HomeMy WebLinkAboutPCDC Resolution 92-13 08/07/1992- ~
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1 RESOLUTION # 92-1,3,
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3 RESOLUTION OF THE PETALUMA COMMUNITY
4 DEVELOPMENT COMMISSION TO ACCEPT THE
5 FINANCIAL OFFER FROM MARINA OFFICE PARK ASSOCIATES
6 AND TO APPROVE A LOAN TO THE CITY
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8 WFIEREAS, the City Marina has incurred an operating deficit for
9 Fiscal Year 1991-92; and
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11 ~h1I~EREAS, it is expected that deficits will be incurred through
12 Fiscal Year 1.995-96; and
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14 III-IEREAS, Marina Office Park Associates have offered to assist
15 the City with an advance payment of interest on the promissory note held by the
16 Petaluma Community Development Commission; and
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18 WI~EREAS, Resolution # 90-8 provides that all considerations from
19 the promissory notes are to be transferred to the City;
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21 NOVV, TIIEREF®RE, be it resolved that the Petaluma Community
22 Development Commission accepts the Marina Office Park Associates offer to
23 prepay interest in the amount of $149,100 which amount will. be paid no later than
24 June 30, 1993 and in consideration therefore, transfer the security for the
25 promissory note in the amount of $152,250 from Lot 1 to Lot 3. The Executive
26 Director is authorized to sign the documents transferring the security.
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28 BE IT FURTI~ER RES®LVED, that the Petaluma Community
29 Development Commission approve a loan for the City Marina starting in Fiscal
30 Year 1991-92 through 1996-97 to be drawn upon to offset any incurred deficits in
31 an aggregate amount not. to exceed the net tax increment revenues generated by
32 all private property in the Marina project area over the same period.
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34 BE IT FORTIFIER RES®LVED, that the FY 91-92 revised budget is
35 amended to reflect a loan draw of $147,000.
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92-13
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Adopted this 7th day of August , 19 92 , by the following vote:
Commissioner Ave No Absent
Nelson ( ) ( ) ( X)
Sobel ( ) ( ) (X)
Davis ( ) ( ) ( X)
Woolsey ( ~ ( ) ( )
Read ( x) ( ) ( )
Vice Chair Cavanagh ( x) ( ) ( )
Chairman Hilligoss ( x) ( ) ( )
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airnfan M. Patricia I~illigo
ATTEST: ,
Recording Secretary, Patricia Bernard
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