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• • • <br /> LRANCHO PALOS VERDES <br /> LOAN AGREEMENT <br /> This loan agreement, dated as of January 15, 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 advanced the Agency approximately $1. 25 million, <br /> plus accumulated 8% interest for a total outstanding advance of <br /> $1,479 , 484 as of June 30, 1990. <br /> D. Except for a previous loan agreement of $282,500, the Agency has <br /> been advanced these funds without any agreement. Parties agree to <br /> formalize these prior transactions with a Loan Agreement. <br /> 30940 HAWTHORNE BOULEVARD / RANCHO PALOS VERDES, CA 90274-5391 / (213)377-0360 <br />