CIC Resolution 89-43COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO. 89-43
APPROVING AMENDMENT NO. 2 TO THE OWNER PARTICIPATION
AGREEMENT BETWEEN THE COMMUNITY IMPROVEMENT COMMISSION
OF THE CITY OF ALAMEDA AND ALAMEDA REAL ESTATE
INVESTMENTS
WHEREAS, in December, 1984, the Community Improvement
Commission of the City of Alameda approved Resolution No. 84-22
approving and authorizing the execution of an owner participation
agreement between the Community Improvement Commission of the City
of Alameda and Alameda REal Estate Investments; and
WHEREAS, said agreement provided for the Commission to share
in the repayment of the Marina Village Assessment District bonds
in the form of a subsidy to Marina Village property owners from tax
increment proceeds; and
WHEREAS, City of Alameda Resolution No. 10921, adopted June,
1986, provided for the modification of Marina Village Assessment
District 84-3 by amending the City Cooperation Agreement to
authorized bonds up to $40,000,000; and
WHEREAS, bonds totalling $35,825,000 have been issued leaving
a balance of $4,175,000; and
WHEREAS, the major property owner of Marina Village has
proposed refunding of the commercial portion of said existing bonds
and issuance of additional bonds authorized initially with the
formation of said District; and
WHEREAS, Amendment No. 2 to the Owner Participation Agreement
would limit the Commission's obligation to provide tax increment
subsidy to the extent it is now obligated for the existing bonds
as well as its pro rata share for the $4,175,000 of new bonds to
be issued;
NOW, THEREFORE, BE IT RESOLVED that the Community Improvement
Commission hereby approves Amendment No. 2 to the Owner
Participation Agreement between the Community Improvement
Commission of the City of Alameda and Alameda Real Estate
Investments.
ITV ATTOR N EY
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 regular meeting assembled on the 7th of November, 1989,
by the following vote, to wit:
AYES: Commissioners Arnerich, Thomas, Tqithrow and
Chairman Corica 4.
NOES: None,
ABSENT: Commissioner Camicia - 1.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said Commission this 8th day of
November, 1989.
Dian- Felsch, Secretary
Community Improvement Commission
Chuck Corica, Chairman
Community Improvement Commission