Resolution Number 95-2-21-3I
RESOLUTION NO. 95-2-21-3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING THE EXECUTION OF A
REPLACEMENT NOTE IN FAVOR OF KINOSHITA ENTERPRISES, L. P.,
A CALIFORNIA LIMITED 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) Shigeru Kinoshita, $21,393.19; (2) The Shigeru Kinoshita Family Trust,
$3,177,958.95; and (3) The Shigeru Kinoshita Children's Trust, $717,098.57 (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 Kinoshita Enterprises, L. P., a California limited partnership in an amount totaling
$3,916,450.71, 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 IT RESOLVED, that the City Council of the City of San
Juan Capistrano does hereby find, determine, order and resolve as follows:
The City Council hereby approves the Replacement Note and authorizes and directs
the Chairman 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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127
128
SECTION 2.
This Resolution shall become effective after its adoption.
PASSED, APPROVED, AND ADOPTED this
February 1995.
CAROLYN NA 'H, MAYOR
ATTEST:
2y1z"
CITY CLEW Y
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
21st
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. ,
95-2-21-3 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 21st day of February , 1995, by the
following vote:
AYES: Council Members Jones, Hart, Campbell, Swerdlin and
Mayor Nash
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JOf4NMN, CITY CLERK
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