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OB - Item 3A - Chamber Loan AgreementROSEMEAD SUCCESSOR AGENCY STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: OCTOBER 8, 2012 SUBJECT: CHAMBER LOAN AGREEMENT SUMMARY The Board reviewed the Chamber's request to modify the terms of the existing loan agreement at the September 10, 2012 meeting. At that meeting the Board expressed some concerns that Section 34162 of the Health and Safety Code may prohibit the Board from taking any action on this request and asked staff to further research the Code. After a thorough review and consultation with the City Attorney's office, staff believes that section 34162 is only applicable to the former Redevelopment Agency and does not apply to the Oversight Board. Section 34162 of the Health and Safety Code falls under Part 1.8, titled "Restrictions on Redevelopment Agency Operations," which was implemented to prohibit former redevelopment agencies from taking certain actions prior to dissolution. Health and Safety Code Section 34181 provides guidance and direction in regards to the authority to the Oversight Board. Subsection "e" provides the following authorization: (e) Determine whether any contracts, agreements, or other arrangements between the dissolved redevelopment agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities, and present proposed termination or amendment agreements to the oversight board for its approval. The board may approve any amendments to or early termination of those agreements if it finds that amendments or early termination would be in the best interests of the taxing entities. Due to the severe financial hardship of the Rosemead Chamber of Commerce resulting from the loss of $38,000 per year in annual funding from the former redevelopment agency, staff believes that the Oversight Board should be permitted to renegotiate the terms of the loan as long as the principal is not forgiven and the overall term of the loan is not extended. Additional back -up regarding the loan may be found in the original staff report dated September 10, 2012 which has been attached for your reference. ITEM NO. 3 Rosemead Successor Agency Oversight Board October 8, 2012 Page 2 of 2 Staff Recommendation: That the Oversight Board approves Resolution 2012 -0010 approving the revised terms of the promissory note and to direct staff to submit the revised terms to the Department of Finance for consideration. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: r �s Matthew E. awkesworth Assistant City Manager Attachments: A - Staff Report dated September 10, 2012 B - Resolution 2012 -0010 AttachmentA ROSEMEAD SUCCESSOR AGENCY STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: SEPTEMBER 10, 2012 SUBJECT: CHAMBER LOAN AGREEMENT SUMMARY The former Rosemead Community Development Commission approved a loan to the Rosemead Chamber of Commerce ( "Chamber ") on September 14, 2010 in the amount of $25,000. The promissory note (Attachment A) requires annual payments of $6,000 beginning July 1, 2012 with the loan being paid in full on July 1, 2015. The terms of the loan included 0.0% interest, a 3.0% late charge assessed on payments made after July 10 of each year, and was secured by a Negative Pledge Agreement on the Chamber owned property at 3953 Muscatel Avenue. The Successor Agency received a letter (Attachment B) dated August 16, 2012 from the Chamber requesting a renegotiation of the terms of the promissory note due to a financial hardship. Prior to the elimination of redevelopment, the Community Development Commission and the Chamber had a memorandum of understanding which provided for annual assistance in the amount of $48,000 in return for a number of economic development related programs. The loss of the $48,000 has created a significant funding shortfall for the Chamber and they have been working to restructure their operations in order to remain solvent. Renegotiating the terms of the loan by delaying the first payment by one year will provide the Chamber with additional time to stabilize