OB - Item 3A - Chamber Loan AgreementROSEMEAD OVERSIGHT
BOARD STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER
DATE: SEPTEMBER 16, 2013
SUBJECT: CHAMBER LOAN AGREEMENT
SUMMARY
On October 8, 2012, the Oversight Board approved modifications to the loan agreement
between the former Community Development Commission and the Rosemead Chamber
of Commerce (Chamber). Under the modifications, the first payment, due on July 1, 2012,
was amortized over the subsequent three years of the term without any penalties or
interest. Per the attached letter, the Chamber is requesting that the payments due July
1, 2013 and July 1, 2014 be suspended and one lump sum payment be made on July 1,
2015 for the entire $25,000 amount. The requested modifications are permitted under the
Health and Safety Code since the debt is not being forgiven and the final payment period
is not being extended. Additionally, the loan will continue to be secured by the real
property owned by the Chamber and used as their offices.
The staff reports from the September 10, 2012 and October 8, 2012 meetings have been
attached for reference.
Staff Recommendation:
That the Oversight Board provide direction regarding the requested loan modification. If
the Oversight Board is willing to approve the modifications as requested, Resolution
2013 -0009 has been included for consideration.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance
with the Brown Act.
Prepared by:
Matth E. Hawkesworth
Assistant City Manager
Attachments: A — Chamber Letter
B - Staff Report dated September 10, 2012
C — Staff Report dated October 8, 2012
D - Resolution 2012 -0010 ITEM NO. "
E — Resolution 2013 -0009
Rp$ f Rgsenead( ias6erofCoeemeru
CJ1AMErRd AW 3053 N. Mus lcl Avc!u!c, Rnsemed, CGlifunia 91770
COMMERCE Tel (626)29"811 F. (626)28a-2514
Fxeoutve Committee August 6, 2013
r, id.rt
Mae Gra City of Rosemead Successor Agency
LPC C,un 8838 East Valley Blvd.
Vice Predd.nta Rosemead, CA 91770
steve Chiang
iA wen Attention: Mr. Man Hawkesworih
Ruben Oehler .Account » 01 -00016
Bumtt Advaory Services
or. Ceorge win Invoice k 2 01308050356
United Muttl , Date: August 5, 2013
health Curter loan Principal Installment: 58.000
rut Mesident
)a " W. Z Dear Sir or Madam:
C H Auto
Board of Dimclors On behalf ofthe Board of Directors, the Rosemead Chamber of Commerce is writing to request a
S.m Grpe.ler deferment of payment for the captioned invoice. We recently determined that our roof requires a
The - %op+at Monletbeilo complete overhaul, which would present a financial hardship to an already constrained budget.
Ed Chen
Athena Servcu
K.. chm last year the State of California's Department of Finance. through the assistance of the City of
.Adata, Irn_ Rosemead Successor Agency, granted a waiver to the Rosemead Chamber for the first installment of S6
Paul then thousand and agreed to amortize the amount over the remaining three years of the loan. Due to the
chan & r.n dissolution of the state's redevelopment agencies, the discontinued support of $48 thousand annually
Terry Cheng
Sky LnkTV from the Community Redevelopment Agency of the City of Rosemead has hindered us financially. Each
shag. Cley dollar of the Chamber's reserves was required to continue developing programs for achieving additional
tbubktrte by wain revenue to offset the shortfall. The waiver allowed us to focus on these goals and we're headed in the
Lori Craven -Does
grown Jewel, & loan right direction. We thank both entities for understanding our situation and supporting our efforts to
Mi. d. Lir. Lopex stabilize our finances.
D11 Bosu,m Solutions
Jm, Gi°° While the Rosemead Chamber implements plans to stabilize our finances, our budget remains constricted.
cheater W C
er Gee Due to accumulated damage on the roo(o( our property, we're expecting to spend close to 59 thousand
Pmgnasive Travel on rebuilding the roof. We do not have an option in waiting on this complete overhaul, since the roof is
Duo. tter,ara already crumbling and water is leaking into our property. In the interest of avoiding further damage and
Coldweli aanbr Dvn�v
Joan Homer completing this renovation in advance of winter and potential rain, we must move forward with fixing
Ahnar Travel the roof. Due to this project, our finances will be burdened. We recognize our obligations arising from
L.ttr.tace tai the loan the Chamber received from the Community Redevelopment Agency of the City of Rosemead.
Palm 41oc However, to have to make a payment on the loan. as captioned would significantly hinder the
/eddy Lu
srngpnh Rexh, Chamber's financial stabilization efforts.
Gifu Maces
T G I Freda) We respectfully request that the City of Rosemead Successor Agency grant a deferment of the loan to
Ell li b Ma
Republic scSe ees m'u one lump sum due , w d in 2015hich is currently ate as slated the final pay ment of the loan, and a waiver of all
epu Pay
sttreaar. Meht, laic payment fees. A simple amendment to the promissory note and loan document would be required.
subway We're making headway with our stabilization goals, but require a period of rebuilding to generate
Caton Nor surplus revenue for fulfilling our loan obligations. Thank you very much for your consideration of our
Wcolt TnmmgC ut
Joseph su request and assisting our efforts in improving our financial condition.
