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• <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of July 1, 2001 is made by and between the City of Rancho <br /> Palos Verdes (the "City") and the Rancho Palos Verdes Redevelopment Agency (the <br /> "Agency"). For and in consideration of the mutual covenants and promises set forth herein, <br /> 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 undertaken <br /> a program for the redevelopment of blighted areas in the City, and in this connection, has <br /> undertaken and is now carrying out the responsibility for the redevelopment of the Project <br /> Area pursuant to and in furtherance of the Redevelopment Plan. <br /> B. The Agency and the City have adopted the Redevelopment Plan providing for the <br /> redevelopment 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$8,165,704 as of June 30, 2001. The history of the loans made by the City to <br /> 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 2001-02. <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 0 712,514 8,165,704 <br /> Total Portuguese Bend $ 4,320,552 $ 3,845,152 <br />