their financial position. The request includes a delay of the first payment until July 1, 2013 and to increase each payment by $2,000 with the final repayment date of July 1, 2015 remaining. Staff Recommendation: That the Oversight Board approves Resolution 2012 -0010 (Attachment C) approving the revised terms of the promissory note and to direct staff to submit the revised terms to the Department of Finance for consideration. BACKGROUND Prior to the elimination of redevelopment, the Rosemead Community Development Commission had a memorandum of understanding with the Rosemead Chamber of Commerce in the amount of $48,000 annually to provide economic development related services. When redevelopment was eliminated, the City of Rosemead had to make the difficult choice to reduce the Chamber's annual funding amount to $10,000 in order to balance the City's General Fund Budget. The loss of $38,000 in annual operational funding for the Chamber has created a significant financial hardship. The City Manager, Jeff Allred, is a non - voting member of the Chamber's Board of Directors and has been Rosemead Successor Agency Oversight Board September 10 Page 2 of 2 involved in their effort to re- evaluate priorities and to develop a sustainable model for ongoing operations. This re- evaluation includes developing a financial plan to assist the Chamber in becoming self - sufficient without the reliance on the City to fund ongoing operations. As stated in the letter from the Chamber, they are requesting a postponement of the first payment to July 1, 2013 and a forgiveness of any late penalties incurred from the non - payment of July 1, 2012. A review of the Government Code has also been done to determine if the ability to negotiate or re- negotiate terms of a loan are within the purview of the Oversight Board. Unfortunately, the Code doesn't specifically discuss this type of situation, but does provide guidance in two sections which do imply that the Oversight Board does have the authority to renegotiate terms of an agreement. Section 34180(a) The establishment of new repayment terms for outstanding loans where the terms have not been specified prior to the date of this part An oversight board shall not have the authority to reestablish loan agreements between the successor agency and the city, county, or city and county that formed the redevelopment agency except as provided in Chapter 9 (commencing with Section 34191.1). Section 38181(a) Determine whether any contracts, agreements, or other arrangements between the dissolved redevelopment agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities, and present proposed termination or amendment agreements to the oversight board for its approval. The board may approve any amendments to or early termination of those agreements if it finds that amendments or early termination would be in the best interests of the taxing entities. Both of these sections discuss the Board's ability to negotiate payment terms for outstanding loans; however, neither are specific to this situation. If the Board approves the revised terms of the loan, the Resolution and revised terms would be forwarded to the Department of Finance for consideration. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: n he r M E. Ha Assistant City Manager Attachments: A — Promissory Note B — Chamber Letter dated August 16, 2012 C — Resolution 2012 -0010 Attachment A 7 )) aosemeadCham6er of Commerce and'Visitor Information Cen 3953 N. Muscatel Avenue, Rosemead, Califorula 91770 Tel.: 626- 288 -0811; Pax: 626- 288 -2514 ® d e, www.RosemeadeChamber.org VIA Email Board of Directors August 16, 2012 officer Directors (Executive Committee) City of Rosemead Successor Agency Ja om Wang, President 8838 East Blvd. Ds Auto Rosemead, CA 91770 Era 06va, Peat President Rosemead Adult School Steve Chang VP Attention: Mr. Matt Hawksworth 11A Web I.osl Craven-Doss VP Invoice # 2011 -12 -023 ' Browa's Jewellry & Lolls Date: August 9, 2012 Mils: Gray VP Loam Principal Installment $6,000 UPC Gym Joan Hostler VP Dear