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Home My WebLink About18-05 OB SARDA Resolution RESOLUTION NO. OB SARDA 18-05 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY MAKING A FINDING, PURSUANT TO HEALTH AND SAFETY CODE 34191.4 (B) (1), THAT THE PROMISSORY NOTE BETWEEN THE CITY OF TEMECULA AND THE FORMER TEMECULA REDEVELOPMENT AGENCY WAS FOR LEGITIMATE REDEVELOPMENT PURPOSES THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: WHEREAS, Pursuant to Part 1.85 of the Community Redevelopment Law (commencing with Health and Safety Code Section 34170) ("Part 1.85"), the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency") is required to undertake a number of actions related to winding down the affairs of the former Redevelopment Agency pursuant to Health and Safety Code Section 34177(h). WHEREAS, The City Council of the City of Temecula adopted Resolution No. 12- 02 January 10, 2012, pursuant to Health and Safety Code Section 34173 and applicable law electing for the City to serve as the Successor Agency for the Temecula Redevelopment Agency upon the dissolution of the Redevelopment Agency of the City of Temecula. The City Council of the City of Temecula, Acting as the Governing Body for the Successor Agency to the Temecula Redevelopment Agency, adopted Resolution No. 12-01 on February 28, 2012 declaring the Successor Agency to the Temecula Redevelopment Agency duly constituted pursuant to law and establishing rules and regulations for the operation of the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency"). NOW, THEREFORE, BE IT RESOLVED by the Oversight Board as follows: Section 1. The Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency does hereby find, determine and declare that: A. The Promissory Note between the City of Temecula and the former Temecula Redevelopment Agency, dated March 12, 1996 and as amended was entered into for legitimate redevelopment purposes per Health and Safety Code Section 34191.4 (b)(1). B. The Promissory Note provided for repayment of reasonable term and interest rate and was accepted as legitimate indebtedness by the State Controller prior to AB X1 26. C. The Promissory Note was established prior to January 1, 2011. Section 2. The Oversight Board finds that the Promissory Note between the City of Temecula and the former Temecula Redevelopment Agency as set forth in Exhibit A attached to this resolution was for legitimate redevelopment purposes and in so finding the Oversight Board finds and determines the Promissory Note is an enforceable obligation and should be recognized as such pursuant to the provisions of AB 1484, including but not limited to Health and Safety Code Section 34191.4. Section 2. This Resolution is adopted pursuant to the Health and Safety Code Section 34191.4. Section 4. The officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, and any such actions previously taken by such officers and staff are hereby ratified and confirmed. Section 5. The Secretary shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board Successor Agency to the Temecula Redevelopment Agency this 27th day of June, 2018. John Kelliher, Vice Chairperson ATTEST: Randa City Clerk/Board Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, City Clerk/Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 18-05 was duly and regularly adopted by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 27th day of June, 2018, by the following vote: AYES: 5 BOARD MEMBERS: Gonzalez, Kelliher, Meyer, Ordway-Peck, Venable NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 2 BOARD MEMBERS: Thornhill, Turner Randi Johl City Clerk/Board Secretary Exhibit A Promissory Note EXHIBIT "A" PROMISSORY NOTE The Redevelopment Agency of the City of Temecula ("Agency") hereby promises, for consideration received,, to pay the City of Temecula'("City") the sum of Nine Hundred'Eighteen Thousand One Hundred Seventy One Dollars and NO/100 ($ 918,171.00) bearing:s mple interest at the;rate of the-prime interest rate Charged by First Interstate.Bank of California as of the:date this Note. This Note and al[accrued interest shall be due and payable five (5) years from the date of this Note unless extended by mutual written Agreement of the City;and.Agency without interim;payments by the Agency during the term of the Note, provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due data without penalty. This Note is:and will be subordinate to all ersting;debt of;the .Agency and such'additional debt as the;Agency May incur during the. term of this Note and no funds of the Agency are pledged:to its repayment, in the event of a default by the Agency,..the:City shall.have all legal and equitable remedies available to it to enforce:the terms.of the Note, This Note is.made as of March 12, 1996 at Temecula, California. REDEVELOPMENT