Resolution No. 23-18 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 23- I g
A RESOLUTION AUTHORIZING THE CITY MANAGER TO SIGN PROMISSORY NOTE FOR
LOAN TO THE TOWN CEN IER DEVELOPMENT AGENCY.
WHEREAS,The City of Tigard (City) wishes to make a loan from the City's Sewer Fund to the Town Center
Development Agency of Nine-Hundred Thousand Dollars ($900,000) to be paid back over a ten (10) year
period at 4.05 percent interest by Agency consistent with the terms of a promissory note attached to this
resolution;and
WHEREAS, the Town Center Development Agency is willing to accept said loan and authorize the Agency's
Executive Director to sign, on behalf of agency, the aforementioned promissory note for repayment of the
loan;and
WHEREAS, the fiscal year 2022-23 budget authorized appropriations from the City's Sewer Fund to loan
$900,000 to the Town Center Development Agency.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: The City Manager is authorized on behalf of the City of Tigard to sign a principal loan of
Nine-Hundred Thoursand Dollars ($900,000) from the City's Sewer Fund to Town Center
Development Agency for the purpose of paying construction costs for Universal Plaza.
SECTION 2: This resolution is effective immediately upon passage.
PASSED: This a' 7 f A day of )444--e—
2023.
Mayor-City of Tigard
AT1EST:
City Recorder-City of Tigard
RESOLUTION NO.23-/f/
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