CC Resolution 8623
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RESOLUTION NO.
8623
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING BUDGET ADJUSTMENTS AND AMENDING THE
REPAYMENT AGREEMENT IN ORDER TO PROVIDE A LOAN TO
THE REDEVELOPMENT AGENCY FOR ACQUISITION OF THE FORMER
WINCHESTER DRIVE-IN SITE
WHEREAS, on June 20, 1989 the City of Campbell (the "City") entered into a Repayment Agreement
with the Campbell Redevelopment Agency (the"Agency") for the Central Campbell Redevelopment Project
Area; and
WHEREAS, the Repayment Agreement provides for the City to loan funds to the Agency for expenses
incurred in regards to implementation of the Redevelopment Plan; and
WHEREAS, Section 5 of the Repayment Agreement provides for the City to advance additional funds
to the Agency; and
WHEREAS, the City desires to loan the Agency $3.34 million from City reserve funds in order to
allow the Agency to purchase the former Winchester Drive-In Site;
WHEREAS, the Agency will make annual interest only payments on the loan at a rate 1/2% higher
than the annual average yield on the City's investment portfolio;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell hereby
approves the attached budget adjustment providing for a $3.34 million loan to the Agency.
BE IT FURTHER RESOLVED that the City Council of the City of Campbell approves an
amendment to the "Repayment Agreement By and Between the City of Campbell and the City of
Campbell Redevelopment Agency for the Central Campbell Redevelopment Project" approved on June
20, 1989 as allowed by Section 5 of the Agreement. The amendment shall stipulate that the Agency shall
make interest only payments annually on a $3.34 million loan from City reserves at an interest rate 1/2%
higher than the annual average yield on the City's investment portfolio.
PASSED AND ADOPTED this 15th day of March, 1994, by the following roll call vote:
AYES: COUNCILMEMBERS:
Conant, Ashworth, Burr, Dougherty, Watson
NOES: COUNCILMEMBERS:
None
ABSTAIN: COUNCILMEMBERS:
None
ABSENT: COUNCILMEMBERS:
None
APPROVED:
ATTEST:
~~
ANNE BYBEE, CITY CLERK
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Page 1 of 2
CXTY OF' CAMPBBT.T.
REQUEST FOR BUDGET ADJUS........R.a.NTS
DEPARTMENT/PROGRAM
DIVISION
DATE
REQUEST 50.
Redevelo ment
3/15/94
BUDGET TRANS.-A,K
TO BE REDU~'n:
FUND
ACCOUNT NUMBER
DISCRIP1'IOlI
AMotllf'l
064
206.2290
. Unappropriated fUnd
balance
555,000
,. ,
I, III. f) 7l
TO BE XNCREASBD :
FUND ACCOUNT NUMBER DISCRIP1'IOlI AMOUNT
.
064 .07.816.0401.4776 Interest Payment 40,000
064 .07.816.0401.4775 Principa~ payments 525,000
064 308.3393 Rental of Property :.10,000
__.on 'for ..CZU..t (_ .pac~'f~a).
Budget adjustments to provide for the acquisition of the former Winchester Drive-In
site. Provides for a $3.34 million loan from'Ci~y reserves with the remainder coming
from Unappropriated Redevelopment Agency Fund Balance.
/~/Z /1,2
OEPARTMENT HEAD
REV 2/90
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Page 2 of 2
C:J:TY OP CAMPBBT.T.
REQUEST FOR BUDGET ADJUS'rMBNTS
DEPARTKENT/PROGRAM
DIVISION
DATE
3/1S{94
l' __, .,,~
UQUBST BO. .
Redevelo ment
''1'_ t!1
BUDGBT TRANSFER
~ BB REDtJ't""!R'n :
FUND
ACCOUNT NUMBER
DESCRIPTION
AMOUNT
034
034
320.3605
320.3605
Revenues - Loan Proceeds
Reserves - Loan Proceeds
3,340,000
~525;000
~ BE INCREASED :
FUND ACCOUNT NUMBER DESCRIPTION AMOUNT
034 07.815.0401.4430 Professional Service. 25,000
034 07.815.0401.4880 Land 3,590,000
034 07.815.0401.4882 Buildings .. 250,000
__.on ~or _.qu..t <_ .pec~~~c) I
SEE PAGE 1
fJ -r- c2 'l :<
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CITY IIANAGD
DEPARTKENT HEAD
FINANCE DDlCTOR
REV 2/90