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HomeMy WebLinkAbout4119_CCv0001.pdf RED 001-5/0508A/rfr 10/30/85 RESOLUTION NO. 4119 RESOLUTION OF THE CITY COUNCIL OF THE CITE' OF REDLANDS, CALIFORNIA, SETTING A PUBLIC HEARING ON A CERTAIN ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS IN A MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $4 , 500 , 000 (COAST SAVINGS PLAZA PROJECT) WHEREAS, the Redevelopment Agency of the City of Redlands ( the "Agency" ) , is a redevelopment agency, a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California ( the "Act" ) ) to issue and sell its industrial development revenue bonds , including certificates of participation, for the purpose of financing a project as permitted pursuant to the Act and of paying the casts of such financing ; and WHEREAS, Downtown Development , a California limited partnership (the "Company" ) , has sought the assistance of the Agency to finance the construction and development of a 24 , 300 square foot commercial office and retail facility (the "Project" ) for use at premises to be located on Orange Street , south of the Santa Fe Railroad Station in the City of Redlands , California , within a redevelopment project area of the Agency known as the Redlands Redevelopment Project Area (the "Project Area" ) ; 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 of Redlands, California ( the "City" ) located outside of the Project Area ; and WHEREAS, the Agency has passed an appropriate resolution indicating its intent to provide financing in connection with the Project ; and WHEREAS, certain amendments to Section 103 (k) of the Internal Revenue Code of 1954 , as amended (the "Code" ) , as enacted by Congress under the Tax Equity and Fiscal Responsibility Act of 1982 ( "T. E.F .R.A" ) , require that a public hearing be held in connection with the authorization and issuance of any industrial development bonds , including the certificates of participation as proposed to be issued in connection with the financing of the Project by the Agency; and WHEREAS, the City Council of the City of Redlands , California ( the "City Council" ) , has been requested to hold a public hearing pursuant to Code Section 103 (k) for the issuance and sale of said certificates of participation in connection with the Project in an aggregate principal amount not to exceed four million five hundred dollars ($4 , 500 , 000) to provide funds for the financing of said Project to be located within the City; and - 2 - WHEREAS, the City Council must now set and cause to be published notice of 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 . Pursuant to the Act , the Agency is legally authorized to issue bonds and to use the proceeds thereof to make construction loans and mortgage loans on commercial use structures such as the Project . Section 3 . This City Council constitutes the governing body of the City and the Agency and is legally authorized to approve the issuance of industrial revenue bonds for the Project by the Agency. Section 4 . The City Council hereby acknowledges and agrees that the construction and development of the 24 , 300 square feet of building area for commercial and retail uses by the Company, as more fully described in Agency Resolution No . 178, as amended by Resolution No. 179, may be undertaken by the Company, in that the tax-exempt financing for said Project , subject to approval by the City Council and the Agency of appropriate resolutions and other financing documents and agreements , shall be provided by the Agency in accordance with the Act for the Company. - 3 - Section 5 . The Project shall be the subject of a public hearing, and the Project shall be financed by the industrial revenue bonds, including the certificates of participation, of the Agency is that as described in the above recitals . It is presently estimated that the costs of the site improvements for the Project , including public street improvements , demolition and grading, the construction of the commercial use structures to be constructed on the Project site and the architectural , engineering and technical services and permits, construction interest costs , financing charges , insurance, contingencies and other miscellaneous costs are presently estimated not to exceed four million five hundred thousand dollars ($4 , 500 , 000) . Section 6 . The issuance of industrial development revenue bonds for the Project by the Agency may be approved by a resolution or resolutions of the City after the conclusion of the public hearing at a meeting or meetings to be held for such a purpose. Section 7 . Pursuant to the requirements of Code Section 103 (k) , the City hereby authorizes the public hearing in connection with the Project described in the hereinabove recitals to be held in accordance with said Code Section 103 (k) at the next regular meeting of the City Council, at which the City Clerk has caused notice thereof to be published in a timely manner as herein i provided, for the purpose of considering the public benefits and public purposes to be furthered by the financing or financings - 4 - contemplated by the action of the City pursuant to this Resolution for the issuance of industrial development revenue bonds by the Agency pursuant to the Act . A public hearing shall be held at the hour and on the day provided in such notice for the Projects . The City hereby ratifies and approves the action of the City Clerk who caused to be published in The Redlands Daily Facts by at least two (2) insertions , one of which shall be not less than fourteen ( 14) days prior to the date of said hearing as shall