Resolution Number CRA 11-06-21-01RESOLUTION NO. CRA 11-06-21-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, SAN JUAN
CAPISTRANO, AUTHORIZING THE EXECUTIVE DIRECTOR AND
FINANCE OFFICER TO RENEW THE EXISTING LOAN AGREEMENT
FOR LOWER ROSAN RANCH PROPERTY (FARMERS AND
MERCHANTS BANK) (APN #121-253-13 AND 121-253-15.)
WHEREAS, the San Juan Capistrano Community Redevelopment Agency
("Agency") is engaged in activities necessary to execute and implement the
Redevelopment Plan for the Central Redevelopment Project Area; and,
WHEREAS, in the furtherance of the objectives of the California Community
Redevelopment Law (California Health and Safety Code Section 33000 et seq.), the
Agency acquired parcels #121-253-13 AND 121-253-15 on April 22, 2006 for $5.1
million; and,
WHEREAS, the Agency secured financing for the acquisition through a loan
agreement with Farmers and Merchants Bank; and,
WHEREAS, the Agency extended the original financing from June 30, 2008 to
June 30, 2011; and,
WHEREAS, the Agency desires to renew the existing loan agreement for another
five years, to include monthly principal and interest payments.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors of the San
Juan Capistrano Community Redevelopment Agency, San Juan Capistrano does
hereby:
Section 1: Authorize the Executive Director and Finance Officer of the Agency
and direct the execution of all documents necessary to secure short term financing,
based on the terms outlined in Exhibit A.
0
PASSED, APPROVED, AND ADOPTED this 21st day of June 2011.
ORRIS, AGEN' SECRETARY
LAURA FREESE, CHAIRMAN
1 6/21/2011
STATE OF CALIFORNIA }
COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
I, MARIA MORRIS, appointed Agency Secretary of the Community Redevelopment
Agency of the City of San Juan Capistrano, do hereby certify that the foregoing
Resolution No. CRA 11-06-21-01 was duly adopted by the Board of Directors of the
Community Redevelopment Agency at a regular meeting thereof, held the 21St day of
June, 2011 by the following vote:
AYES: DIRECTORS: Allevato, Kramer, Taylor and Chair Freese
NOES; IRECTORS: Reeve
ABSENT: IIRECTORS: None
Agency qbpretary
2 1 6/21/2011
May 277 201
M;-I
i Js Gynfi iq- RUSsell
C,hef Financia! Officer
Crtv I reasur_Ir
3240U) Psseo Adelanto
,Scin ..i trait
CA 92,73
DE)ar Mfs. Russell,
Bell
MOMMIMMIM-0.0-1, MEN,%
T
j? T
rarms & Mer0ints
hfik
F�Frmers & 'Me a tits Bank. is pleaserd to pr��,Gent trie renewal of as cufl��ned belvw: Crodit
faulzty de�3crib ' ed in this letter remains subiect to the Bank's f4 -,al credit approva�, refer-tlion, or
1) 1 OC4;f
ji ICC tion.
BORROWER, Sap Juan Capistrano Community Redevelopment Agency
GUARANTORS: None
Cit DLT FACH4 IN,
Amount: $4 100,000 - re-docurrientation Of existing lean # 9010094308
Tema,- Amortize over 180 monfuh� with a maturity of 60 months
interest -Rats -_ixcd at 5,25% wjVj monthty payment approx. $32,958.99
Documentation Fees, $500 DO
Points,
NonC
Prepayment Penalty: None
COLLATERAL, First deed of trust or, jaC2!,,taf,jd property located at Stanehill Drive, Sart
Juan C'a.,-i-Strano CA. Aft 121.-240-39, 73, '76 & 1Z3-25;3-1: , 15
LOAN&GRE.EMENT- The crE,,,,dit far-Jisty will be subfect to a standard Busincess Loar, Agreement
that viqincj',..!rje Ine foflo*ng menitoning requi . rernents and fimely recespt
of Peri4Ddic financ4 infor nation regarding the Borrower and Gua:-antor's
4 Annuai' subnlfssicn of CPA aUdited fiscal 'year end stater e
I �. rn its
S -MF 'AHS" CA q2-75 4�,55,)
CONDITIONS PRECEDENT:
Recei.Dt and revie,,,-, of af) relevant information. arid- fi'nial Bank
a Droval
9 fetter is intended for use by Sar, Juan Calpistrano Qorninvnty Redevelopme.nt Agency
iU Pur o e of dkscuscjori and may not be distributed, reproduced, h wholfe or part or w;ed for any
otherPurPO'se vvith-ou, the expressed written consent of Bank,
VVe at Farrr,,,ers � Merchants Bank are working on your ioan renewal and Zook for vard to a timely
Ij
0 Gau
s
, � e
ir, t Vice President
Regiona' Manager
SA�j PJAN CA 75
Ws 49i -855c;