Sirs: Travel Mores` Robert Oehler Thank you for your captioned invoice. Pacific Alliance Bask George Win VP Health Alliance We recognize our obligations arising from the loan the Chamber received from the Directors Community Development Agency of the City of Rosemead. We understand all loans of this Agency, which no longer exists, is being managed for the State of California by They But Wells Fargo Bank The City of Rosemead Successor Agency. Mariana CastroSaimtod SCE Ed Chen The Rosemead Chamber received the $25,000 loan to stabilize the financial condition Admen services of the Chamber, permitting the Chamber to develop programs to increase Chamber Karam Chen revenue. These efforts were progressing when the City of Rosemead discontinued its Adata Lac Pani cbm $48 thousand annual financial support of the Chamber. The Chamber is thankful that Chen & Far the City of Rosemead was able to allocate from its General Operating Budget $10 Aceo y thousand on a one -time basis for the Chamber. Robert Cb1 a Chi PRO" Sharon coley The Chamber's financial condition was, nevertheless, seriously affected by the loss of D°u Gee e By Haton Closter er G the $48 thousand in annual funding. Each dollar of reserves of the Chamber must be Progressive Travel used to develop programs for achieving additional revenue. To have to make payment Dana Herren of the Chamber's first installment of the loan, as captioned, would significantly hinder Caldwell Banker Dynasty rawronee Let _ the Chamber's financial stabilization efforts. Palm Motel Tay uu In the Board of Directors Meeting of August 15, 2012, this item was fully discussed. Realty Elizabeth Mart nos The undersigned was authorized to make respectfully a request that the City of Republic services lsn Rosemead Successor Agency giant a waiver of the captioned $6 thousand first - Sobw Me ese • Smbway 540986 ll t d remaining ears of the loan. This y installment an amortize t th ze this amount over e three carol Nt mez would increase each of the next three annual payments by $2,000. Lincoln Training Center vincest Fes Bmva Tnvd A simple amendment to the promissory note and loan document would be required. Joseph So coma` rntor°atl ° °al While this is under consideration, we also respectfully request that all late payment Alan Thaa Royal Business Bank fees be waived. Thank you very much for your consideration in this regard. Joseph Wen Award Auto Tom We YO11IS tI111 y, Holiday Ian Express Ping Yang Yang Ping CPA City of Rosemead Chamber Liaison Robert B. Oehler, VP, Rosemead Chamber Jeff Allred City Manager Cc: James Wang, President Rosemead Chamber GOUK- OF LOS ANGELES Attachment B REGISTRAR- RECORDER /COUNTY CLERK ' -• P.O. BOX 1250, NORWALK, CALIFORNIA 90651-1250/www.lavote-net 4 IR ,. DEAN G. LOGAN Registrar- eco "Icanty perk Date: 01/19/2011 CITY OF ROSEMEAD Re: (1) NEGATIVE PLEDGE AGMT 8838 E VALLEY BLVD ROSEMEAD CA 91770 ROSEMEAD CHAMBER OF CO MMERCE $ NO CHECK The enclosed document is being returned unrecorded for the following reasons indicated by a green (✓) on the document: 1) The entire document or portion of the document is/are readable but Ware not sufficiently legible to be use for making the permanent photographic record. Please review the enclosed bulletin for suggested methods to correct the defect. 2) We have found the enclosed document(s): X (a) to be unacceptable for recording as presented, or _ (b) to have no provision in the California State Law authorizing recording. This office cannot advise you on how to prepare documents for recording. However, most stationery stores carry legal forms which may fit your situation, and if properly completed, may be recorded. We suggest you consult your legal advisor. 