Laserfiche WebLink
w w <br /> LOAN AGREEMENT <br /> 1990-91 <br /> This loan agreement, dated as of January 29, 1991, 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 advanced the Agency approximately $1.25 <br /> million, plus accumulated 8% interest for a total outstanding <br /> advance of $1 ,479,484 as of June 30, 1990. <br /> D. The City is willing to loan the Agency an additional $364,400 <br /> for the purpose of performing necessary activities of the Agency. <br /> ARTICLE I <br /> DEFINITIONS <br /> Section 1.01. Agency. "Agency" means the Rancho Palos Verdes <br /> Redevelopment Agency, a body public, corporate, and politic, <br /> organized and existing pursuant to the Constitution and laws of the <br /> State of California. <br /> Section 1.02 . City,. "City" means the City of Rancho Palos <br /> Verdes, a municipal corporation, organized and existing pursuant to <br /> the Constitution and laws of the State of California. <br /> Section 1.03. Loan Agreement. "Loan Agreement" means this loan <br /> agreement dated as of January 29, 1991, between the City and <br /> Agency. <br /> Section 1.04 . Party. "Party" means any party to this <br /> Agreement. <br />