Resolution Number 96-6-4-4113
RESOLUTION NO. 96-6-4-4
in
APPROVING OF THEOLD MC, INC.,;1M_ 1NOTE
1 POL INC,P1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING ASSIGNMENT OF THE OLD MC,
INC., PROMISSORY NOTE TO PQI, INC. (PRICE CLUB PLAZA)
WHEREAS, the Community Redevelopment Agency of the City of San Juan
Capistrano (the "Agency") previously issued a Promissory Note to the Price Company dated June 4,
1987, which was amended on October 1, 1991, and June 20, 1994; and,
WHEREAS, the Promissory Note was issued by the Agency pursuant to a
Disposition and Development Agreement which was executed on June 9, 1986, and the "auto tax
revenue" sharing was approved as the second amendment to the Disposition and Development
Agreement on June 20, 1994; and,
WHEREAS, the Promissory Note and the "auto tax revenue" were assigned from the
Price Company to Price Enterprises, Inc., on March 7, 1995, as a result of the Price Costco merger;
and,
' WHEREAS, the Promissory Note and the "auto tax revenues" were assigned from
Price Enterprises, Inc., to Old MC, Inc., on July 18, 1995, for accounting purposes; and,
WHEREAS, the Old MC, Inc., wishes to now assign the Promissory Note and the
right to "auto tax revenues" to PQI, Inc., a corporation created for accounting and tax purposes; and,
WHEREAS, the City Council has duly considered the foregoing and believes that it
is in the best interests of the City and the health, safety and welfare of the residents of the City of San
Juan Capistrano, and in accordance with the public purposes and provisions of applicable state and
local law requirements.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San
Juan Capistrano as follows:
SECTION 1.
The City Council hereby approves the assignment of the Promissory Note and
authorizes and directs the Chairman of the Community Redevelopment Agency to execute, and the
Agency Secretary to attest, the assignment.
114
June
ATTEST:
CITY CLE
SECTION 2.
This Resolution shall become effective after its adoption.
PASSED, APPROVED, AND ADOPTED this
. 1996.
"a t( /4
WYATT6ART, MAYOR
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
4th
day of
I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano, California,
DO HEREBY CERTIFY that the foregoing is a true and correct copy of Resolution No.
96-6-4-4 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 4th day of June 1996, by the
following vote:
AYES: Council Members Jones, Nash, Swerdlin, Campbell and
Mayor Hart
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
/A
CHERYL JOBNSOW, CITY CLERK
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