Resolution Number 95-3-7-2RESOLUTIONNO.
APPROVING ASSIGNMENT OF THE PRICE COMPANY
PROMISSORY NOTE TO PRICE ENTERPRISES. INC.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING ASSIGNMENT OF THE PRICE
COMPANY PROMISSORY NOTE TO PRICE ENTERPRISES, INC.
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 (DDA) 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 Price Company, a wholly-owned subsidiary of Price Costco, wishes
to assign the Promissory Note and the right to "auto tax revenues" to Price Enterprises, Inc., a
wholly-owned subsidiary of Price Costco; 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:
SECTION 1. The City hereby approves the assignment of the Promissory
Note and authorizes and directs the Community Redevelopment Agency Chairman to execute and
the City Clerk/Agency Secretary to attest the assignment.
SECTION 2. This Resolution shall become effective after its adoption.
PASSED, APPROVED, AND ADOPTED this 7th day of
March ,1995.
CAROLYN NA H, MAYOR
ATTEST:
6A,_" / I/
CITY CLE
143
144
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
1, 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. 95-3-7-2 adopted by the City Council of the City of San Juan Capistrano,
California, ata regular meeting thereof held on the 7th day of March
1995, by the following vote:
AYES: Council Members Jones, hart, Campbell, Swerdlin and
Mayor Nash
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL) 6h,
CHERYL JOHNSON, MY CLERK
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