HomeMy WebLinkAboutResolution 92-172 07/20/1992Resolution No. 92-172 N.C.S.
of the City of Petaluma, California
1
2 RESOLiJTION REQITESTING TIIE PETALITMA C®IiTx
3 I)EVELOI'MENT COMMISSION TO ACCEPT TIIE FINANCIAL OFFER
4 FROM MARINA OFFICE PAItI~ ASSOCIATES
5 ANI) TO APPROVE A LOAN TO TIIE CITY
6
7
8
9 WHEREAS, the Marina has incurred an operating deficit for Fiscal Year 1991-
10 92; and
11
12 WHEREAS, it is expected that deficits will be incurred through Fiscal Year
13 1996-97; and
14
15 WHEREAS, Marina Office Park Associates have offered to assist the City with
16 an advance payment of interest on the promissory note held by the Petaluma
17 Community Development Commission;
18
19 NOW, THEREFORE, be it resolved that the City of Petaluma request the
2 o Petaluma Community Development Commission to accept the Marina Office Park
21 Associates offer to prepay interest in the amount of $149,.100 which amount will be
2 2 paid no later than June 30, 1993 and in consideration therefore, transfer the security for
23 the promissory note in the amount of $152,250.00 from Lot 1 to Lot 3.
24
2 5 BE it further resolved, the City request the Petaluma Community Development
26 Commission to commit to loans for the Marina starting in Fiscal Year 1991-92 through
2 ~ 1996-97 to offset any incurred deficits in an aggregate amount not to exceed the net tax
28 increment revenues generated by private property in the Marina over the same period.
29
30
31 JLS:da
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council. of the City of Petaluma at a Re ar YIT~ meeting fo
on the .... 2 0th. day of ................. J ulY....-----•-••--•-•--•---•---•--, 19_.9.? by the _:,
following vote: ......-- - . ...............
~ , , ity Attorney
AYES: Davis, Read, Nelson, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: None
ABSENT: Wool , Sobel
ATTEST : .............. ....~-- ...........-......................... .. .. x.. ......................... ....... .-.......,...G~~-----•-•
City Clerl~~~~~~ C~ Mayor
C~E~~'uncil File..2._.1.,7-~° .............
CA 10-85 ~ Res. Nn . .............................. N.C.S.