3) PLEASE DELETE WRODING ATTACHMENT BAND EXHIBIT 1 FROM THE FIRST PAGE. Please correct and complete the information as noted above and return a copy of this letter back with the documents. DEAN C. LOGAN Registrar- Recorder /County Clerk F L By: E. Ramirez 562 -462 -2125 Deputy R7�Oa Ftsv=9) Attachment B V Recording Requested By And When Recorded Return To: Rosemead Community Development Commission 8838 E. Valley Boulevard Rosemead, California 91770 Attn: City Clerk Exempt Recording Per Government Code Sections 6103 and 27383 Space Above This Line For Recorder's Use EXHIBIT 1 to Promissory Note Between Borrower and Lender NEGATIVE PLEDGE AGREEMENT This NEGATIVE PLEDGE AGREEMENT (this "Agreement ") is dated as of Sept. 4 2010, and is made by the undersigned Rosemead Chamber of Commerce (the 'Borrower ") in favor of Rosemead Community Development Commission (the "Lender "). RECITALS A. Pursuant to the Promissory Note dated as of Septt 2010 (as it may hereafter be . amended, modified, restated or - supplemented from time to time, the "Note ") among the Borrower, and the Lender, Lender expects to extend a certain loan to Borrower subject to the terms of the Note. B. The obligation of the Lender to make a certain loan to the Borrower is subject to the condition, among others, that the Borrower enters into this Agreement. NOW THEREFORE, the Borrower, for valuable consideration, receipt of which hereby is acknowledged, jointly and severally hereby agree as follows: . 1. Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings given them in the Note. 2. Negative Pledge. In order to induce the Lender to extend a loan to the Borrower, the Borrower hereby agrees that so long as any amounts owing under the Note remain outstanding, the Borrower will not, nor will it permit, as the case may be, the granting of a lien in, or otherwise mortgage, encumber, pledge, grant .a security interest, and/or enter into a negative pledge agreement with respect to, the real property of the Borrower, located at 3953 Muscatel Avenue, Rosemead, CA 91770 -1748, and legally described on Exhibit "A" attached 1 LA'#48405034-0615 v2 hereto (collectively, the "Property "), or any equity or other interest in the Property, even in the ordinary course of Borrower's business. Borrower also agrees not to sell, convey, giant, lease, give, contribute, assign, or otherwise transfer any of Borrower's assets, including, without limitation, the Property. 3. Nature of Negative Pledge, Waivers. This is an absolute, unconditional and continuing Agreement and will remain in full force and effect until all of the terms and conditions of the Note have been fully satisfied. This Agreement will extend to and cover renewals, extensions, modifications and/or marketing of the Note and any number of extensions of time for payment thereof and will not be affected by any surrender, exchange, acceptance, or release by the Lender of any pledge or any security held by it for any of the Note. 4. Representations and Covenants. The Borrower represents and warrants that: (a) the Borrower is the sole owner of the Property and has not made any prior sale, pledge, encumbrance, assignment or other disposition of any of the Property and the same is free from all mortgages, deeds of trust, liens and other encumbrances; (b) the Borrower will defend, at the Borrower's expense, the Property against all claims and demands of all persons at any time claiming the same or any interest therein; (c) the Borrower has the full right, power and authority to execute, deliver and perform this Agreement and the execution, delivery and performance of this Agreement by the Borrower has been duly authorized by all necessary action on the Borrower's part; and (d) the execution, delivery and performance of this Agreement by the Borrower does not and will not violate or conflict with the terms of any law, rule, regulation, order, decree, agreement or instrument to which the Borrower is a party or by which it or the Property is bound. 5. Default. All or any of the following will constitute a Default under this Agreement: (a) the breach of any representation of the Borrower herein, (b) the failure of the Borrower to perform any covenants or agreements contained herein, and/or (c) the occurrence of a default under the Note. 6. Representations and Warranties to Survive. All representations, warranties, covenants and agreements made by the Borrower herein will survive the execution and delivery of this Agreement without limitation as to time and amount. 