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4110 • <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of July 1, 2003 is made by and between the <br /> City of Rancho Palos Verdes (the "City") and the Rancho Palos Verdes <br /> Redevelopment Agency (the "Agency"). For and in consideration of the <br /> mutual covenants and promises set forth herein, the parties agree as follows: <br /> RECITALS <br /> This loan agreement is entered into with reference to the following facts: <br /> A. In furtherance of the objectives of the Redevelopment Law, the Agency <br /> has undertaken a program for the redevelopment of blighted areas in the <br /> City, and in this connection, has undertaken and is now carrying out the <br /> responsibility for the redevelopment of the Project Area pursuant to and in <br /> furtherance of the Redevelopment Plan. <br /> B. The Agency and the City have adopted the Redevelopment Plan providing <br /> for the re-development of the Project Area by undertaking such actions as <br /> may be appropriate to abate the geologic hazards in the Project Area. <br /> C. Prior to execution of this Loan Agreement, the City previously advanced <br /> the Agency's Portuguese Bend fund $4,320,552, plus accumulated interest <br /> of $4,792,744 as of June 30, 2003 for a total outstanding balance of <br /> $9,113,296. The history of the loans made by the City to the Portuguese <br /> Bend fund of the Agency is as follows: <br /> Portuguese Bend: <br /> As of June 30 Accrued Total <br /> for the years: Principal Interest Outstanding <br /> 1990 $ 1,279,152 $ 0 $ 1,279,152 <br /> 1991 318,400 148,229 1,745,781 <br /> 1992 165,000 180,901 2,091,682 <br /> 1993 133,000 215,264 2,439,946 <br /> 1994 133,000 181,315 2,754,261 <br /> 1995 457,000 252,805 3,464,066 <br /> 1996 435,000 319,086 4,218,152 <br /> 1997 250,000 366,703 4,834,855 <br /> 1998 200,000 423,681 5,458,536 <br /> 1999 700,000 465,223 6,623,759 <br /> 2000 250,000 579,431 7,453,190 <br /> 2001 0 680,774 8,133,964 <br /> 2002 0 523,014 8,656,978 <br /> 2003 0 456,318 * 9,113,296 <br /> Total Portuguese Bend $ 4,320,552 $ 4,792,744 <br /> *Estimated-Interest will be recalculated when LAIF rates for May and June are released. <br />