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• <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of September 17, 1996 is made by and between the City <br /> of Rancho Palos Verdes and the Rancho Palos Verdes Redevelopment Agency. For and <br /> in consideration of the mutual covenants and promises set forth herein, the parties agree <br /> 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 and to relocate, reconstruct, and repair <br /> Palos Verdes Drive South. <br /> C. The City has previously loaned the Agency $2,920,552, plus accumulated interest for <br /> a total outstanding balance of $4,218,152 as of June 30, 1996. The history of the loans <br /> made by the City to the two funds of the Agency are as follows: <br /> As of June 30 Accrued Total Balance <br /> for the years: Principal Interest Outstanding <br /> Portuguese Bend <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 /> Total Portuguese Bend 2,920,552 11297,600 4,218,152 <br /> Abalone Cove <br /> 1990 200,332 - 0 - 200,332 <br /> 1991 499,025 38,209 737,566 <br /> 1992 - 0 - 49,774 787,340 <br /> 1992 repayment - 699,357 - 87,983 - 0 - <br /> Total Abalone Cove - 0 - - 0 - - 0 - <br /> Agency Totals 2,485,552 978,514 3,464,066 <br />