Resolution Number 95-11-7-3116
RESOLUTION NO. 95-11-7-3
APPROVING REPLACEMENT PROMISSORY NOTE -
BOBBY KINOSHrrA INVESTMENT ENTERPRISES. L.P.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING AND AUTHORIZING THE
EXECUTION OF A REPLACEMENT PROMISSORY NOTE IN FAVOR OF
BOBBY KINOSHITA INVESTMENT ENTERPRISES, L.P., A CALIFORNIA
LMTED PARTNERSHIP
WHEREAS, the Community Redevelopment Agency of the City of San Juan
Capistrano (the "Agency") has previously issued three notes on March 6, 1991, to the following
persons or entities: (1) Yasuo Kinoshita, $21,292.19; (2) The Yasuo Kinoshita Family Trust,
$2,983,205.59; and, (3) the Yasuo Kinoshita Children's Trust, $1,075,647.86 (collectively, the
"Original Notes"); and,
WHEREAS, the Original Notes were issued by the Agency pursuant to a Purchase
and Sale Agreement/Joint Escrow Instructions dated March 5, 1991 (the "Agreement"), with
Kinoshita Properties ("Kinoshita"), pursuant to which Kinoshita sold and the Agency purchased
certain real property described therein; and,
' WHEREAS, in exchange for the Original Notes, the Agency desires to issue a
replacement promissory note ("the Replacement Note"), dated for convenience as of March 6, 1991,
in favor of Bobby Kinoshita Investment Enterprises, L. P., a California limited partnership, in an
amount totalling $4,080,246.64; and,
WHEREAS, the City 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 TT RESOLVED, by the City Council of the City of San
Juan Capistrano as follows:
The City hereby approves the Replacement note and authorizes and directs the
Chairman of the Agency to execute, and the City Clerk/Agency Secretary to attest, the Replacement
Note and all documents referenced in the Replacement note necessary to effectuate the provisions
of the Agreement and the Replacement Note.
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This Resolution shall become effective upon its adoption.
PASSED, APPROVED, AND ADOPTED this 7th day of
November 1995.
CAROLYN WASH, MAYOR
ATTEST:
CITY CLERK`T
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
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.
95-11-7-3 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 7th day of November 1 1995, by the
following vote:
AYES: Council Members Jones, Hart, Campbell, Swerdlin and
Mayor Nash
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JOHKSOK, CITY CLERK
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