L'oldic intematianal
Grade Tam Sincerely,
ells Fargo
Joseph W.
4 CCQ—q/ � J\ wartl Aulo
Helen Hua
CEO Director
E M F
S
ROSEMEAD SUCCESSOR
Aw
,} 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 548,000 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 Dire ha
hass been 2
Rosemead Sucoessor Agency Oversght 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(e) Determine whether any contracts, agreements, or other
arrangements between the dissolved redevelopment agency and any pnvate
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:
� � r
Matthew E. Ha sworth
Assistant City Manager
Attachments: A — Promissory Note
B — Chamber Letter dated August 16, 2012
C — Resolution 2012 -0010
Attachment A
aorek�.AS 7tosemea6Cham6er of Commerce and Visitor Information Cen
• t "° 3953 N. Muscatel Avenue, Rosemead, California 91770
CO Tel.: 626-288-0811; Paz: 626 -288 -2514
MhIEnCE
www.R _o..se mcAdeCha l - he r_ om
VIA Email
Board of Directors
August 16, 2012
onleer Directne
(Ea.cative conaattee)
City of Rosemead Successor Agency
Joe.. Wane, President
8838 East Valley Blvd.
US Ante
Rosemead, CA 91770
Eris o\va. Past Preideat
Rneurad Adult Se"
stare Cklaw vP
Attention: Mr. Malt Hawksworth
IA Web
Invoice # 2011 -12 -023
Inri cmme -non VT
Brown's Jewtury 4 La■
Date: August 9, 2012
Mike Cray VP
Loan Principal Installment. $6,000
UPC Gym
Joan tl■nher VP
Deer Sirs:
Travel Mort tae..
Rubsrt oAkr
Thank you for your captioned invoice.
P■dae ARatue Bank
Geerre Win VP
Health Alliance
We recognize our obligations arising from the loan the Chamber received from the
Community Development Agency of the City of Rosemead. We understand all loans
ilireetan
of this Agency, which no longer exists, is being managed for the State of California by
'Day Bel
Web Pare Bank
The City of Rosemead Successor Agency.
Mariana CaaboS.Nat.ti
SCE
The Rosemead Chamber received the 525,000 loan to stabilize the financial condition
Ed C'he■
Arno S ervice
of the Chamber, permitting the Chamber to develop programs to increase Chamber
Karen Chen
revenue. These efforts were progressing when the City of Rosemead discontinued its
Ad.la loe.
Pan] Caen
548 thousand annual financial support of the Chamber. The Chamber is thankful that
Cbe e& Par
the City of Rosemead was able to allocate from its General Operating Budget $10
Acca■■tsecy
thousand on a one-time basis for the Chamber.
Robert Chl.
Pac Alr
Simeon coley
The Chamber's financial condition was, nevertheless, seriously affected by the loss of
o.■bietree By Hilton
the 548 thousand in annual funding. Each dollar of reserves of the Chamber must be
Chew Gee
PmVvnlve Travel
used to develop programs for achieving additional revenue. To have to make payment
m■aa Herrva
of the Chamber's first installment of the loan, as captioned, would significantly hinder
Caldwell Banton' nyan.ty
Lwra■et w
the Chamber's financial stabilization efforts.
ran Metal
Teddy L
In the Board of Directors Meeting of August 15, 2012, this item was fully discussed.
Sb W.a Ranky
Elizabeth Martarz
The undersigned was authorized to make respectfully a request that the City of
Republic Service, lot-
Rosemead Successor Agency grant a waiver of the captioned S6 thousand first
s u war' Meta
installment and amortize this amount over the remaining three years of the loan. This
Subway S109i6
come !von
would increase each of the next three annual payments by $2,000.
11■tola Traaee Center
Vincent Pon
are" Travel
A simple amendment to the promissory note and loan document would be required.
Juneph So
e
While this is under consideration, we also respectfully request that all late payment
Thi u er ■ Trr
Boys Busi.eu Bank
fees be waived. Thank you very much for your consideration in this regard.
Jmrpb Was
Award Aob
..,,,,,��11,,��
Yom's ""'7,
Ton We
ndldry to
M ae Yang
YangYang roe CFA
Cit of Rt Lesion
Robert B. Oehler VP, Rosemead Chamber
cksbe tJWo■
Jeer Acted
Croy Manager
Cc: James Wang, President Rosemead Chamber
DEAN C. LOGAN
Rq�u�JUCaew/CO,nry CrrY
CITY OF ROSEMEAD
8838 E VALLEY BLVD
ROSEMEAD CA 91770
COUN- 'OF LOS ANGELES Attachment a
REGISTRAR- RECORDER/COUNTY CLERK
P.O. BOX 1250, NORWALK CALIFORNIA 90651 -1250 / w .lavote.net
Date: 01119r2011
Re: jy NEGATIVE PLEDGE AGMT
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 islare readable but istare 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 tf property completed, may be
recorded. We suggest you consult your legal advisor.
