CC Resolution No. 11-023 Loan and Repayment Agreement between City of Cupertin and the City of Cupertino Redevelopment Agency RESOLUTION NO. 11 -023
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CUPERTINO AUTHORIZING THE CITY MANAGER TO EXECUTE A
LOAN AND REPAYMENT AGREEMENT BETWEEN THE CITY OF
CUPERTINO (CITY) AND THE CITY OF CUPERTINO
REDEVELOPMENT AGENCY (AGENCY)
WHEREAS, the Agency is vested with the responsibility for formulating and
carrying out necessary redevelopment projects within the Cupertino Vallco
Redevelopment Project Area (the "Project Area "); and
WHEREAS, to assist with the Agency's implementation of the redevelopment
program in the Project Area, the Agency and the City desire to enter into a Loan and
Repayment Agreement (the "Agreement ", on file with the City Clerk and the Agency
Secretary) in which the City agrees to provide staff services to the Agency, to construct
improvements of benefit to the redevelopment program under specified circumstances
and to address tax roll reassessment liability issues, subject to reimbursement by the
Agency as provided in this Agreement; and
WHEREAS, implementation of the Agreement will assist the Agency to
accomplish the stated goals in the Redevelopment Plan and its current Implementation
Plan as described in the staff report accompanying this Resolution (the "Staff Report");
and
WHEREAS, under the California Redevelopment Law (Health and Safety Code
Section 33100 et seq.; the "Law "), before the Agency can expend money for public
improvements, the Agency and the City must make specified findings pursuant to Health
and Safety Code Section 33445; and
WHEREAS, pursuant to the Law, the Agency is authorized, with the consent of
the City Council to pay for part, or all, of the costs of public improvements that are of
benefit to the Project Area; and
WHEREAS, no other reasonable means of financing the estimated cost of the
public improvements are available to the City or the community; and
WHEREAS, the Staff Report, the Redevelopment Plan, the report to City Council
accompanying the Redevelopment Plan, and the Implementation Plan provide additional
information upon which the findings and actions set forth in this Resolution are based.
Resolution No. 11 -023
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cupertino
as follows:
1. In compliance with Section 33445 of the Law, the City hereby finds that:
(a) the installation or construction of the public improvements listed in the Agreement
that are publicly owned are of benefit to the Project Area by helping to eliminate blight
within the Project Area or providing housing for low- or moderate - income persons; (b)
no other reasonable means of financing the installation or construction of the public
improvements listed in the Agreement that are publicly owned are available to the
community; and (c) the appropriation and payment of funds by the Agency for the cost of
the public improvements listed in the Agreement that are publicly owned is consistent
with the Agency's current Implementation Plan.
2. The City hereby approves the Agreement, consents to the Agency's
expenditures under the Agreement and authorizes the City Manager to enter into and
execute the Agreement on behalf of the City, substantially in the form on file with the
City Clerk and the Agency Secretary, with such revisions as are reasonably determined
necessary by the City signatory, such determination to be conclusively deemed to have
been made by the execution of the Agreement by the City signatory. The City Manager is
authorized to implement the Agreement and take all further actions and execute all other
documents which are necessary or appropriate t:o carry out the Agreement.
3. The City Manager is hereby authorized to take such further actions as may
be necessary or appropriate to carry out the City's obligations pursuant to this Resolution
and the Agreement.
4. The City Clerk shall certify to the adoption of this Resolution.
5. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 15th day of February, 2011, by the following vote:
Vote Members of the City Council
YES: Wong, Santoro, Chang, Mahoney, Wang
NOES: None
ABSENT: None
ABSTAINED: None
ATTEST: APPROVED:
City Clerk, City f Cupertino Mayor, City of Cupe no
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