Resolution Number SACRA 16-08-16-01SACRA RESOLUTION NO. 16-08-16-01
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING
THE EXECUTIVE DIRECTOR TO REFINANCE THE PROMISSORY NOTE
ASSOCIATED WITH ACQUISITION OF THE LOWER ROSAN RANCH
PROPERTY (FARMERS & MERCHANTS BANK) (APN 121-253-13 AND 121-
253-15)
WHEREAS, prior to February 1, 2012, the San Juan Capistrano Community
Redevelopment Agency was a community redevelopment agency duly organized and
existing under the California Community Redevelopment Law (Health and Safety Code
Section 33000, et seq.), and was authorized to transact business and exercise the powers of
a redevelopment agency pursuant to action of the City Council ("City Council") of the City of
San Juan Capistrano ("City"); and,
WHEREAS, in the furtherance of the objectives of the California Community
Redevelopment Law (California Health and Safety Code Section 33000 et seq .), the San
Juan Capistrano Community Redevelopment Agency ("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 acquisition of the property by
entering into a promissory note with Farmers and Merchants Bank ("Note"); and,
WHEREAS, as of February 1, 2012 the Agency was dissolved pursuant to Assembly
_Bill 1X 26, as amended by Assembly Bill 1484; and,
WHEREAS, as a separate legal entity the City serves as the Successor Agency to
the San Juan Capistrano Community Redevelopment Agency ("Successor Agency"); and,
WHEREAS, the Successor Agency administers the enforceable obligations of the
Agency and otherwise unwinds the Agency's affairs, all subject to the review and approval of
a seven-member oversight board ("Oversight Board"); and,
WHEREAS, the Note came due on July 6, 2016 with a balance due at maturity of
$3,094,550; and,
WHEREAS, Farmers & Merchants Bank has agreed to extend the due date of the
Note in order to give the Successor Agency time to replace the Note with permanent
financing that will fully amortize the Note over a five year period with no balloon payment at
maturity.
NOW, THEREFORE, BE IT RESOLVED, that the Successor Agency of the San
Juan Capistrano Community Redevelopment Agency does hereby:
SECTION 1: Authorize the Executive Director of the Successor Agency to execute
the documents necessary to extend the due date of the Farmers & Merchants Bank Note
by a period of six months.
Signature Page to Follow
1
PASSED, APPROVED, AND ADOPTED this ___ day of August, 2016 .
ATIES"D:
2