RDA Resolution No. 11-01 Loan and Repayment Agreement, Cupertino Redevelopment Agency RESOLUTION NO. 11 -01
RESOLUTION OF THE CITY OF CUPERTINO REDEVELOPMENT
AGENCY AUTHORIZING THE CHAIRPERSON 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 11 -01
NOW, THEREFORE, BE IT RESOLVED by the City of Cupertino
Redevelopment Agency as follows:
1. In compliance with Section 33445 of the Law, the Agency 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 Agency hereby approves the Agreement and authorizes the Agency
Chairperson to enter into and execute the Agreement on behalf of the Agency,
substantially in the form on file with the City Clerk and the Agency Secretary, with such
revisions as are reasonably determined necessary by the Agency signatory, such
determination to be conclusively deemed to have been made by the execution of the
Agreement by the Agency signatory. The Agency Executive Director is authorized to
implement the Agreement and take all further actions and execute all other documents
which are necessary or appropriate to carry out the Agreement.
3. The Agency hereby approves and appropriates (to the extent not already
appropriated) the amounts necessary to fund the Agency's obligations under the Agreement
as a lawful expenditure of Agency funds under the Law. The Agency's current fiscal year
budget is hereby amended to the extent necessary to implement the foregoing appropriation.
4. The Agency Executive Director is hereby authorized to take such further
actions as may be necessary or appropriate to carry out the Agency's obligations pursuant
to this Resolution and the Agreement.
5. The Agency Secretary shall certify to the adoption of this Resolution.
6. This Resolution shall take effect immediately upon adoption.
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Resolution 11 -01
PASSED AND ADOPTED at a regular meeting of the Redevelopment Agency of
the City of Cupertino this 15th day of February, 2011, by the following vote:
Vote Members of the Redevelopment Agency
YES: Wong, Santoro, Chang, Mahoney, Wang
NOES: None
ABSENT: None
ABSTAINED: None
ATTEST: APPROVED:
�` I I v
Secretary, City of Cupertino Chairperson, City of Cup ino
Redevelopme t Agency Redevelopment Agency
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