OB - 2013-0009 - Approving Revised Terms for the Promissory Note with the Rosemead Chamber of Commerce Dated September 14, 2010RESOLUTION: 2013 -0009
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 a
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 October 8, 2012 the Oversight Board approved an amendment to the
Promissory Note establishing new payment terms beginning July 1, 2013; and
WHEREAS, on August 6, 2013 the Rosemead Chamber of Commerce sent a letter to
the Rosemead Successor Agency requesting a second amendment to 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:
1. The Promissory Note is amended to reflect the elimination of the payment to be
made on July 1, 2013 the amendment of the final payment due July 1, 2015 in the
amount of seventeen thousand dollars ($17,000).
2. That any late fees owed from the delay in payment from July 1, 2013 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 16th day of September 2013.
Pat W Ilach
Chairperson
ATTEST:
� a
MattheW E. Ha cesworth
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 16th day of September 2013, by the following
vote, to wit:
AYES: ALLRED,JONES, LASH, REDONDO_CHURCHWARD, SOTELO
NOES: NONE
ABSENT: MILLER, WALLACH
ABSTAINED: NONE
r
MattheW E. HaNkesworth
Successor Agency Staff
Assistant City Manager