CARVER HEIGHTS/MONTCLAIR AREA
COMMUNITY REDEVELOPMENT AGENCY
AGENDA MEMORANDUM
Meeting Date: August 23, 2010
From: Jerry Boop, Finance Director, CPA, CGFO
Subject: Resolution authorizing execution of a First Amendment to the Loan Agreement with Wells Fargo Bank, NA., as successor by merger to Wachovia Bank, NA.
Staff Recommendation:
Staff recommends approval of the First Amendment to the Loan Agreement with Wells Fargo Bank.
Analysis:
On December 23, 2008 the for the Carver Heights/Montclair Area Community Redevelopment Agency entered into an agreement with Wachovia Bank to fund certain projects of the CRA. Article I, Definition of Terms, Section 1.01, Definitions provides general descriptions as to the meaning of terms which are embedded throughout the Loan Agreement. Included in the Definition of Terms on the bottom of page three is the definition of the word “Project” which states, “Project shall have the meaning set forth in the “Whereas” clauses to this Agreement, and more specifically means the acquisition of lands for public purposes, the rehabilitation of certain public facilities, the undergrounding of certain City owned utility lines, improvements to a public park and sidewalk and lighting improvements within the Community Redevelopment Area of the Agency.” The definition of the term “Project” under Section 1.01 was constricted in its meaning and not broad enough to encompass the uses of the loan proceeds in conformity with the Carver Heights Redevelopment Plan. This amendment removes those constrictions and broadens the definition to include certain redevelopment projects and programs as described in the Carver Heights Redevelopment Plan by making direct reference to Chapter 163, Part III Florida Statutes. Specifically, the amendment under Section I states that the term “Project” is amended to mean any “community redevelopment” within the meaning of Chapter 163, Part III Florida Statutes.
Options:
1. Approve the First Amendment to the Loan Agreement with Wells Fargo Bank; or,
2. Such alternative action as the Commission may deem appropriate
Fiscal Impact:
None. This amendment removes the constrictions imposed by the definition of terms embedded within the original Loan Agreement and broadens the definition to include certain redevelopment projects and programs as described in the Carver Heights Redevelopment Plan by making direct reference to Chapter 163, Part III Florida Statutes. Specifically, the amendment under Section I states that the term “Project” is amended to mean any “community redevelopment” within the meaning of Chapter 163, Part III Florida Statutes.
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Department: __Finance_____________ Prepared by: __Jerry Boop________ Attachments: Yes____ No ______ Advertised: ____Not Required ______ Dates: __________________________ Attorney Review : Yes___ No ____
_________________________________ Revised 6/10/04 |
Reviewed by: Dept. Head ___JB___
Finance Dept. ____________JB_____
Deputy C.M. ___________________ Submitted by: City Manager ___________________ |
Account No. _________________
Project No. ___________________
WF No. ______________________
Budget ______________________
Available _____________________ |
A RESOLUTION OF THE CARVER HEIGHTS MONTCLAIR COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRPERSON AND THE SECRETARY TO EXECUTE A FIRST AMENDMENT TO THE LOAN AGREEMENT BETWEEN THE CARVER HEIGHTS/MONTCLAIR AREA COMMUNITY REDEVELOPMENT AGENCY AND WELLS FARGO BANK, N.A., AS SUCCESSOR TO WACHOVIA BANK; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED by the Commission of the Carver Heights/Montclair Area Community Redevelopment Agency;
That the chairperson and the Secretary are authorized and directed to execute a First amendment to Loan Agreement between the Carver heights/Montclair area Community Redevelopment Agency and Wells Fargo Bank, N.A., as successor to Wachovia Bank.
THIS RESOLUTION shall become effective immediately.
Passed and adopted at the meeting of the Carver Heights/Montclair Area Community Redevelopment Agency, Leesburg, Florida held on the 23rd day of August, 2010.
CARVER HEIGHTS/MONTCLAIR AREA
COMMUNITY REDEVELOPMENT AGENCY
_________________________________________
Chairperson
ATTEST:
___________________________________
Secretary