7. Notices. All notices, requests, demands and other communications required or permitted to be given under the terms of this Agreement by one party to the other shall be in writing addressed to the recipient partyrs Notice Address set forth below and shall be deemed to have been duly given or made (a) if delivered personally (including by commercial courier or delivery service) to the party's Notice Address, then as of the date delivered (or if delivery is 2 LA #4840 - 5034-0615 v2 DRAFT 7/JR/1 n refused, on presentation), or (b) if mailed by certified mail to the party's Notice Address, postage prepaid and return receipt requested, then at the time received at the party's Notice Address as evidenced by the return receipt, or (c) if mailed by first class mail to the party's Notice address, postage prepaid, then on the third (3rd) business day following deposit in the United States Mail. Any party may change its Notice Address by a notice given in the foregoing form and manner. The Notice Addresses of the parties are: If to the Lender: Rosemead Community Development Commission 8838 E. Valley Boulevard Rosemead, California 91770 Attn: Executive Director If to the Borrower: Rosemead Chamber of Commerce 3953 Muscatel Avenue Rosemead, California 91770 Attn: President 8. Miscellaneous. 8.1 This Agreement is binding upon and inures to the benefit of the Lender and the Borrower and their..., respective successor and assign, provided, however, that the Borrower may not assign this Agreement in whole or in part without the prior written consent of the Lender (which consent the Lender is under no obligation to give), and Lender at any time may assign this Agreement in whole or in part in connection with any sale, assignment or other transfer of the Note. 8.2 This Agreement (including the documents and instruments referred to herein and therein) constitutes the entire agreement of the parties with respect to the subject matter hereof and thereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof. This Agreement may be amended or modified in whole or in part at any time only by an agreement in writing executed in the same manner as this Agreement after authorization to do so by the parties hereto. 8.3 In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability in any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby. 8.4 This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which taken together will constitute one and the same agreement. Any 3 LA 11484MO34 -0515 v2 DRAFT 726!10 party so executing this Agreement by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission. 8.5 Acknowledgement by Loan Parties THE BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF IT CHOOSING IN THE NEGOTIATION, EXECUTION AND DELIVERY OF THIS AGREEMENT, AND THE BORROWER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THIS AGREEMENT. IN PARTICULAR, THE BORROWER UNDERSTANDS THAT THIS AGREEMENT WILL BE RECORDED IN THE REAL PROPERTY RECORDS OF THE COUNTY WHERE THE PROPERTY IS LOCATED, AND THAT THIS AGREEMENT WILL MAKE BORROWER'S TITLE TO THE PROPERTY UNMARKETABLE, SO THAT NO ONE WELL LIKELY PURCHASE OR LEASE ANY PART OF THE PROPERTY OR LOAN MONEY AND ACCEPT A MORTGAGE OR SECURITY INTEREST ON ANY PART OF THE PROPERTY. NONETHELESS, BORROWER IS VOLUNTARILY EXECUTING AND DELIVERING THIS AGREEMENT AND IS AGREEING TO BE BOUND BY ITS TERMS-'- 8.6 Governing Law This Agreement has been delivered and accepted at and will be deemed to have been made at Rosemead, California and will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State of California, without regard to conflicts of law principles. 