HomeMy WebLinkAboutRES NO 203-03RESOLUTION NO. 20 ~' 0 3
A RESOLUTION OF THE CITY OF
BAKERSFIELD TERMINATING AGREEMENT
NO. 99-242/RA 99-2
WHEREAS, on June 30, 1999, the City of Bakersfield ("City") created the Old
Town Kern-Pioneer Redevelopment Project Area to help alleviate blight in the Old Town
Kern area of Bakersfield; and
WHEREAS, in part of its effort to alleviate blight on Baker Street, the City Council
authorized the replacement and installation of street lights on Baker Street between
Highway 178 and Truxtun Avenue ("the Project"); and
WHEREAS, such street lights were to have the same historic flavor as the Old
Town Kern area; and
WHEREAS, the City did not have general funds available for the Project and
elected to use Community Development Block Grant ("CDBG") funds to complete the
Project; and
WHEREAS, in order to assist in the Project, the Bakersfield Redevelopment
Agency ("Agency") agreed to use its tax increment revenue to reimburse the City for up
to TWO HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($275,000.00) of costs
associated with the Project; and
WHEREAS, on September 22, 1999, the City and the Agency entered into
Agreement No. 99-242/RA 99-2 ("the Agreement") setting forth the terms of the
reimbursement; and
WHEREAS, since the Agreement was executed, the City has received other
funding sources for the Project and no longer needs to use CDBG funds to pay for the
project nor does the Agency need to use tax increment funds to pay for the project; and
WHEREAS, the Agency has incurred other debt since the date of this Agreement
that is expected to be repaid with future tax increment money; and
WHEREAS, it is no longer necessary for the Agreement to stay in force and the
City and Agency desire to terminate the Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield
as follows:
1. The above recitals are true and correct and incorporated herein by
reference.
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ORIGINAL
2. The City of Bakersfield hereby terminates Agreement No. 99-242/RA 99-2
effective the date of adoption of this Resolution.
I HEREBY CERTIFY that the foregoing Resolution was passed ~¥a~l.~l:~C~ by
the Council of the City of Bakersfield at a regular meeting thereof held on _v __.~ by
the following vote:
COUNCIL MEMBER COUCH, CARSON, BENHAM, MAGGARD, HAN~ SALVAGGIO
COUNCIL MEMBER
) COUNCIL MEMBER ., .
COUNCIL MEMBER ~--.~.~.~ '~-.?.,,~ ~j)j/j ~/.~-~t.~
Council of the City of Bakersfield
APPROVED
NOV 1~) 2003
HARV~
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
CityAttorney
~ JANICE SCANLAN
Deputy City Attorney
S:~Agreem ent\term bak 1 .doc
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