HomeMy WebLinkAboutReso. 1986 - 258 - Execution of a reimbursement agreement with the redding redevelopment agency • •
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RESOLUTION NO. g6 -02...6y
A RESOLUTION OF THE CITY OF REDDING AUTHORIZING THE
EXECUTION OF A REIMBURSEMENT AGREEMENT WITH THE REDDING
REDEVELOPMENT AGENCY.
WHEREAS, the City Council of the City of Redding (herein-
after referred to as "City" ) , acting pursuant to the provisions
of the California Community Redevelopment Law (Health and Safety
Code Section 33000 et seq. ) , has activated the Redding Redevelop-
ment Agency (hereinafter referred to as "Agency" ) by Resolution
No. 2407 , adopted August 4 , 1958; and
WHEREAS, pursuant to the Community Redevelopment Law, the
Agency is performing a public function of the City and may have
access to services and facilities of the City; and
WHEREAS, the City and the Agency have adopted a redevelop-
ment project in the City known as the Canby-Hilltop-Cypress
Redevelopment Project; and
WHEREAS, the Canby Relief Sewer is a construction project
(hereinafter referred to as "Project" ) within the Canby-Hilltop-
Cypress Redevelopment Project Area; and
WHEREAS, the City and the Agency wish to enter into an
Agreement whereby the Agency will finance 100% of the Project,
and the City will reimburse the Agency for a portion of the
Project;
NOW, THEREFORE, BE IT RESOLVED that the Reimbursement
Agreement between the City and the Agency in the form attached to
this resolution and incorporated herein by reference, is hereby
approved and the Mayor is hereby authorized and directed to
execute said Agreement. v
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I HEREBY CERTIFY that the foregoing resolution was intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 6th day of October , 1986 , and was
duly adopted at said meeting by the following roll call vote:
AYES: COUNCILMEMBERS: Carter, Dahl , Gard, Johannessen, & Fulton
NOES: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
/443/34e-efak._
LEE D. FULTON, M.D. , Mayor
City of Redding
ATTEST: -
zi GL ?-rte �' �L /,/�
F HEL A. NICHOLS, City lerk
Y Connie Strohmayer, Dep y
FORM APPROVED:
/f /7
R• DALL A. HAYS, C. y Attorney
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REIMBURSEMENT AGREEMENT
CANBY-HILLTOP-CYPRESS PROJECT
THIS AGREEMENT entered into this day of ,
1986, by and between the REDDING REDEVELOPMENT AGENCY, a public
body, hereinafter referredto as "DEVELOPER, " and the CITY OF
REDDING, a Municipal Corporation and general law city, herein-
after referred to as "CITY" :
WITNESSET H:
WHEREAS, DEVELOPER is funding the construction of a sanitary
sewer, commonly referred to as the "Canby Relief Sewer, " Job No.
9680, Bid Schedule 1792; and
WHEREAS, the construction of said project has been awarded
to Hardrock & Cox, Inc in the amount of $688, 517.00; and
WHEREAS, CITY agrees to reimburse DEVELOPER for one-half
( 50%) of DEVELOPER' S actual sewer construction costs of said
project; and
WHEREAS, DEVELOPER desires that capacity in said sewer line
commensurate with DEVELOPER' s financial contribution be reserved
for DEVELOPER' s use;
NOW, THEREFORE, IT IS AGREED as follows;
1. CITY shall reimburse DEVELOPER for 50% of its actual
costs of construction of the sanitary sewer known as the "Canby
Relief Sewer, with interest at five percent ( 5%) per annum on
unpaid principal balance.
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2. CITY covenants and agrees to repay DEVELO �
period of PER over a
twenty years from sewer connection charges received on
those properties identified on Exhibit A.
Said charges collected
shall continue to be paid to DEVELOPER until such time
indebtedness as total
is liquidated. In any event, the debt shall be
repaid in its entirety by October 1, 2006.
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3 . CITY shall reserve capacity in said sewer line commen-
surate with DEVELOPER' S financial contribution for properties
er
tieswithin the Canby-Hilltop-Cypress Redevelopment ProJect Area, as
adopted by the City Council on July 6, 1981 .
4. This Agreement shall be binding upon and in
benefit of the successors and assigns of the ure to the
parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed
Agreement on the da y and this
year first above written.
CITY OF REDDING
By:
LEE D. FULTON, M.D. , Mayor
REDDING REDEVELOPMENT AGENCY
By:
JAMES L. WILLIAMS, Chairman
By:
PHILLIP A. PERRY, Secret�'ary
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RANDALL A. HAYS, Cit
y Attorney