CC Resolution 9485
9485
RESOLUTION NO. 1999-2
A JOINT RESOLUTION OF THE CITY OF CAMPBELL REDEVELOPMENT
AGENCY BOARD AND CITY OF CAMPBELL CITY COUNCIL APPROVING A
BUDGET ADJUSTMENT FOR THE LOAN REPAYMENT OF $3,340,000 BY THE
REDEVELOPMENT AGENCY TO THE CITY
WHEREAS, on June 20, 1989 the City of Campbell (the "City") entered into a
Repayment Agreement with the Campbell Redevelopment Agency (the "Agency") providing
for the City to loan funds to the Agency for expenses incurred in implementing the Central
Campbell Redevelopment Project; and
WHEREAS, on March 15, 1994 the City Council adopted Resolution No. 8623
approving a $3.34 million loan from the City to the Agency to acquire the former Winchester
Drive-In site for the purpose of facilitating its redevelopment; and
WHEREAS, at this time the Agency desires to repay its debt obligation to the City
related to the Drive-In site acquisition.
NOW, THEREFORE, BE IT RESOLVED, that jointly the City of Campbell
Redevelopment Agency Board and the City of Campbell City Council approve the attached
budget adjustment providing for the Agency to repay $3.34 million to the City, thereby retiring
its debt obligation under Resolution No. 8623.
vote:
PASSED AND ADOPTED, this 19th day of January, 1999 by the following roll call
AYES:
Councilmembers/Agency boardmembers Watson, Dougherty, Kennedy, Furtado
NOES:
Councilmembersl Agency boardmembers
None
ABSTAIN:
Councilmembersl Agency boardmembers
None.
ABSENT:
COWICilmembers/Agency boardmembers 1~ ~ .-1\ . -4- \
APPROVED: l.)) :r \NV\l\J~
ATTEST: ~
Anne Bybee, City Clerk
Daniel Furtado, Mayor & Agency
Chairperson
j : \corp. reso
City of Campbell
Request for Budget Adjustments
Department/Program
Request No.
Redevelopment Agency
Administration
January 8, 1999
BA
Budl;:et to be Reduced
Fund
Account Number
Amount
s
Budl;:et to be Increased
Fund
Account Number
Description
Amount
434
364
816.4960
816.7775
Sale ofReal/PersonaJ Property
Principal Repayment
7,445,627
3,340,000
434
364
0816.9899
980.6899
Operating Transfers-Out
Operating Transfers-In
3,340,000
3,340,000
S 17,465,627
REASON FOR REQUEST - BE SPECIFIC:
Sale of Winchester Drive-In site and re-payment ofloan made by the General Fund to the Redevelopment Agency for the purchase of
property.
Finance Director
Bafonn.x1s BA Fonn 4
118199 2:32 PM