HomeMy WebLinkAboutReso. 1976-069 - Authorizing advance of funds to Redding Redevelopment Agency in connection with Redding Midtown Project no. I, California R-120RESOLUTION NO. it --Z /V
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE ADVANCE OF FUNDS TO THE REDDING
REDEVELOPMENT AGENCY IN CONNECTION WITH REDDING MIDTOWN
PROJECT NO. I, CALIFORNIA R-120.
WHEREAS,.there is a shortage of public off-street parking
spaces to serve the Redding Midtown Project No. I, California R-120
(the "Mall Project"), and
WHEREAS, the Redding Redevelopment Agency has requested
an advance of funds to retain legal and financial consultants and
incur other expenses in connection with the possible expansion of
Midtown Project No. I in order to develop additional off-street
parking to serve the project area,
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Redding that the sum of $3,000.00 is hereby appropri-
ated as a loan and advance to the Redding Redevelopment Agency for
expenditure by the Agency to retain legal and financial consultants
and incur other costs in connection with the possible expansion of
Midtown Project No. I and the financing and construction of addi-
tional off-street parking to serve the project.
BE IT FURTHER RESOLVED that the sum of $3,000.00 loaned
and advanced herein is conditioned upon repayment by the Agency
and shall constitute an indebtedness of the Agency secured by a
pledge of tax increments allocated to the Agency from the project
area in accordance with Section 33670 of the California Health and
Safety Code, subject to the pledge of such tax increments by the
Agency for the repayment of other obligations and indebtedness
incurred in carrying out the project.
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 July
said meeting by the follouying vote:
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1976, and was duly adopted at
W
AYES: COUNCILMEN: Demsher, Gard, Pugh and Fulton
NOES: COUNCILMEN: Anderson
ABSENT: COUNCILMEN: None
kEED.F LTON, M.D.
Mayor of the City of Redding
ATTEST:
J74-2
i
r II;DRED L. BRAYTON, City Clerk
FORM APPROVED:
ARL D. MURPHY, 9ety -torney
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