8.7 Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON - EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE OF CALIFORNIA COURT SITTING IN THE COUNTY OF LOS ANGELES IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREINAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 8.8 Arbitration As a manner to resolve disputes arising under this Agreement the parties may agree to submit a matter to non - binding arbitration. Such arbitration 4 LA 94640- 50340615 v2 GRAFT 7imi n shall not in any way waive either parties' rights and remedies against the other party which may be available under the law. Costs for arbitration shall be borne equally by the parties. 8.9 WAIVER OF JURY TRIAL TO THE FULLEST EXTENT PERMITTED BY LAW, THE BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 5 LA #4840 -5034 -0615 v2 DRAFT 7/26/10 The Lender and the Borrower have - caused this Agreement to be duly executed by their respective duly authorized officers or representatives as of the date first set forth above. ROSEMEAD CHAMBER OF COMMERCE By: Title: ��cr r By: — t Title: LENDER: ROSEMEAD COMMiJN1TY DEVELOPMENT COMMISSION By: Za. Z/ Title: Chairman Attest: Commission Secretary LA #4840- 5034-0615 V2 GRAFT 7125/10 ACKNOWLEDGMENT State of California ) ) ss County of Los Angeles ) On aRjqL I , IM 0 before me, (�4 0C t) "Ol reCt5j 44 AA — " - Cl Name of otary) ' notary public, personally appeared t F1 it � qrl—C who proved to me on the basis of satisfactory evidence to be the person(4-whose name(s) -is /are subscribed to the within instrument and acknowledged to me that he /tlkeklmy executed the same in bis/ller4heir authorized capacitya*, and that by his/h®rMgir signaturW) on the instrument the person(o), 'or the entity upon behalf of which the person(er acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. LIN (Notary Signature) GLORIA MOLLEDA Commission ¥ 1792979 -w - Notary Public - California = Los Angeles County CommD Ves Z22012 State of California ) - ) ss County of Los Angeles ) OJ DLABftj � � i1� (j before me, Gwy' n O AVe , 4 of (Name of Notary) notary public, personally appeared i o r who proved to me on the basis of satisfactory a 'dence to be the persona) whose name(e) is4ve subscribed to the within instrument and acknowledged to me that he/skoe f Ey executed the same in bis /her/heir authorized capacity(ics), and that by hisAter/tl'ifir signature(4 on the instrument the person(p), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. $4 SUA (Notary Signature) GLORIA MOLLMA Commission # 1792979 -� Notary Public - Caltlomlo Los Angeles County Comm.D IiE6 (2.2012 - LA #4840- 5034 -0615 V2 nRAFr 719Rm n EXHIBIT A LEGAL DESCRIPTION [To Be Attached] IA #4640.5034-0615 J2 n. ACT Legal Description of Property Situated at 3953 Muscatel Ave. City of Rosemead California The North 57.65 feet of the South 211.00 feet of the East 210.39 feet of Lot 1 of Tract No. 3360, in the City of Rosemead, County of Los Angeles, State of California, as per map recorded in Book 37, Page 1 of Maps, in the Office of the County Recorder of said County. APN 5390 -010 -035 by L.J.L. 10/05/10 µ oa . e � m " -- a+dy ^ ^ J Q „oaoaamoaa n � "nkRR ./ v' a� �w y to O I J cp I L ` I e -3AV c urs 131VDSrVl g c ssv/ or or I /s roor A F� roar sry J - --- � / —_ � I I wsr svx5 �1 C MI IOj I I ®N n .F. ��p� e ® I ® I ® co a V( Q 59 5999 Oa q yy p W u is 1 DY$ D3 A. r9'GOY�. 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I 1 '1 o- -' JAN 5' r91B 2 PM. SHEET N° 1 TRACT N9.10 I N THE COUNTY OF LOS ANGELES' We here certify thatwe are fheowl oforare.iritph' e.rted in, the /and indudedin thethe 'su6dlyisimi s/iown. W7 !W,C. Meson, herehy cerfifg thatt am civi /er ineer and /batthis the annexed map, and that we "are the only perrgns whovey re consent is necessary to pass c /e to ,faid /wand a lear t we foak ' _ map cons / sting oP.9,rheets represents a survey d e mae uner. I " supervision in November 1927, and that r// of f monuments c onsent them /�afsaid.maaendsubdiv /s /nnas shown wlthi,? e co%redbor»er hoe, anC we hereby okl icate h�tle pu is ase the streets avenue bou /evard,.and shown thereon actua //y ezisC and theirpos/tjons.are correct /y .. 'shown. / �:_!� ��M A� a o eyras shown n se /d map w /r�iiis sa /a � _ - - - - -- =e .