AGENCY OF THE Cl. OF TEMEC-ULA =Pa cia�H. Birdsall` Chairperson ATTEST; urr S: Gxwki CMC, Secretary/City Clerk APPROVED AS'TO'FORM; IF ctcr M Thorson General'Counsel 1keiw1964Uxh ....................... . I PROMISSORY NOTE The Redevelopment Agency of the City of Temecula("Agency")hereby promises,for:consideration;received,to pay.the City of Temecula("City"):the sum of. One Million Three Hundred fifty SevenThousand.Five Hundred Dollars and NO1100 ($1i357;500.00)be.aring simple interest at the rate of the prime interest rated charged by Union Bank'as ofthe date of this Note. This Note and.all accrued interest from March 12, 1.596 sholl'be due.and payable May 1,2007 unless extended by mutual written agreement of the City and;the Agency without interim.payments by the Agency during `the:term of the Note,provided that the Agency may make partial payments or repay the amount:of the Note in full:prior to the due date without penalty. This Note is and will be subordinate to:all existing.debt of the Agency and such:additional debt as the Agency rnayincur during:the term:ofthis'Note and no:funds ofthe Agency are pledged to its repayment. In the event of a default by the Agency,the:City shall have all legal and :equitable remedies available,to it to enforce the terms of the Note.. This Note is made as of April 23,2002 at Temecula California. 'REI)EV,tLOPMEIqI, AGENCY OF THE T1' I TEM LA S MIrpeW �lErGli�Po,s9n 1 ATTEST: ...... ...... .. Susan JQTa4;:C11i1C' City Cl lt Peter M .Thorson General Counsel Ri101dtown\Sixth Street\Promissorynote:doc PROMISSORY NOTE .The Redevelopment Agency of the.City of Temecula("Agency")hereby .promises,for consideration received,to paythe City of Temecula("City")the sum of One Million Nine'Hundred Thousand Dollars::and NO/100($1,903;333.00)bearing si nO&interest at the rate.of 5%annually. This Note and all:accrued interest from March 12,.1996 shall be:due an&payable`December:16 2011as extended by mutual written agreement of the City and.the Agency without interim payments by:the:Agency during the term of`the Note,provided1hat theAgency:may make partial payments or repay the amount of the Note in full.prior to the due date without:penalty. This Note is and will be subordinate to all existing debt of the Agency and such additional debt as the Agency may incur duringahe term of this Note and no funds of the Agency are pledged to its repayment. In the:event of a default by the Agency,the City shall have all legal and equitable remedies;available to it to enforce the terms of the Note: Ths:Note is made as of December 16 200.8 at Temecula•Californa. REDS t P14NT ENCY THE Ron Roberts Chairperson ATTEST: Susan Sones 11r1MC YA* noy.Secretary City Cl _.. Pef6r M:Thorson Agency Counsel ZAOIdtown\Sixth StrM\PromissoiyzoteDec1608,doe a A, Z w Illl q o � �c DEPARTMENT OF EDMUND G. BROWN JR. GOVERNOR oil11rORNoP F I N A N C E 91 5 L STREET r SACRAMENTO CA ■ 95B 1 4-37115 ■WWW.DOF.CA.DOV April 26, 2013 Mr. Luke Watson, Senior Planner City of Temecula 41000 Main Street Temecula, CA 92589 Dear Mr. Watson: Subject: Request for a Finding of Completion The California Department of Finance (Finance) has completed the Finding of Completion for the City of Temecula Successor Agency. Finance has completed its review of your documentation, which may have included reviewing supporting documentation submitted to substantiate payment or obtaining confirmation from the county auditor- controller. Pursuant to Health and Safety Code(HSC)section 34179.7, we are pleased to inform you that Finance has verified that the Agency has made full payment of the amounts determined under HSC section 34179.6, subdivisions (d) or(e)and HSC section 34183.5. This letter serves as notification that a Finding of Completion has been granted. The Agency may now do the following: • Place loan agreements between the former redevelopment agency and sponsoring entity on the ROPS, as an enforceable obligation, provided the oversight board makes a finding that the loan was for legitimate redevelopment purposes per HSC section 34191.4 (b) (1). Loan repayments will be governed by criteria in HSC section 34191.4(a) (2). • Utilize proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with the original bond covenants per HSC section 34191.4(c). Additionally, the Agency is required to submit a Long-Range Property Management Plan to Finance for review and approval, per HSC section 34191.5 (b), within six months from the date of this letter. Please direct inquiries to Andrea Scharffer, Staff Finance Budget Analyst, or Chris Hill, Principal Program Budget Analyst, at(916)445-1546. Sincerely, STEVE SZALAY Local Government Consultant cc: Mr. Rudy Graciano, Revenue Manager, City of Temecula Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County Auditor-Controller California State Controller's Office