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CIC Resolution 85-24ORU3INAL ALAMEDA COMMUNITY IMPROVEMENT COMMISSION RESOLUTION NO. 85-24 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 1985-86 attached hereto as Exhibit "A" and by this reference incorporated herein; and WHEREAS, said budget provides for $71,878 to be expended by the Commission in the implementation of Alameda's community improvement efforts; and WHEREAS, the City of Alameda by Resolution No. 10658 has agreed to loan to the Community Improvement Commission $62,000 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 $62,000 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. AOL cc EXHIBIT "A" ALAMEDA COMMUNITY IMPROVEMENT COMMISSION 1985 -86 BUDGET Professional Services Staff Costs Legal Services Miscellaneous Costs $15,000 50,878 3,000 3,000 TOTAL $71,878 EXHIBIT "B" AGREEMENT TO REPAY FUNDS THIS IS A REPAYMENT AGREEMENT dated this day of , 1985, 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 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 $62,000 to fund the Commissions'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, -1- 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 $62,000 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 enumerated 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 shall be repaid soley 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 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 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 18th of June, 1985, by the following vote, to wit: AYES: Commissioners. Corica, Hanna, Lucas and Acting Chairman Monsef - 4. NOES: None. ABSENT: Chairman Diament - 1. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said Commission this 19th day of June, 1985. Diane e sch, Secretary Community Improvement Commission Hadi Monsef, Acting°C airman Community Improvement Commission