HomeMy WebLinkAbout4124_CCv0001.pdf RED001-12/0558A/jm
11/15/85
RESOLUTION NO. 4124
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS, CALIFORNIA, MAKING CERTAIN FINDINGS AND
DETERMINATIONS IN CONNECTION WITH A PUBLIC
HEARING ON A CERTAIN INDUSTRIAL DEVELOPMENT BOND
FINANCING AND THE ISSUANCE OF CERTIFICATES OF
PARTICIPATION BY THE REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS, CALIFORNIA, IN A MAXIMUM
PRINCIPAL AMOUNT NOT TO EXCEED $3 , 500 , 000 (COAST
SAVINGS PLAZA PROJECT)
WHEREAS, the Redevelopment Agency of the City of Redlands,
California (the "Agency" ) , is authorized and empowered by the Health
and Safety Code of the State of California (the "Act" ) to issue and
sell its certificates of participation for the purpose of financing
a project as permitted pursuant to the Act and of paying the costs
of such financing; and
WHEREAS, Downtown Development , a California limited
partnership, or its assigns or nominee (the "Company" ) , has sought
the assistance of the Agency to finance the acquisition of land
located on Orange Street , south of the Santa Fe Railroad Station in
the City of Redlands , California (the "City" ) , within a
redevelopment project area of the Agency knonw as the Redlands
Redevelopment Project Area (the "Project Area" ) and the construction
thereon of a 24 , 300 square foot commercial office and retail
facility (the "Project" ) ; and
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WHEREAS, the Protect , as proposed by the Company, shall
confer a substantial benefit upon said redevelopment project area
and shall significantly assist the Agency in preventing the spread
of blight into portions of the City located outside of the
redevelopment project area ; and
WHEREAS, the Agency has passed an appropriate Resolution
indicating its intent to provide financing in connection with the
Project ; and
WHEREAS, the Agency intends to issue the certificates of
participation in an amount not to exceed $3 , 500, 000 to provide
financing for the Project (the "Certificates" ) ; and
WHEREAS, the City Council of the City of Redlands,
California (the "City Council" ) has been requested to conduct a
public hearing pursuant to the Section 103 (k) of the Internal
Revenue Code of 1954 , as amended (the "Code") , for the issuance and
sale of the Certificates ; and
WHEREAS, the City Council has , pursuant to Code
Section 103 (k) , set a public hearing on the issuance of the
Certificates for November 19 , 1985 , and has authorized the
publication of notice thereof which has been duly published in
The Redlands Daily Facts; and
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WHEREAS, the City Council must now approve the findings and
determinations to be made in connection with said public hearing .
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City of Redlands , California, as follows :
Section 1 . The recitals set forth hereinabove are true
and correct in all respects .
Section 2 . The City Council after having conducted a
public hearing, notice of which was duly published in a newspaper of
general circulation within the City, as said public hearing is
required pursuant to the requirements of Code Section 103 (k) , does
hereby find and determine that the purposes and intent of the
Agency ' s industrial development bond financing providing for the
authorization and issuance of certificates of participation to
provide financing for the Project undertaken pursuant to the Act
will be furthered by the issuance of the Certificates in the maximum
principal amount not to exceed $3 , 500 , 000 for the purpose of
providing financing for the Project . Such Certificates shall be in
the principal amount presently estimated not to exceed $3 , 500 , 000
and upon such terms and conditions as shall be set forth in the
appropriate documents prepared in connection with the Certificates ,
and said Certificates shall be issued solely for the Project . The
City Council hereby finds and determines that the public purposes
and benefits as set forth in the Act will be furthered by the
issuance of the Certificates in that the Certificates will provide
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financing for the Project , that such financing will thus make the
Project a financially viable and productive commercial development
and thereby provide for the accrual of said public benefits from the
use of the facilities .
Section 3 . The issuance of a principal amount not in
excess of $3 , 500 , 000 of the Certificates for the corporate purposes
of the Agency of providing financing for the Project , and for other
purposes related thereto, is hereby authorized and approved pursuant
to the Act .
Section 4 . The City Council hereby appoints the Mayor
of the City to serve as the elected official to approve the issuance
of the Certificates pursuant to Code Section 103 ( k) at such time as
the Agency shall have approved the necessary financing documents and
agreements .
Section 5 . The issuance and delivery of the
Certificates for the Project shall be subject to final development
approvals by the City affecting the Project .
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Section 6 . This Resolution shall take effect upon
adoption.
APPROVED AND ADOPTED this 19th day of Novpmb�e
1985 .
Mayor of the City of
Redlands , California
(SEAL)
ATTEST:
A0
(5z�-
CiY
,)Clerk of *' City of
v
RedC-Lands , ali4nia
I , Lorrie Poyzer City Clerk of the City of
Redlands , California , do hereby certify that the foregoing
resolution was regularly introduced and adopted by the City Council
of the City of Redlands , California, at a regular meeting thereof ,
held on the 19th _ day of __ember _ 1985 , by the following
vote of the City Council :
AYES: Councilmembers Johnson, DeMirjyn, Larsen; Mayor Beswick
NOES: None
ABSENT: Councilman Martinez
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of Redlands , California , this 19th _
day of November 1985 .
City Clerk ofrornCity of
Redlands , Calra
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