be specified in said published notice, a notice of public hearing substantially in the form of the notice attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof for the Project . Section 8 . This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 5th day of November 1985 . , Mayor of the City of Redlands , California (SEAL) ATTEST: City Clerk o e City of Redlands , Ca ornia - 5 - 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 5th day of November 1985 , by the following vote of the City Council : AYES: Councilmen Johnson, DeMirjyn, Martinez , Larsen; Mayor Beswick NOES: None ABSENT: None ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands , California , this 5th day of November , 1985 . City -2 ity lerk of ity of Redla ds , Cali is - 6 - 4 � EXHIBIT "A" NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF REDLANDS, CALIFORNIA, FOR A CERTAIN CERTIFICATE OF PARTICIPATION FINANCING AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS (COAST SAVINGS PLAZA PROJECT) NOTICE IS HEREBY GIVEN that the City Council of the City of Redlands, California (the "City Council" ) , will conduct a public hearing on November 19 , 1985 , at the hour of 3 : 00 p.m. , in the Council Chambers , 212 Brookside Avenue, Safety Hall, Redlands, California . The purpose of said public hearing is to consider the proposal by Downtown Development , a California limited partnership (the "Company" ) , for the Agency to provide certain industrial development revenue bond financing by the issuance of certificates of participation evidencing the right of the holder thereof to receive payments attributable to a certain installment sale agreement for the purpose of financing a project which shall include the acquisition, design and construction of a building or buildings for commercial and retail uses to be located on Orange Street, south of the Santa Fe Railroad Station in the City of Redlands , California (the "Project" ) . The Project is also located within the Redlands Redevelopment Project Area, a redevelopment project area of the Agency. The Project includes the construction of approximately 24 , 300 square feet of building area which shall be constructed for commercial and retail uses together with appurtenant street improvements , site improvements , landscaping, vehicle parking improvements and other amenities, and there shall be considered at such public hearing the public benefits and public purposes to accrue as the result of such financing by the Agency, and that the acquisition or improvement of the Project is in the public interest of the City. Said public hearing shall be held pursuant to Section 103(k) of the Internal Revenue Code of 1954 , as amended, in the manner and for the purposes required thereunder . All persons interested in the subject matter and the public purpose and public benefit and the issuance by the Agency of certain industrial development revenue bond financing as described above in an estimated principal amount not to exceed four million five hundred thousand dollars ($4 , 500 , 000) for the acquisition, design and construction of said Project to be undertaken by the Company, may attend such hearing and/or file their written objections or comments thereto, or may otherwise communicate in favor of the Project to be undertaken by the Company, and financed by the Agency pursuant to the Community Redevelopment Law (Health and Safety Code Section 33000 , et seg. ) whether in one or more series of such financings . NOTICE GIVEN as of this day of 1985 . /s/ City Clerk of the City of (SEAL) Redlands , California To be published in The Redlands Daily Facts on November 5 , 1985 , and November 12 , 1985 SABO & GONDEK A PROFESSIONAL CORPORATION ATTORNEYS AT LAW (818)704-0195SUITE 100 SUITE 207 440 WEST COURT STREET TELECOPIER:(818)704-4729 5655 TOPANGA CANYON BOULEVARD SAN BERNARDINO,CALIFORNIA 92401 WOODLAND HILLS,CALIFORNIA 91367 (714)884-2960 (714)824-7302 MEMORANDUM To: Honorable Mayor and Members of the City Council From: Sabo & Gondek, a Professional Corporation Date: October 30, 1985 Re: Resolution Setting a Public Hearing on a Certain Issuance of Industrial Development Revenue Bonds (Coast Savings Plaza Project) Previous Action On .July 30, 1985, the Agency approved Resolution No, 178, which Resolution was an Inducement Resolution for Wm. C. Buster, Inc. , for the acquisition and construction of a commercial complex containing approximately twenty-four thousand three hundred (24,300) square feet proposed to be located on Orange Street just south of the Santa Fe Railroad Station (the "Project"), all located in the Redlands Redevelopment Project Area of the Agency (the "Project Area"). On October 15, 1985, the Agency adopted its Resolution No. 179, which Resolution substituted Kavanaugh Enterprises, a California corporation, as the developer of the Project, in place of Wm. C. Buster, Inc. 4 3 Page 2 The Agency has been requested to substitute Downtown Development, a California limited partnership, or its successors or assigns, in place of Kavanaugh Enterprises as the developer of the Project. City Staff has been informed that the Agency will take appropriate action on said request. Section 103(k) of the Internal Revenue Code provides that the City must conduct a public hearing prior to the Agency's providing tax-exempt financing for any industrial development revenue bond financing project, including commercial developments such as the Project. This Resolution sets such a public hearing for November 19, 1985, and ratifies and approves the action of the City Clerk in causing publication of a notice of said public hearing. /0518A I