HomeMy WebLinkAboutRES NO 56-74RESOLUTION NO. 56-74
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING AND AUTHORIZING THE
EXECUTION OF A REIMBURSEMENT AGREEMENT WITH
THE BAKERSFIELD REDEVELOPMENT AGENCY RE "K"
STREET PARKING GARAGE.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF BAKERSFIELD
AS FOLLOWS:
SECTION 1. The City Council hereby approves that certain
agreement entitled "Reimbursement Agreement" by and between the
Bakersfield Redevelopment Agency and the City of Bakersfield, a
copy of which is attached hereto and labelled as Exhibit '~."
SECTION 2. The Mayor is authorized to execute said
"Reimbursement Agreement" on behalf of the City, and the City
Clerk is authorized and directed to attest thereto and affix the
Official Seal of the City thereto.
- - - o0o
I HEREBY CERTIFY that the foregoing resolution was passed
and adopted by the Council of the City of Bakersfield at a special
meeting thereof held on the 1st day of July, 1974, by the following
vote:
AYES: COUNCILM%N E,'-,RTO:~, BLEECKER, ~, MEDDER3, ROGERS, STRONG, THOMAS
NOES: CO'J' CI'
~ss_Nr c..',u;'~ :.: .'..~
~'BSTA',N:NG COU;~CILt~,F*I',h
,~y,%ROVED this J~/~t day of July, 1974
LJ~O'~*'o~ ~ of Bakersfield
the
APPROVED as to form:
REIMBURSEMENT AGREEMENT
THIS REIMB. URSEMENT AGREEMENT is made as of , 1974,
by and between the BAKERSFIELD REDEVELOPMENT-AGENCY (the "Agency"),
a public body corporate and politic organizes and existing under
the laws of the State of California, and the CITY OF BAKERSFIELD
(the "City"), a municipal corporation duly organizes and existing
under its Charter and the laws of the State of California.
I. 'IS 100] RECITALS
A. [~ 101] The Agency is a redevelopment agency duly created,·
established and authorized to transact business and exercise its
powers, all under and pursuant to the Community Redevelopment Law~
(Part I of Division 24·of the Health and Safety Code of the State
of California).
B. IS 102] A Redevelopment Plan for a redevelopment project'
· known and designated as the "Downtown Bakersfield Redevelopment
Project" has been adopted and approved and all require~..ents of low
for, and precedent to, the adoption and approval of said Plan have
been duly complied with-.
C. [~ 103] In accordance with said Redevelopment Plan, the
Agency is acquiring a certain parcel of land (the "Site", described
in Exhibit "A" attached hereto and by this reference incorporated
herein), is constructing a public parking garage (the "Parking
Garage") thereon, and is leasing the Site'and the Parking Garage
(referred to he.rein collectively as the "Leased Premises") to the
City pursuant ~o a Lease Agreement between the City and the Agency
(the "Lease Agreement") being executed concurrently herewith. The
Agency, pursuant to the Lease Agreement, will issue parking lease
revenue bonds for the purpose of acquiring the Site'and of design-
ing and constructing the Parking Garage.
D. [~ 104] The City and the Agency and the Bank of America,
Arcon, Inc., and United California Bank (collectively hereinafter
referred to as the "Users") will be entering into a Parking
Exhibit A
Operations Agreement for the Leased Premises (the "Operating
Agreement") which will be subordinate to the Lease Agreement.
E. [S 105] The Agency and the City Council each have
.determined by resolution pursuant to Section 33445 of the Health
and .Sa ety Code of the State of California that the Parking
.Garage is of benefit to the Downtown Bakersfield Redevelopment
Project area, and the Agency may, with the consent of the City
Council, pay for all the cost of the Parking Garage.
F. [S 106] The Agency by this Agreement is ~greeing to
reimburse the City tO the extent of any deficiency between (1)
the rental payments owing to the Agency from the City under the
'Lease Agreement and, (2) the payments to be made to the City by~
the USers under the Operating Agreement and other revenues derived
by the City from the operation of the Parking Garage. It is con-
templated that such reimbursement will be'made from tax increments,
proceeds 'from bond issues, or any other funds available to the
Agency for such reimbursement.
II. [~ 200] AGREEMENT
The City and Agency hereby agree as follows:
A. [~. 201] Deficiency Payment
If at-any time during the term of the Lease Agreement the
payments required to be made by the Users to the City under the
Operating Agreement and other revenues derived by the City from
the operation of the Parking Garage shall be in amount less than
the rental payment required of the. City under the Lease Agreement,
theh the Agency shall pay to the City upon written request an
amount equal to the difference between:
(1) these payments and revenues received by the City from
the operation of the Parking Garage; and
(2) the rental payment required of the City under the Lease
Agreement.
B. [~ 202] Loan
If a deficiency payment is made by the Agency pursuant to
- 2 -
Section 201, said payment shall be a loan to be repaid by the
City to the extent and amount that the City receives all or a
portion of that payment from the Users and/or from revenues from
· the operation of the garage within the' fiscal year of the City
in which the Agency's payment is made. Any portion of such
Agency payment pursuant to Section 201 that is not received by
/
the City from the Users and/or from revenues from the operation.
of the Parking Garage within the fiscal year of the City in
/
..... W. hich the Agency's paymeht is made, need not be repaid by the
City.
C. IS 203] Available Funds
The Agency shall pay the City from any funds which may be
legally available to the' Agency for payment of said deficiency
pursuant to Section 201, including but not limited to, tax in-
crements accruing to the Agency pusuant to the Redevelopment
Plan for the Downtown Bakersfield Redevelopment Project in
accordance with Sections 33670-33674 of the California Redeve-
lopment Law and Section 19, Article XIII of the California
Constitution, or from the proceeds of any Agency bond issues
issued for said Project.
IN WITNESS WHEREOF, the parties have.executed this Reimbur-
sement'Agreement as of the date first set out herein.
ATTEST:
CITY OF BAKERSFIELD
City Clerk
By
Mayor
ATTEST:
BAKERSFIELD REDEVELOPMENT AGENCY
Secretary
By
Chairman
APPROVED:
Eugene B. Jacobs
Agency Special Counsel
By
APPROVED AS TO FORM:
By
City Attorney
- 3 -