HomeMy WebLinkAboutReso 93-009 - Extend term of agreement between COR & Economic Dev Corp for the economic Dev Revolving Loan Fund i.
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RESOLUTION NO. /-3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
{ EXTENDING THE TERM OF THE AGREEMENT BETWEEN THE CITY OF
REDDING AND THE ECONOMIC DEVELOPMENT CORPORATION FOR
THE ECONOMIC DEVELOPMENT REVOLVING LOAN FUND, AND
'! AUTHORIZING THE MAYOR TO SIGN SAME
WHEREAS, the City of Redding has established a Revolving Loan Fund for Economic
Development; and
WHEREAS, during the period from 1988 through 1991, the City assigned $138,700 in
.� Community Development Block Grant Funds to be used for this purpose; and
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WHEREAS, the additional CDBG funds in the amount of $41,700 were assigned in the
1991-92 fiscal year to be used for this purpose; and
WHEREAS, the City Council approved an Agreement with the Economic Development
Corporation for the administration of the Revolving Loan Fund for a term of twelve (12) months
from December 1, 1991 through November 30, 1992; and
WHEREAS, it is in the best interest of the City of Redding to extend this Agreement to
March 31, 1993;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as
follows:
1. Amendment No. 1 to the Agreement between the City of Redding and the Economic
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Development Corporation extending the term of the Agreement to March 31, 1993, is hereby
approved.
2. The Mayor of the City of Redding is hereby authorized and directed to sign all
necessary documents on behalf of the City of Redding, and the City Clerk is hereby authorized
and directed to attest the signature of the Mayor and to impress the official seal of the City of
Redding on the aforesaid documents.
3. A true copy of Amendment No. 1 to the Agreement referred to herein is attached
hereto and made a part hereof.
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�I I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular
meeting of the City Council of the City of Redding on the 5th day of January
1993, and was duly adopted at said meeting by the following vote:
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AYES: COUNCIL MEMBERS: Anderson, Arness, Dahl, Kehoe & Moss
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
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QCHIE MOSS, M0
ayor
City of Redding
ATTEST:
25t Ze,.-�Z4—
CONNIE STR HMAYER, C erk
'j FORM APPROVED:
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RAN LL A. HAYS, City Attorney D:\30\EDC.RES
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'! AMENDMENT NO. 1 TO AGREEMENT BETWEEN CITY OF REDDING
AND ECONOMIC DEVELOPMENT CORPORATION FOR AN ECONOMIC
DEVELOPMENT REVOLVING LOAN PROGRAM
This Amendment No. 1 to Agreement with the Economic Development Corporation for an
Economic Development Revolving Loan Program is made and entered into by and between the
CITY OF REDDING, a municipal corporation, hereinafter referred to as "CITY" and the
ECONOMIC DEVELOPMENT CORPORATION, a California non-profit corporation,
hereinafter referred to as "EDC."
WITNESSETH:
WHEREAS, CITY has established a Revolving Loan Fund for Economic Development;
and
WHEREAS, the City Council approved an Agreement with EDC for the administration of
the Revolving Loan Fund for a term of twelve (12) months from December 1, 1991 through
November 30, 1992; and
WHEREAS, it is in the best interest of CITY to extend this Agreement to March 31, 1993;
NOW, THEREFORE, BE IT RESOLVED as follows:
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Section 2. The first sentence under TERM/TERMINATION shall be changed as follows:
"The term of this Agreement shall be for the twelve-month period beginning December 1, 1991
and ending March 31, 1993." All other sentences under this section shall remain unchanged.
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CITY OF REDDING
ATTEST:
By:
CONNIE STROHMAYER, City Clerk CHARLIE MOSS, Mayor
FORM APPROVED: ECONOMIC DEVELOPMENT CORPORATION
By:
RANDALL A. HAYS, City Attorney Chairman of the Board