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i • <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of July 1, 2002 is made by and between the City of <br /> Rancho Palos Verdes (the "City") and the Rancho Palos Verdes Redevelopment <br /> Agency (the "Agency"). For and in consideration of the mutual covenants and promises <br /> 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 has <br /> undertaken a program for the redevelopment of blighted areas in the City, and in this <br /> connection, has undertaken and is now carrying out the responsibility for the <br /> redevelopment of the Project Area pursuant to and in furtherance of the Redevelopment <br /> Plan. <br /> B. The Agency and the City have adopted the Redevelopment Plan providing for the re- <br /> development of the Project Area by undertaking such actions as may be appropriate to <br /> abate the geologic hazards in the Project Area. <br /> C. Prior to execution of this Loan Agreement, the City previously advanced the Agency's <br /> Portuguese Bend fund $4,320,552, plus accumulated interest for a total outstanding <br /> balance of $8,656,978 as of June 30, 2002. The history of the loans made by the City <br /> to the Portuguese Bend fund of the Agency is as follows: <br /> D. The City does not expect to make any loan advances to the Portuguese Bend fund of <br /> the Agency during FY 2002-2003. <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 /> Total Portuguese Bend $ 4,320,552 $ 4,336,426 <br /> Page 1 of 4 <br />