HomeMy WebLinkAboutRDA Res 74-4 1974-11-25
RESOLUTION NUMBER
7~-'f
I
A RESOLUTION OF THE SEAL BEACH REDEVELOPMENT AGENCY
AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE A
PROMISSORY NOTE AND DEED OF TRUST FOR CERTAIN PROPERTY
LOCATED IN THE RIVERFRONT REDEVELOPMENT PROJECT AREA.
THE SEAL BEACH REDEVELOPMENT AGENCY HEREBY RESOLVES AS FOLLOWS:
I
Section ~. The Executive Director is authorized to Rurchase a parcel of
property containing one and twenty-eight hundredths (1.28) acres from the
Southern Pacific Transportation Company, for fifty-five thousand, eight
hundred and twenty-five dollars ($55,825.00).
Section 2. The Executive Director is authorized to purchase aoproximately
flve and eighty-nine hundredths (5.89) acres from Seal Pacific Company,
Limited, for a purchase price of four hundred and three thousand, six
hundred and eighty-seven dollars and seventy-one cents ($403,687.71).
One hundred and seventeen thousand, six hundred and eighty-seven dollars
and seventy-one cents ($117,687.71) shall be payable in cash on closing
and the balance payable according to the terms of the Promissory Note
hereinafter described, which Note shall be secured by a Deed of Trust.
The Chairman and Secretary are hereby authorized to execute a Purchase
Money Promissory Note secured by a Deed of Trust in the amount of two
hundred and eight-six thousand dollars ($286,000.00) bearing interest at
seven per cent (7%) on the unpaid balance. The Note shall call for
principal payments of one hundred and eight thousand, nine hundred
and eighty dollars and eight-seven cents ($108,980.87) on the first (1st)
second (2nd) and third (3rd) anniversaries thereof. The Chairman and
Secretary are further authorized to execute a Deed of Trust securing
a payment of said Note on the approximately five and eighty-nine hundredths
(5.89) acres being purchased from Seal Pacific Company, Limited. Copies
of the Note mortgage are on file with the Executive Director of the Agency.
PASSED, APPROVED AND ADOPTED by the Redevelopment ~gency of the City of
Seal Beach at a meeting thereof held on the ;7~-- day of ~~,
1974 by the followi'Jj vote: - r
AYES: Members ~~~k-..~ ~--'''--~~ ..{;~4h..J
Members 7~..I
ABSENT: Members ~
NOES:
,-
)/~,/~
Chai rman .
ATTEST:
'I
~"w.;~j ~-IL Cu-t!.~
Executive Director-Secretary
1