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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 -