HomeMy WebLinkAboutR-03-07RESOLUTION NO. R-03-07
A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA,
ESTABLISHING AN AGREEMENT TO LOAN THE
RIVERFRONT REDEVELOPMENT DISTRICT $108,000 FOR
THE PURPOSE OF FUNDING A REDEVELOPMENT PLAN;
ESTABLISH A USE OF FUNDS; ESTABLISH A RATE OF
INTEREST; ESTABLISHING A TERM; PROVIDING FOR
CONFLICTS; AND PROVIDING FORAN EFFECTIVE DATE.
WHEREAS, the Riverfront Redevelopment Agency has determined that improvements are
necessary within the Riverfront Redevelopment District; and
WHEREAS, the Riverfront Redevelopment District is a component unit of the City of
Sebastian, and
WHEREAS, a Comprehensive Redevelopment Plan would provide a blueprint for acceptable
redevelopment improvements within the district; and
WHEREAS, the level of tax increment financing in the current year as well as the dedication
of that financing this fiscal year will not sustain the cost of developing the redevelopment plan; and
WHEREAS, the Riverfront Redevelopment Agency has approved this loan from the General
Fund, and
WHEREAS, the General Fund has sufficient reserves to cover short-term lending to the
Riverfront Redevelopment District at an interest rate below market value,
NOW, THEREFORE, BE IT. RESOLVED BY TIlE CITY COUNCIL OF THE CITY OF
SEBASTIAN, THAT:
Section 1. LOAN AGREEMENT. There is hereby established an agreement to loan from the
General Fund to the Riverfront Redevelopment District an amount of ONE HUNDRED AND EIGHT
THOUSAND DOLLARS ($108,000) to provide short-term funding for the creation of a Redevelopment
Plan for the Riverfront Redevelopment District.
Section 2. USE OF FUNDS. The Riverfront Redevelopment District Loan shall be used only
for the purpose of creating a Comprehensive Redevelopment Plan for the expanded l~iverfront
Redevelopment Disu-ict.
Section 3. RATE OF INTEREST. The interest rate charged on the Riverfront Redevelopment
Loan shall be the average monthly participant return rate received by the Local Government Surplus
Funds Trust Fund (SBA) over the life of the loan. Tiffs rate shall be used to recover the interest lest on
investment.
S~tion 4. TERM OF LOAN. The Riverfront Redevelopment Loan shall be for a period not
exceed one year from the date of adoption of this resolution.
Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Section 6. This Resolution shall become effective upon adoption.
It was moved for adoption by Councilmembcr H~- 11_
The motion was seconded by Councilmember Barczyk
vote, the vote was as follows:
Mayor Walter Barnes aye
Vice Mayor James A. Hill aye
Councilmember Ray Coniglio aye
Councilmember Joe Barczyk aye
Councilmember Ed Majcher aye
and, upon being put to a
The Mayor thereupon declared this Resolution duly passed and adopted this 26th day of February, 2003.
ATT..F~:
City Clerk
By:
CITY OF SEBASTIAN, FLORIDA
Mayor Walter Barnes
Approved as to form and content for
reliance by the City of Sebastian only:
Rich Stringer, City A~o/!ney