OB - 2012-0010 - Approving Revised Terms for the Promissory Note with the Rosemead Chamber of CommerceRESOLUTION: 2012 -0010
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION APPROVING
REVISED TERMS FOR THE PROMISSORY NOTE WITH THE ROSEMEAD
CHAMBER OF COMMERCE DATED SEPTEMBER 14, 2010
WHEREAS, The former Rosemead Community Development Commission approved
Promissory Note with the Rosemead Chamber of Commerce on September 14, 2010; and
WHEREAS, on October 6, 2010 the former Rosemead Community Development
Commission funded the Promissory Note in the amount of twenty -five thousand dollars
($25,000); and
WHEREAS, according to the terms of the Promissory Note, the first payment in the
amount of six thousand dollars ($6,000) was due on July 1, 2012; and
WHEREAS, on August 16, 2012 the Rosemead Chamber of Commerce sent a letter to
the Rosemead Successor Agency requesting a renegotiations of the terms of the Promissory
Note; and
WHEREAS, the proposed revised terms would not forgive any of the principal due and
the Promissory Note would be paid in full by the original maturity date of July 1, 2015.
NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
The Promissory Note is amended to reflect a payment term beginning July 1, 2013
in the amount of eight thousand dollars ($8,000), a second payment due on July 1,
2014 in the amount of eight thousand dollars ($8,000) and a final payment due on
July 1, 2015 in the amount of nine thousand dollars ($9,000).
That any late fees owed from the delay in payment from July 1, 2012 until the date of
the renegotiated terms be waived.
3. That the Successor Agency staff transmits the Oversight Board's approval to the
Department of Finance for consideration and approval.
PASSED, APPROVED AND ADOPTED this 8th day of October 2012.
Chairperson
ATTEST:
T
Matth w E. Hafvkesworth
Successor Agency Staff
Assistant City Manager
I HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by
the Oversight Board for the Successor Agency to the Rosemead Community Development
Commission at its special meeting held on the 8 th day of October 2012, by the following vote,
to wit:
AYES:
NOES:
ABSENT:
ABSTAINED:
I'Y
MattlAew E. H wk sworth
Successor Agency Staff
Assistant City Manager