Resolution Number 95-7-18-6412
RESOLUTION NO. 95-7-18-6
I IL
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING ASSIGNMENT OF PRICE
ENTERPRISES, INC., PROMISSORY NOTE TO OLD MC, 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 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, Price Enterprises, Inc., wishes to now assign the Promissory Note and
the right to "auto tax revenues" to Old MC, 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, that the City Council of the City of San
Juan Capistrano does hereby find, determine and order as follows:
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.
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This Resolution shall become effective after its adoption.
PASSED, APPROVED, AND ADOPTED this
. 1995.
CAROLYN MASH, MAYOR
ATTEST:
CITY CLERYO
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
18th
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.
95-7-18-6 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 18th day of July 1995, by the
following vote:
AYES: Council Members Jones, Hart, Campbell, Swerdlin and
Mayor Nash
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JO ON, 'ITY CLERK
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