the City in furtherance of the Alameda
Community Improvement Project. Said future costs shall include,
but shall not be limited to, costs to the City for consulting
services, staff time and other related administrative expense.
3. Commission agrees to repay to the City $50,000
loaned to Commission by City pursuant to Resolution
Said debt shall bear 12% interest and shall be paid to the City
by the Commission in the manner provided by Section 4 below.
4. Upon receipt by the Commission of a cost
certification statement bearing the signature of a duly
authorized agent of the City and describing in detail all or any
part of the costs hereinabove enumarated that have been actually
accrued and paid by the City, the Commission shall pay to the
City as soon as reasonably possible the amount called for in the
aforesaid statement, provided that if the Commission is unable to
pay the amount so called for because of a deficiency in its
accumulated tax - increment funds pursuant to Health and Safety
Code Section 33670 et seq., the Commission shall pay a portion of
said costs according to the tax - increment funds available. Those
amounts remaining unpaid shall continue to be a debt of the
Commission and shall be paid immediately to the City upon receipt
by the Commission of sufficient tax - increment funds.
It is understood by both the Commission and the City
that such repayment shall be a debt of the Commission and shall
be repaid solely from tax - increment funds generated within the
Alameda Community Improvement Project Area, if any. It is
understood that in the event such tax - increment revenues fail to
yield enough revenue to repay this obligation, the Commission is
under no obligation to the City to make such repayment from any
further funds or resources it may acquire.
If any provision of this Repayment Contract, or the
application thereof to any person, party, transaction or
circumstance is held invalid, the remainder. of the Contract, or
r
the application of such provision to other persons, parties,
transactions or circumstances, shall not be affected thereby.
IN WITNESS WHEREOF, the City Council of the City of
Alameda by its Resolution No. has caused the name of
said City to be affixed hereto by its Mayor, and the Community
Improvement Commission of the City of Alameda by its Resolution
No. has caused the name of said Alameda Community
Improvement Commission to be affixed hereto by its Executive
Director, all as of the date hereinabove written.
CITY OF ALAMEDA ALAMEDA COMMUNITY IMPROVEMENT
COMMISSION
By By
Mayor Executive Director
I, the undersigned, hereby certify that the foregoing Resolution was duly
and regularly adopted and passed by the Community Improvement Commission of
the City of Alameda in a regular meeting assembled on the 15th of July, 1986,
by the following vote, to wit:
AYES: Commissioners Corica, Hanna, Lucas, Monsef and Chairman Diament - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the ,fficial
seal of said Commission this 16th day of July, 1986.
DianeielsCh, Secre ary
Community Improvement Commission
Anne Diament, Chairman
Community Improvement Commission