RES-8067 Pertaining to Police Headquarters Reimbursement PaymentsRESOLUTION NO. 8067
A RESOLUTION OF THE CITY COUNCIL OF
THB CITY OF ORANGB PBRTAINING TO POLICB
HEADQUARTBRS REIMBURSEMENT PAYMENTS
WHBREAS, the City of Orange (the "City") and the Orange
Redevelopment Agency (the "Agency") have previously entered into
those certain Reimbursement Agreements dated as of August 1, 1989
for, respectively, the Northwest Redevelopment project, the
Southwest Redevelopment Project, and the Tustin Street Redevel-
opment project, in each case pertaining to the undertaking by the
Agency to pay a portion of the city's lease payments for the
Police Headquarters Facility (the "Police Facility"); and
WHBREAS, pursuant to the Reimbursement Agreements, the City
reserved the right to direct the amount and timing of payment by
each respective project area of its reimbursement obligations,
but said reimbursement obligations do not commence until the F.Y.
1995-96 and are reduced by the amount of any Police
Facility Fees, as defined in the Reimbursement Agreements;
and WHEREAS, the Agency and the City have determined that it
is necessary for these reimbursements payments to begin in the
1992-93 Fiscal Year, rather than in the 1995-96 Fiscal Year,
and that no offset for the amount of Police Facility Fees
heretofore or hereafter collected can be made at the present time in
light of the City's financial
circumstances; and WHEREAS, the parties wish at this time to
indicate their mutual assent to this change in the schedule of
reimbursements in the Reimbursement Agreement for the
Northwest Redevelopment Project and the Southwest Redevelopment
Project (while acknowledging the termination of the reimbursement
obligations of the Agency relative to the Tustin Street Project
pursuant to Resolution No.8066 of the City adopted on the
date hereof);NOW, THEREFORE, THB CITY COUNCIL OF THE CITY OF
ORANGE AND DOES RESOLVE
AS FOLLOWS:1. The foregoing recitals are true
and correct.2. The Agency's reimbursement obligations pursuant
to the Northwest Redevelopment Project and the
Southwest Redevelopment Project shall be revised to reflect the commencement
of these payments in the 1992-93 Fiscal Year and each
year thereafter, all in accordance with the attached revised Exhibit
B,
3. The Reimbursement Agreements for the Northwest
Redevelopment Project and the Southwest Redevelopment Project are
hereby amended to the extent of the changes to said agreements
set forth in this Resolution. No other reasonable means of
financing the Police Facility exists and all previous findings of
the Agency and the City with respect thereto are hereby confirmed
and approved as though set forth in full.
4. For the Fiscal Year 1992-93 the reimbursement
payments shall be divided between the Northwest Redevelopment Project
and the Southwest Redevelopment Project as follows:
Northwest Redevelopment - $624,647.00; Southwest Redevelopment Project -624,
648.00.5.
This Resolution shall take effect immediately upon adoption.
ADOPTED
this 13th day of 1992.ATTEST:
Ci~<{:~
t2 c:l:Jfftr~ge I
hereby certify that the foregoing regularly
adopted by the City Council of regular
meeting thereof held on the 13th by
the following vote:Resolution
was duly and the
City of Orange at a day
of October , 1992 AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL
MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON COUNCIL
MEMBERS: NONE COUNCIL
MEMBERS: NONE COUNCIL
MEMBERS: NONE 7
Qfr*{f~CityCerkthe' ci of range Reso
No. 8067 2-SSH:dg
EXHIBIT B 89=464506
PRINCIPAL AND INTEREST COMPONENT SCHEDULE FOR
LEASE PAYMENTS FOR THE PROJECT
Principal Interest
Lease Payment Component of Component of Total
Lease Payment Lease Payment Payment
I/n/U 110,000.00 "'~5n.50 '5I~5n.5O
2/01/12 0.00 611,147.10 tl.,I47.50
1101/12 310,000.00 "1,147 .10 ''',161.50
2/01/13 0.00 "0,UT.50 'IO,&U.50
1/0l/n 215,000.00 "0,4U.IO 775,4U.50
1/01/14 0.00 471,nO.00 471,nO.OO
1/01/14 315,000.00 t71,nO.OO 711,&50.00
I/Ollt5 0.00 410,117.50 ..0,ln.50
8/01/11 335,000.00 '10,,,,.10 "1,117.10
2/01ltS 0.00 441,171.00 441,'75.00
8/01/11 . JlO,OOO.OO 441,171.00 10',175.00
2/011t7 0.00 U7,115.00 437,111.00
II01/n 310,000.00 U7,111.00 In ,111.00
2/01"1. 0.00 414,1".00 U4,1...00
1/0111. 405,000.00 424,111.00 12',111.00
2/01'" '. 0.00 411,117.10 411,317.50
1101/.. . 435,000.00 411,117.10 IU,U7.10
1/01/00 0.00 111,745.00 3..,741.00
1101/00 465,000.00 111,'45.00 IU,'I",OO
2/01/01 0.00 311,117.10 311,117.10
1/01/01 4",000.00 311,U7.10 17',117.10
2/01102 0.00 314,585.00 S14,115.00
1/01/02 110,000.00 ". 314,515.00 "4,ln.oo
2/01/OJ 0.00 341,no.oo 341,130.00
01103 5'0,000.00 3u,no.oo .11,130.00
2/01104 0.00 127,715.00 127,731.00
1/01/04 110,000.00 127,'lJ1.00 137,'135.00
2/01105 0.00 307,300.00 30'1,300.00
8/01/01 150,000.00 J07,300.00 '57,100.00
2/01/0S 0.00 285,121.00 215,525.00
8/01/0S 700,000.00 215,121.00 ..1,121.00
2/01/07 0.00 2U,.00.00 2U,100.00
1/01/07 750,000.00 211,.00.00 1,OU,.00.00
1/01/08 0.00 231,.17.50 11.,.".50
1101/01 10.,000.00 IU,.87.IO 1,041 ,187.50
2/01/0. 0.00 20.,418.75 10. ,411. '15
1101/0. 110,000.00 10',4U.75 1,0" ,418. '15
2/01/10 0.00 110,113.75 1I0,IU.75
1101/10 '25,000.00 110,313.75 1,105,113.75
2/01/11 0.00 14.,175.00 14.,175.00
1101/11 ..0,000.00 14.,175.00 1,11',175.00
2/01/12 0.00 111,'112.10 U5,7I2.50
1/01/12 1,011,000.00 111,712.50 1,110,712.50
2/01/13 0.00 7I,UI.7I 7I,IU."
8/01/13 1,140,000.00 7I,IU.71 1,211,118.75
2/01114 0.00 41,141." ~h,IU.7S
01/14 1,215,000.00 41,143.75 1,211,141.75
08/29/89
4207n12585/005
Exhibit B