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HomeMy WebLinkAbout182 RDA_CCv0001.pdf RED 001-7/0514A/jm 10/30/85 RESOLUTION NO. 182 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS, CALIFORNIA, ACCEPTING THAT PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE CITY OF REDLANDS FOR USE IN CONNECTION WITH THE COAST SAVINGS PLAZA PROJECT AND ASSIGNING SAID ALLOCATION TO THE 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 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 successors or assigns (the "Company" ) , has sought the assistance of the Agency to finance the construction and development of a 24 , 300 square foot complex for commercial uses (the "Project" ) generally located on Orange Street , just south of the Santa Fe Railroad Station in the City of Redlands, California (the "City" ) , and the Project is also located within the Redlands Redevelopment Project Area, a redevelopment project area of the Agency (the "Project Area" ) ; and WHEREAS, the Project shall be acquired by the Company; and - 1 - WHEREAS, the Project , as proposed by the Company, shall confer a substantial benefit upon the Project Area and shall significantly assist the Agency in preventing the spread of blight into portions of the City located outside of the Project Area; and WHEREAS, the Agency has adopted an appropriate resolution which satisfies the applicable requirements of the federal tax laws and regulations for the purpose of indicating its intent to provide tax-exempt financing in connection with the Project ; and WHEREAS, at the request of the Agency, and by the approval of the City Council of the City of Redlands , California (the "City Council" ) , the City will conduct a duly noticed public hearing and, by adoption of an appropriate Resolution, make certain findings and determinations concerning the public benefits of the Project in accordance with Section 103 (k) of the Internal Revenue Code of 1954 , as amended (the "Code" ) ; and WHEREAS, certain provisions of the Tax Reform Act of 1984 require that certain industrial revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds so issued for said projects in accordance with the provisions of Code Section 103 (n) and the Proclamation of the Governor, dated July 19, 1984 , as amended on August 30 , 1985 ; and WHEREAS, the Agency has requested the City to transfer a portion of the calendar year 1985 Private Activity Bond Limit of the - 2 - City for use by the Agency to issue bonds or other obligations for the Project to be undertaken by the Company; and WHEREAS, the City, pursuant to an appropriate Resolution has approved the transfer to the Agency of two million five hundred forty-five thousand dollars ($2 , 545 , 000) of the calendar year 1985 Private Activity Bond Limit of the City for use by the Agency to issue bonds or other obligations for the Project . NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency 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 Agency hereby acknowledges the official action of the City in connection with the transfer for use by the Agency of a portion of the calendar year 1985 Private Activity Bond Limit of the City and accepts a transfer of an amount equal to two million five hundred forty-five thousand dollars ($2 , 545 , 000) of the calendar year 1985 Private Activity Bond Limit of the City for the purpose of providing for the financing by the Agency of the Project to be undertaken by the Company pursuant to the Act . The Agency hereby authorizes and directs the Chairman of the Agency to prepare and transmit all reporting requirements of the California Debt Limit Allocation Committee in connection with the above-referenced - 3 - transfer of allocation and to transmit a copy of same to the City Clerk of the City. Section 3 . This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 5th day of November , 1985 . Chairman of the Redevelopment Agency of the City of Redlands , California {SEAL} ATTEST: � O Secrearyof 'tli edevelopment Agency of th City o � dlands , California 4 Lorrie Poyzer Secretary of the Redevelopment Agency of the City of Redlands , California , do hereby certify that the foregoing resolution was regularly introduced and adopted by the Redevelopment Agency of the City of Redlands, California, at a regular meeting thereof , held on the 5th day of November 1985 , by the following vote of the Agency: AYES: Messrs . Johnson, Martinez, Larsen; Chairman Beswick NOES: None ABSENT: None ABSTAINED: Mr. DeMirjyn IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Redevelopment Agency of the City of Redlands, California, this 5th day of November 1985 . Secret ry of theR( ffdvelopment Agency of the City of REY�Yfla(nds , California 5