- � � � � '-- - -- --- --- - -- - ---- _ e Rosem Ra cho -Owner - _ Jtate of California . - - - CoirntyWL �-, ',dararff'- %927 befdce me:: On thiser'day of:E��, / the year p�,h //e in aad Pres. torte svioCOUnfy and State, du /y. Commissioned ��i"`` �`- `- "°`f -ec•, and sworn, personalty apptared "6l�CMasankiVNn to mefobe the person whose /sauhscridrd • ,. name to the w /lhb7 ,nstrument and anfnow /edgedfome that . - - he executed the same, - - -_ - IN N/ rNess NNERea- !hare hereunlo set my - _ hand and atfiXed my o?1k1 ;a1 seal fhe day and California Tru Ca.- Owner year inth/sCert /P/cate fist d6ove.wrirren. ��Asfary>aaedYoee d- •' f.;&ec'• - Jtate of CWifnrnia }sA - County of LOS Ange %s h'ugtin ton Land andlm roveinent Ca -� �d�`„'e;,°' and be aidCaC BEUie and fvr said County an and sworn, persona& a tbafyn to Inc to he t known to Inc to he the ec . .. - -- -- -- _,roll ys. Jec. 7ray%thecorporationi -- - -- --- /- -- u instruinenf, knaw lame tc - - names are Tuhscriheo`h to methatsuchcar ore, !n Witness Nberea/ - - hand anda {fixed my ofi :7" .Guam T stco- s 'yearu?lhiscertificate Ot/zew _Trust B Sev/ngs Bank - Trustee .c --- _ -Jec. -.--- = =_ f f _ - -= ..- . . the PC IV ani eXen hand year �t 5 � of Californ /a V of/nsAVe/esl the rer my and QWrya'';m C /n /he year pub /ic rn ing /hercig vivo to:rheto be flic±,'secy C) the corporation that em -- ument,knowntome/a he - ames are suhscr/bed there - o me that such corporation raf !!lave hereuntd setmy offic/a /real the d&V and 5* first above written. frj SHEET N° Z TRACT N° 10195 Jtafe of California 1 Coonty afLc�s Ante1c j On before me � �-A• W' h/. .raid County and Jtafe, sinned 017dswal17, perse Ago/ a to me to be tbe-, BnaNn to me to be tbesec corpore, ion that execidee to me tq be the persons. n', thereto and ecIrRowlea i F7EGORDE'D � JAN '5 2 PM /zs -- Y' /N THE COUNTY OF LOS ANGELES Fvalb In the year /927 g.,_ W.:t.,.�,.,� I.o �� ,otary public /;? and far q /herein, ab /y cammlr - �w T I appearea f.; ( tJ..,,..wl•' - r � _ • � tY.._. .a.. -cQ .. Y within qg menf .Yn —" _ ' o f names are soblcr/Ged d tome - '�h" a.,.e.4. C.s,�m.Sw:k p„�L � � (i,,,_� z- Qom._ x 1 - 1 1 iA /I SHEET Ng 3 TRACT .N° 10195 . - /N THE COUAtTY OF LOS ANGELES BE/NG. A SUBD /Y /S /ON Or A POf?T%aN OF LOT 2. BLOCK 5 RO W1VfAD SHEET - 2, RECORDED IN BOOK 2/, PA 6ES 114 d 115 OF MAP-5, RECORDS OP LOS ANGELES COUNIT 'N04EM6eR - 19Z7 SCALE.• I'W. b0' !N C,/vsoi�- CE Co. 1 1 v Z Q 0 fd. E•. CS Nr211, . - - ' s.d]•G C"tT'N �• - -. u POMO _ "BOULE ' WAS9 ' -� .�Pti11e�'.l'BOOr1Y� �O � S67 SE ce IL - l O Zi Jujs so '�. 'Br AL ! %00- Co. 1 1 v Z Q 0 fd. E•. CS rise+ IL - l O Jujs so '�. 'Br AL ! %00- AM Q : @. U h 3 � Q hll� _A y kS . 5439 SO 69 T'6�. ��. 60 axbl'4LXfX /YS -st :4p. %SW 14406•• - BP /� � Aale -- ;he 6f M-e e ®efer/q -&7e of BUrfoii Ave, - a.5ei _ "as shown ew 67ep 0 Tract No eZx3; recoieeo in Book --,97, pages PB M 90 of Maps,. waa Gveoe as the basis for - dearmgs.Jhow,7galhia,fhap. rise+ P A l er ien�fwrme�rma +n�.vvwv�crECU �.+.m .° .aerNe/ws®w narr Ba c.;rsvW�. .. x a.FO m� M��MC4 '4c>vNr si.Cy mph /yy • ae '�p12Lf WR{IIN tIVENTY -fdm MoWT/IS B R T88 BTP46 pF TALIIFmmIAi -�'T ffiP NPP CW- svG,OtG OF ] GROOR. IRA TR�R . 1YIYL8TR 8NP/6 RR MOM, PSG GAS CAGE AY tffi.d ONRR M RIABLTICN ex .TRN®t¢ 3. 19"/3; TUM TRa t4N R RMW M THE ®A ANp LCCAT{G6 RROItl 8B8@H A4 w rn" I N®p8®'Pi PR8 8xxx.r,a • llBt eBRVPT TB BH RR�T SC�llpi➢ TI oa e TFa MaGHHN18 . SSORR pS 0RT" Ae (ei P ➢.8 IA.y ®1Q5898 dIBFD =X YO, 4875 ma 0. .R ... vl'. 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T&1T N0 NILt RBPO'{ NO HLOCT OR IYT60NT NITaIa a— Tfe3 60 ®1RI66 • 0P SAN GRINRNTS 118868 TO THE F®OF•C•, .® PT R®s ROa RIGR1 ON xH1'®R8P v Foxamiur MRS BOG=T TO m +Nlo t - snTe OF 1 FAi.VO tn& I • ... 8MK8?0.PACE3G MU CT �7 ® 33 llll�l T NO3 � 614"TI.OF2 6XHFT 714 ILEo � Al A��pu659 ay 1C Ao / 9� ,15 IN THE CITY OF ROSEAREAD, COUNTY: OF LOS ANGELES, STATE OF CALIFORNIA `�l P.. SPID STBTN, P R RG (/L F a, C /coi..1.8 '.' BEING A SUBDIVISION OF LOTS 3 8 9; TRACT N0. 