RES-ORA-0411 First Amendment to Old Towne Restaurant Improvement Program Watson's Drug StoreRESOLUTION NO. ORA-
0411 A RESOLUTION OF THE BOARD OF
DIRECTORS OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING THE FIRST AMENDMENT TO
THE OLD TOWNE RESTAURANT
IMPROVEMENT PROGRAM AND APPROVING A
COMMERCIAL REHABILITATION LOAN AGREEMENT
UNDER THAT PROGRAM WITH WATSON'S DRUG
STORE VHEREAS, the Orange Redevelopment Agency (the "Agency") has been duly
created,established and authorized to transact business and exercise its powers under and pursuant
to the Community Redevelopment Law (part 1 of Division 24 of the Health and Safety Code
of the State of California) (the "CRL");
and WHEREAS, pursuant to the CRL, the Agency is carrying out the
Redevelopment Plans for the Amended and Merged Redevelopment Project Area (the "Project Area");
and VHEREAS, the Agency is authorized pursuant to Health and Safety Code
Section 33444.5 to loan funds to owners or tenants for the purpose of rehabilitating
commercial buildings or structures within the redevelopment project areas which are administered by
the Agency;
and VHEREAS, in order to carry out and implement the Redevelopment Plans for
the Project Area and pursuant to Section 33444.5 of the Health and Safety Code, the
Agency desires to amend its Old Towne Restaurant Improvement Program and provide for
restaurant rehabilitation loans in accordance with the First Amendment to the Old Towne
Restaurant Improvement Program (the "Program");
and NHEREAS, in order to carry out and implement the Redevelopment Plan,
the Agency and Watson Drug Store, Inc. propose to enter into a Commercial Rehabilitation
Loan Agreement (the "Loan Agreement"). The Loan Agreement provides, among other things,
that the Agency will make a $40,000 loan to the Participant for the purpose of financing a
portion of the cost of rehabilitating the existing restaurant improvements in accordance with
the Program;
and NHEREAS, the Agency Loan is payable to the Participant in arrears
following completion of the rehabilitation work;
and WHEREAS, in accordance with the CRL (md the California Environmental
Quality Act (California Public Resources Code Section 21000 et seq.: "CEQA"), the
contemplated rehabilitation work to be financed by the Agency is categorically exempt;
WHEREAS, this Board of Directors has duly considered all terms and conditions of
the proposed Loan Agreement and believes that the Loan Agreement is in the best interests of
the City and the health, safety, and welfare of its residents, and in accord with the public
purposes and provisions of applicable State and local law requirements.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Orange
Redevelopment Agency as follows:
I. The Program, in the form presented at this meeting, IS hereby approved and
established.
2. The Loan Agreement, in the form presented at this meeting, is hereby approved. The
Executive Director is hereby authorized to execute the Loan Agreement on behalf of
the Agency and to sign all other documents necessary and appropriate to carry out and
implement the Loan Agreement and to administer the Agency's obligations,
responsibilities and duties to be performed under the Loan Agreement. A copy of the
Loan Agreement when executed shall be placed on file in the office of the City Clerk.
The City Clerk shall certify to the adoption of this Resolution.
ADOPTED this 28th day of May, 2002.
ATTEST:
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Cassandra J. Ca , Agency Clerk
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Orange Redevelopment Agency at a regular meeting thereof held on the 28th day of May,
2002, by the following vote:
AYES: DIRECTORS:
NOES: DIRECTORS:
ABSENT: DIRECTORS:
ABSTAIN: DIRECTORS:
MURPHY, COONTZ, CAVECCHE
NONE
NONE
SLATER, ALVAREZ
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Cassandra.T. Cat , Agency Clerk
Reso No. ORA-0411