3) PLEASE DELETE WRODING ATTACHMENT B AND 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
By: E. Ramirez 562-462 -2125 Deputy
Attachment B
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 Space Above This Line For Recorder's use
Code Sections 6103 and 27383
EXI I T 1 t/
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 Se t 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
terns 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
LA a48aa5034.061 s v2
MAY --
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, grant, 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 party's 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
U 14640.5034-0615 YL
MAFr 7rWI 1
PA
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
Att a: President
S. 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 authorimition to do so by the parties
hereto.
83 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 remainin 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 04840- 5034-0615 v2
DRAFT 72610
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 transmiss
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 TITTLE TO THE PROPERTY UNMARKETABLE, SO THAT NO ONE
WILL LILLY 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 TT 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
a
LA *4940 - 5034 -0615 v2
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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 bome 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 IN DIRECTLY, 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 #48445094-0615 Q
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The Lender and the Borrower have caused this Agreement to be duly executed by their
respective duly authorized officers or representatives as of the due first set forth above.
ROSEMEAD CHAMBER OF COMMERCE
By: -,,.
Title: fXtZ u 7r --
Title:
LENDER:
ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION
By:
Title: Chairman
Attest:
[m �, %. I a I
Commission Secretary
LA #4840- 50340615 v2
DRAFT 7/26/10
ACKNOWLEDG..%IENT
State of California }
) ss
County of Los Angeles )
On aI 1, 10 V before me, C1tD(Cl �11o��C� i ly rn�(P � C-,
1 1 (Name of otary) '
notary public, personally appeared �,✓1 t S'� G� who
proved to me on the basis of satisfactory evidence to be the persons; -whose aame(s)- is(ara
subscribed to the within instrument and acknowledged to me that he/sha4hcy executed the same
in his/herAh -ir authorized capacity(j*, and that by his/hwr dMir signaturgk9) on the instrument
the person(.&), or the entity upon behalf of which the person(aj 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_
WIRIM
poll 'Z
. [ y
6LORLA MOLLEDA
COOM IS"On I i 792979
-� Notary Public . Collforroo
Los AngeMS County
Comm DwWw 2.2012
State of California )
) ss
County of Los Angeles )
On .✓ �� 1��u before me, G;Wy a r)'t - 0
(Name of Notary)
notary public, personally appeared — QAaN a r who
proved to me on the basis of satisfactory eAdencelto be the person(.&) whose name( is42re
subscribed to the within instrument and acknowledged to me that helshad tey executed the same
in his/herAlleir authorized capacity(ics), and that by hL sigaature(s') on the instrument
the person(sr), or the entity upon behalf of which the person(f) 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.
WTINESS my hand and official seal.
(Notary Signature)
4 R1A MOLLEDA
Commlubn ♦ 1792979
Notary Public • ColiforNa
LOS Angel10l County
Cann E= A
LA 11840- 5034 -0615 V2
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LA 9454 '-5. v2
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EX=IT A
LEGAL
[To
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 LJ.L 10105/10
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TRACT N19.10195
THE COUNTY OF LOS ANGELES
We hely Mr✓t
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J*ofinylon fiend end hap vwj=& Ch -&&%# end tor_ said County and Stale, duJr enmmissioned
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[.l - .�..•,_PKO• ar7drbr JOIO COUnly atMSlate, eVJ /dln0lherri�
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the persons whose name) arc su6scr:bed Mem-
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executed t/i.e J me..
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Cevnfp ofL4t Anye%s� i°
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tome Ve the persons rn
Mere end echnaw/eo
TRACT N 10195
IN ThE COUNTY OF LOS ANGELES
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TRACT N9 10195
IN THE COUNTY Or LOS ANGELES
BEING. A 5110DIMION Or PoRTrDN Or LOT "2 BLOCK 5, RO.S£AAEAD
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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
ROSEMEAD SUCCESSOR
AGENCY STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAVVKESWORTH, 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 concems 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 Oversignt 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 N
Rosemead Successor Agency Oversight Board
October B, 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 terns to the Department
of Finance for consideration.
PUBLIC NOTICE PROCESS
This item ha° k °.
accordance w
Prepared by:
i
Matt hew E.
Assistant City
Attachments,)
I
f4�rnunti 1k. ronnhr nnanrin nnfrFrnfinn nrnrAcc in I
RESOLUTION: 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 payments to be
made on July 1, 2013 and July 1, 2014 and the amendment of the final payment due
July 1, 2015 in the amount of twenty -five thousand dollars ($25,000).
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 Wallach
Chairperson
ATTEST:
Matthew E. Hawkesworth
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:
NOES:
ABSENT:
ABSTAINED:
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager