Rancho Palos Verdes Redevelopment Agency (Mar 1995) 411
LOAN AGREEMENT
This loan agreement, dated as of March 7 , 1995 is made by and
between the City of Rancho Palos Verdes and the Rancho Palos Verdes
Redevelopment Agency. For and in consideration of the mutual
covenants and promises set forth herein, the parties agree as
follows:
RECITALS
This loan agreement is entered into with reference to the following
facts:
A. In furtherance of the objectives of the Redevelopment Law, the
Agency has undertaken a program for the redevelopment of blighted
areas in the City, and in this connection, has undertaken and is
now carrying out the responsibility for the redevelopment of the
Project Area pursuant to and in furtherance of the Redevelopment
Plan.
B. The Agency and the City have adopted the Redevelopment Plan
providing for the redevelopment of the Project Area by undertaking
such actions as may be appropriate to abate the geologic hazards in
the Project Area and to relocate, reconstruct, and repair Palos
Verdes Drive South.
C. The City has previously loaned the Agency $2 , 028, 552 , plus
accumulated interest for a total outstanding balance of $2, 754,261
as of June 30, 1994 . The history of the loans made by the City to
the two funds of the Agency are as follows:
As of June 30 Accrued Total Balance
for the years: Principal Interest Outstanding
Portuguese Bend
1990 1, 279, 152 - 0 - 1, 279 , 152
1991 318, 400 148 , 229 1,745, 781
1992 165, 000 180, 901 2 , 091, 682
1993 133 , 000 215, 264 2, 439, 946
1994 133, 000 181, 315 2,754 , 261
Total Portuguese Bend 2 , 028, 552 725,709 2 , 754, 261
Abalone Cove
1990 200, 332 - 0 - 200, 332
1991 499, 025 38 , 209 737 , 566
1992 - 0 - 49, 774 787, 340
1992 repayment ( 699, 357) ( 87 ,983) - 0 -
Total Abalone Cove - 0 - - 0 - 0 -
Agency Totals 2, 028,552 725,709 2 ,754 , 261,
411
D. The City is willing to loan the Agency an additional $382 , 000 to
its Portuguese Bend Fund for the purpose of performing necessary
activities of the Agency in Portuguese Bend for FY 1994-95.
E. Each Party agrees to consolidate all prior transactions within
this Loan Agreement.
ARTICLE I
DEFINITIONS
Section 1. 01. Agency. "Agency" means the Rancho Palos Verdes
Redevelopment Agency, a body public, corporate, and politic,
organized and existing pursuant to the Constitution and laws of the
State of California.
Section 1. 02 . City,. "City" means the City of Rancho Palos
Verdes, a municipal corporation, organized and existing pursuant to
the Constitution and laws of the State of California.
Section 1. 03 . Loan Agreement. "Loan Agreement" means this loan
agreement entered into March 7, 1995 between the City and Agency.
Section 1.04. Party. "Party" means any party to this
Agreement.
Section 1. 05. Project Area. "Project Area" means the territory
included within Project Area No. 1 of the Agency.
Section 1. 06. Redevelopment Law. "Redevelopment Law" means the
Community Redevelopment Law (California Health and Safety Code
Sections 33000, et. seq. )
Section 1. 07. Redevelopment Plan. "Redevelopment Plan" means
the Redevelopment Plan for the Project Area.
ARTICLE II
LOAN
Section 2 . 01. Loan. The City shall loan to the Agency the sum
of Three Hundred Eighty-Two Thousand Dollars ($382 , 000) for fiscal
year 1994-95. This amount is in addition to the unpaid principal
and accrued interest balance of $2 , 754 ,261 which was previously
advanced by the City to the Agency through June 30, 1994 . Both the
$382 , 000 and the unpaid balance of $2, 754, 261 as of June 30, 1994
shall constitute the balance owed under the Loan Agreement.
Section 2 . 02 . Interest Payable. Interest shall be payable on
the unpaid principal of such new loan and all prior loans
incorporated herein, shall draw interest, compounded annually on a
360 day year, at a rate calculated as the rate earned on the City's
LAIF deposits plus three percent per annum commencing on the date
or dates said funds are transferred, and continuing until principal
and interest are paid in full.
f •
110 411
Section 2 . 03 . Terms of Repayment. Agency shall repay the loan
from any legally available monies of the Agency. The loan will
mature concurrently with the close of the City's 1994-95 fiscal
year, provided, however, that the maturity date will be extended to
the degree that the Agency has insufficient funds to repay the
loan. To the extent that the Agency is able to repay any portion of
the outstanding principal or interest and fails to do so, the City
may exercise any appropriate remedy to enforce payment by the
Agency hereunder. The obligation of the Agency to repay this loan
may be subordinated to any bonds, notes, or other obligations of
the Agency to the extent that the City agrees.
Section 2 . 04 . Previous Loans Consolidated. All previous loans
made to the Agency by the City are now consolidated and
incorporated within this Loan Agreement. All previous loan
agreements between the City and Agency are superseded by this
Agreement.
•
IN WITNESS HEREOF THE PARTIES HAVE CAUSED THIS LOAN AGREEMENT TO BE
EXECUTED.
CITY OF RANCHO PALOS VERDES
ATTEST: By 19 gi
May
411 4 l /i
City Clerk
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
c
ATTEST: By L
Agency Chi erson
?-; A ide.
Agency Secretary
loan94b.rda
JANUARY 1995 WINTEROMMS COST ESTIMATE
Vendor
EXHIBIT "A"
Activity Amount Account
DEBRIS REMOVAL
Debris Removal/Road Repair - January 94,200 302-30 Hardy & Harper
Debris Removal - February 28,000 302-30 Hardy & Harper
Debris Removal - January 11,300 302-30 Landscape West
Tree removal 7,800 303-29 Landscape West
Tree removal 1,500 303-29 So Cal Tree
Catch basin cleaning 1,700 302-25 Arsaka Research
Subtotal: 144,500
ROAD REPAIR
Portuguese Bend Slide road repair 6,000 305-30 Hardy & Harper
Road Repair - miscellaneous locations 2,500 302-30 Hardy & Harper
Subtotal: 8,500
PROTECTIVE MEASURES
Sandbags 4,200 230-50 Orange Co Sandbaggers
Sandbags 5,000 302-50 Lomita Plaster/Lomita Lumber
Building & Safety Inspections 2,600 402-38 CAA
Geologist Inspections 1,200 301-39 Keane & Assoc.
Labor - sandbagging 500 302-30 CA Conservation Corps
Labor - sandbagging 500 340-28 CA Conservation Corps
Labor - sandbagging 400 211-25 Sheriff's Trustees
Flashing arrowboard/PV Drive South 900 302-50 Tumi
Photos, miscellaneous supplies 800 302-50 Misc.
Subtotal: 16,100
PARK REPAIRS
PVIC erosion repair 3,600 341-64-29 Hardy & Harper
Ab Cove erosion repair 2,300 341-67-29 Landscape West
Subtotal: 5,900
DRAINAGE/WATER CONTROL FACILITIES REPAIR
PV Drive East Sink Hole repair 20,000 302-25 Hardy & Harper
Civic Center Retention Basin 50,000 930-82
PV Drive East berm construction 9,000 302-30
subtotal: 79,000
PUBLIC BUILDINGS
Hesse Park Carpet Cleaning 2,000 340-28 All Points Maintenance
Subtotal: 2,000
AIE REDEVELOPMENT AGENCY
Port. Bend. Pipe repair/south of PV Dr. South 10,000 724-42
Paintbrush Canyon debris clearing 12,000 724-42
1/2 round pipe debris removal 5,000
Subtotal: 27,000
PERSONNEL OVERTIME
Public Works Department 500 340-13
Planning, Building and Code Enforcement 500 401-13
Subtotal: 1,000
Total Expenses: 284,000
Less Available Funds: 97,000 STORMEXA.XLS (vad #6) 2/15/95 2:02 PM
Total Budget Adjustment Needed: 187,000