3360 'AS KNOWN ON _ 1m ou'SO NB fO Bi ' MAP FILM W 8006 37 FASE 1 OF NAPS IN THE OFFICE OF THE RECORDER ' E0E YN"x1 � • AYC . OF THE COUNT? OF LOS ANGELES - +nhAU.4 RAW - • NB VINUM, CHRTIP[ > ®T RID ARC 'IDe OYHE® OF BR ME ]Bf8RZGM IN 'A$ mao F, n'ffiR T88 6 115=91UNG 890X11 G =a GRIP Nlpml •C6 n.sronrvc Boom LID109; MD F C ROM TO TSB PROPAGATION MR, G=O,G OP SAID IWP AGR 6®ONIx IOF. NR BRImOT MZMTR xO %3118 "me we R= ATAReN. expGwFG. )¢!n V3®1 PWppIC MYS �1101q OI BRiO GRP YPM nw0ea rve[mx maxR¢ 7NE N1 IFI A wN�d N NMaP A,P I� ma lAwlrt l Ne.F1IXT06R CHNT] R %CRPl Ae BNOnR Ox P COPT OF TNIS GRV ®RILS IR TM 01111=0 OF CGR 1 9UPBRNTON.Gam o["]IRL2T 11B Maw or NO GRBOI®'F SR STNIb1BRS RR39TNY wmm TRe RA SIIOax . IDAS1H Mama, am Y®IuxxRN. To TI@ POAIac. mint 1 FOILICLY cum mass. b GxB. 9119111. - a IDNieO. T&1T N0 NILt RBPO'{ NO HLOCT OR IYT60NT NITaIa a— Tfe3 60 ®1RI66 • 0P SAN GRINRNTS 118868 TO THE F®OF•C•, .® PT R®s ROa RIGR1 ON xH1'®R8P v Foxamiur MRS BOG=T TO m +Nlo t - snTe OF 1 FAi.VO tn& I • ... - cove'a.a 1N! ANaOLID 7 ,�w�1 - 09 •IDIB yL uY R , 19)) ate. RbARY Pp IH APn ¢OH , SPID STBTN, P R RG (/L F a, C /coi..1.8 _ 1m ou'SO NB fO Bi _ 1PSC /G fY /cANAN O RH . - •e pR[R pI STA _JO /N(J.P/Qy - Tlm NATTOa T®.T 1180=0'10 TIR NITS >esapmf mpGo 10 Im a0 ! ®a v BBRPil: Tab P=PP=M 1111819 '"Goo P® PmGOJa® Cp Tz la A'eC0R8a oo G ," ROG O mMRRG CI ' Me IDA�1R9 bWMNIU 81RCB1'kn STQ 9V8. .. . . � pARSy � .+ aQHR4 �LLC . - I s�aysmrsa•�e ss mxv/v Frurrawus' .rmv. A S. � n SfALE•P. bO� '.. �l/I/�, • �� \V�� \l�� G'.�7\ - �- 5HEET 9 IM Q 511[£TS - ++ +. �=` +•`V- 11 11 V . 13035 FlLED WITH UDS ANFEIES" ` IN THE CITY OF ROSEMEAD, COUNTY-OF LOS Ab$PELES, IN BO STATE OF GAL"ORNIA tOUNN RECORDER BEING A SUB OF G3 9 9 TRACT N ICE TIME SHOWN ON _ N ED RV BO OK FILM 37 PA E 1 1 OF. MAPS IN THE O O FFICE OF THE RECORDER - ' - OF THE COUNTY OF L08 ANGELES \ i MVf• /..f �N MI'l/'.O'K K/A'6 C� FY/ f (Y LML RM.Nf• L16 %S �� - g NlJCLEY 2QLY£YC.PO aclrrev LSfP A%141I I �Tf4� /SP NQfH � ^I �NFYNWK / I � �C / �AlYEIN.P CSO -NAC 1 IICSFG .vP9 -P I ��/Eyl - � I 6 STEELE - fT.PEET,� � - I au "�r�m • ��FC'��.a`�s -sa � � . os v � ' I �� C..�Y. lN6KMILlA[I dJfii AL4vVY span I � � LE4F A _ g A � � z• � .veY.vav�f � aea di/ENVE Al N 1 T— p ppp iS yT�Ns ;rpar -M�) F /uemre% z9 CZt k �• J rfa /Qw .ss cr�IrKQV� .rc / .roz <PlJAG� .n .SRX "RlW EE SAY � �S3P(1 - pJ5Y1 QSl"�K Kt.Ki[9K I • �K A JAM siPM/I/6f9 T om/ - 9 4 � Y TI - ��Y of NT.lv[TMI JJ 2k D I KEG {1 ww�� /•ofNMM `P q� scs pt(sy�6p{ AO.IbF J !'p.iF.lK X4GL /Y 4 / � I U LSF4 pPF � �_ fYld ?� � 1.ICM1t�f SB EGSfQ 1 ' y I • i ROOK280TAGE 3.6 33036 •ft4 AI§7 E D I MAC P T NQ 4 IN 714E CITY OF rOIVMEAtZ COUNTY.. -OF Loc Ammus, STATE or. CALIFORNIA BEING A SWDMSION OF LOTS 3 a 0, TRACT HIM 3350 AS IINO" ON MAP FLEO IN BOOK 37 FRW I OF MAPS IN THE OFFICE OF THE RECORDER OF THE COLINTY OF LOS ANINELES S®a1p1'9= shWID WTa16 P9: A6D He zm� w MP � �D�slw. g =wT m lm.T swwl . 96 SAID A � - n .r,v9..wa6ev wrf>fu>a:awwe.n_TaPrs.__ w m STATE w CALIFwH rw. ffia "..P , ..- . SIMMO W 2 9MR0, 2 ..z. 0001 swvbY AwDI®Ts AAE BVPPSCIEtlF SD =9m=:.= SBWD some M. 4075 P�H 93. t z& l ! �F N. 2o W. Zu" w �2606 W M.. M 1�- mwf� w Am sxwYLws EM, 3 - ;, 'em �, .ULF12��= AICBLH9 A T W SPIV 1977 ZX� W T j ak�� RLE mum S. - i, LIS- �. Attachment C RESOLUTION: 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 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 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). 2. 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 10th day of September 2012. Chairperson �.. ATTEST: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager 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 10 day of September 2013, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager Attachment B RESOLUTION: 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 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 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). 2. 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: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager 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: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager