City of Long Beach - File #: 32039_000

• File #: 32039_000
• Version: 1
• Name: REDEVELOPMENT AGENCY OF THE CITY OF LONG BEACH - AMENDED & RESTATED LOAN AGREEMENT (DOWNTOWN PROJECT AREA)
• Type: Conformed Contract
• Status: CCIS
• File created: 3/25/2011
• In control: City Clerk
• On agenda: 1/18/2011
• Final action: 1/18/2011
• Title: AMENDED & RESTATED LOAN AGREEMENT (DOWNTOWN PROJECT AREA): (REDEVELOPMENT AGENCY AUTHORIZATION 1/20/2009, #7) AGENCY ACKNOWLEDGES THAT CITY HAS ADVANCED $94,838,615.49 TO AGENCY PURSUANT TO LOANS #DT3 (CITY CONTRACT #12255), #DT423 (CITY CONTRACT #23670) & #DT562 (CITY CONTRACT #27982) FOR PURPOSE OF CARRYING OUT REDEVELOPMENT PLAN. AGENCY AGREES TO REPAY THE CITY LOAN TO CITY, WHICH BALANCE SHALL ACCRUE INTEREST AT RATE OF 3% PER ANNUM, IN ACCORDANCE WITH AMORTIZATION SCHEDULE
• Sponsors: Development Services
• Indexes: Loan Agreement
• Related files: 11-0075, 11-007R, 11-0074

Date	Ver.	Action By	Action	Result
1/18/2011	1	City Council Special Meeting	authorize City Manager

TITLE

AMENDED & RESTATED LOAN AGREEMENT (DOWNTOWN PROJECT AREA):  (REDEVELOPMENT AGENCY AUTHORIZATION 1/20/2009, #7) AGENCY ACKNOWLEDGES THAT CITY HAS ADVANCED $94,838,615.49 TO AGENCY PURSUANT TO LOANS #DT3 (CITY CONTRACT #12255), #DT423 (CITY CONTRACT #23670) & #DT562 (CITY CONTRACT #27982) FOR PURPOSE OF CARRYING OUT REDEVELOPMENT PLAN.  AGENCY AGREES TO REPAY THE CITY LOAN TO CITY, WHICH BALANCE SHALL ACCRUE INTEREST AT RATE OF 3% PER ANNUM, IN ACCORDANCE WITH AMORTIZATION SCHEDULE