Reso 1996-101 to 105 - Laserfiche WebLink

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REPAYMENT OF FUNDS AGREEMENT This Agreement is entered into this 17th day of June, 1996, by and between the REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the "Agency") and the CITY OF SAN LEANDRO (the "City"). The Agency and City agree as follows: RECITALS 1. On October 17, 1960, the City duly adopted Council Resolution No. 4399 C.M.S., establishing the Agency. 2. The Agency is vested with the responsibility for formulating and carrying out necessary redevelopment projects within the City. 3. To that end the City has expended and will continue to expend on behalf of the Agency at the special instance and request of the Agency, staff time, expenses, overhead, consultant costs and other related expenses in the formulation, coordination, administration and implementation of a Redevelopment Program for the City. 4. Said expenditures have been made and will continue to be made in the anticipation that said costs would be repaid by the Agency out of tax increment funds and/or the proceeds of bonds secured in part or in whole with tax increment funds to be generated within the Plaza I and Plaza. II Redevelopment Project Areas. NOW, THEREFORE, the Agency does RESOLVE as follows: The Agency agrees to reimburse the City for all sums heretofore expended by the City in connection with the development, planning, adoption, administration and implementation of the San Leandro Redevelopment Program including, but not limited to, all staff time and overhead costs, use of City facilities, consulting fees and other related costs. Said debt shall bear an interest rate of 7% per annum. 2. The Agency agrees to reimburse the City for all future costs incurred by the City in furtherance of the Redevelopment Program. Said future costs shall include, but shall not be limited to, costs to the City for consulting services, staff time and other related administrative expenses as well as public improvements within the Project Areas. Said debt shall bear an interest rate not to exceed limits set by State law and shall be paid to the City by the Agency in the manner provided by Section 4 below. 3. Agency agrees to repay to the City $3,882,724 loaned to Agency by City plus an additional $200,000 to be expended pursuant to the proposed 1996-97 budget. Said debt shall bear an interest rate of 7%.