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411 <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of March 7 , 1995 is made by and <br /> between the City of Rancho Palos Verdes and the Rancho Palos Verdes <br /> Redevelopment Agency. For and in consideration of the mutual <br /> covenants and promises set forth herein, the parties agree as <br /> follows: <br /> RECITALS <br /> This loan agreement is entered into with reference to the following <br /> facts: <br /> A. In furtherance of the objectives of the Redevelopment Law, the <br /> Agency has undertaken a program for the redevelopment of blighted <br /> areas in the City, and in this connection, has undertaken and is <br /> now carrying out the responsibility for the redevelopment of the <br /> Project Area pursuant to and in furtherance of the Redevelopment <br /> Plan. <br /> B. The Agency and the City have adopted the Redevelopment Plan <br /> providing for the redevelopment of the Project Area by undertaking <br /> such actions as may be appropriate to abate the geologic hazards in <br /> the Project Area and to relocate, reconstruct, and repair Palos <br /> Verdes Drive South. <br /> C. The City has previously loaned the Agency $2 , 028, 552 , plus <br /> accumulated interest for a total outstanding balance of $2, 754,261 <br /> as of June 30, 1994 . The history of the loans made by the City to <br /> 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 /> Total Portuguese Bend 2 , 028, 552 725,709 2 , 754, 261 <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, 028,552 725,709 2 ,754 , 261, <br />