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HomeMy WebLinkAbout180 RDA_CCv0001.pdf R E 1) 10/30/85 RESOLUTION NO. 180 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS, CALIFORNIA, DECLARING ITS INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE CONSTRUCTION AND PERMANENT FINANCING OF A CERTAIN COMMERCIAL DEVELOPMENT (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 hereinafter described and as permitted pursuant to the Act and of paying the costs of such financing; and WHEREAS, the Agency has previously declared its intent to provide tax-exempt financing for a certain commercial development ( the "Project" ) to be undertaken by "Wm. C . Buster , Inc . " , pursuant to Agency Resolution No . 178 , as amended by Agency Resolution No . 179 which substituted Wm. C. Buster , Inc . , with "Kavanaugh Enterprises , a California corporation" ; and WHEREAS, the City Council of the City of Redlands ( the "City Council" ) has , pursuant to Internal Revenue Code - 1 - Section 103 (k) , been requested by the Agency to set and hold a public hearing on the issuance and sale of industrial development revenue bonds for the financing of the Project , and pursuant to a resolution the City Council will make certain findings and determinations in connection with said public hearing for the Project ; and WHEREAS, the Agency deems it desirable to acknowledge and consent to the construction, development and financing of said project by the limited partnership as described hereinbelow and to take certain other actions in connection thereof . NOW, THEREFORE, BE 1T RESOLVED, by the Redevelopment Agency of the City of Redlands , California , as follows : Section 1 . Pursuant to the Act , the Agency is legally authorized to issue bonds or certificates of participation and to use the proceeds thereof to provide financing for the Project , pursuant to the Act . Section 2 . The Agency does hereby ,i-clare its intention to issue revenue bonds or certificates of participation of the Agency for both the construction and the permanent financing of the Project under and in accordance with the Act , in amounts sufficient to pay the costs of financing such a commercial development to be located within the City, and of paying the costs of issuance of the revenue bonds or certificates of participation and for the - 2 - establishment of the necessary reserve funds to provide for t- fie further security of the revenue bonds or certificates of participation . The Project shall be undertaken by Downtown Development , a California limited partnership, or its successors or assigns ( the "Developer" ) . Section 3 . The Project of the Developer shall be 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 a-; the Redlands Redevelopment Project Area (the "Project Area" ) . The total construction cost of said Project , including land acquisition, funded interest and financing costs , is estimated to be an amount not to exceed $4 , 500 , 000 and such bonds or certificates of participation shall be issued therefor in an amount not to exceed $4 , 500, 000 . Section 4 . The issuance of revenue bonds or certificates of participation for the Project may be authorized by r,,.sc.,i lut ion or resolutions of the City Council after the conclusion of the public hearing at a meeting or meetings to be held for such purpose . Section 5 . The Agency hereby acknowledges and consents to the construction, development and financing of the Project by the Developer as described hereinabove and the initial inducement - 3 - resolutions with respect to the financing of the Project are hereby amended, to the extent necessary, to incorporate the Developer as the beneficiary of said resolutions . The Agency hereby further approves the substitution of the Developer as the borrower and recipient of any tax-exempt financings of the Agency with respect to said Project , and all subsequent proceedings of the Agency and the City in furtherance of the tax-exempt financing of said Project by the Agency shall so state that said Project shall be undertaken by the Developer and shall be exempt from the payment of any application fees, hearing fees or other fees upon issuance of the bonds or certificates of participation. Section 6 . The revenue bonds or certificates of participation shall be and are special obligations of the Agency and, subject to the right of the Agency to apply moneys as provided, are hereby secured by an irrevocable pledge of the mortgage loans and revenues and funds and accounts to be held by the trustee and are payable as to principal , redemption price, if any, and interest from the revenues of the Agency as herein described. The revenue bonds or certificates of participation are not a debt of the Agency, the City, the State of California or any of it- political subdivisions , and neither said Agency, said City, said State nor any of its political subdivisions is liable thereon, nor in any event shall the revenue bonds or certificates of participation be payable out of any funds or properties other than all or any part of the revenues, mortgage loans , and funds and accounts as set forth in this Resolution. The revenue bonds or certificates of participation - 4 - do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the Agency nor any persons executing the revenue bonds or certificates of participation shall be liable personally on the revenue bonds or certificates of participation or subject to any personal liability or accountability by reason of the issuance thereof . Section 7 . The aforesaid estimated principal amount of the revenue bonds or certificates of participation constitute the aggregate face amount of obligations to be issued pursuant thereto at this time for the acquisition or making of construction loans or mortgage loans originated with respect to the Project , and the details of such revenue bonds or certificates of participation shall be authorized by supplemental resolution or resolutions of the Agency at a meeting or meetings to be held for such purpose. Section 8 . This Resolution constitutes a proper exer- cise of the powers of this body and conforms to State and local legal requirements relating to the issuance of revenue bonds or certifi—tes of participation in accordance with the Act . Section 9 . It is intended that this Resolution shall constitute such "official action" toward the issuance of the revenue bonds or certificates of participation within the meaning of the United States Treasury Regulations , the United States Tax Laws , and any legislation now or hereafter pending in Congress which may -- 5 - require official action in order f o r the revenue bonds car certificates of participation to be exempt from federal income taxes as the Agency has herein declared its present intent to so assist in the financing of the Project as described in Section 3 and Section 5 hereof . Section 10 . It is hereby acknowledged and recognized that the adoption of this Resolution by the Agency shall not be deemed to be final approval of the Project to be undertaken by the Developer . Nothing contained in this Resolution shall require or obligate the Agency or the City to undertake the financing of said Project . The Developer shall adhere to all requirements , ordinances , Procedures and guidelines established by the City and laws of the State of California for the review and consideration of the following, including but not limited to : parcel maps , site plans , the obtaining of building permits , environmental considerations, design review approvals , and related matters . Nothing contained herein shall unconditionally commit the Agency or the City to take any further action in connection with the financing of said Project until all required processing of the Agnecy and the City and the appropriate departments thereof shall have been completed and approved . 6 Section 11 . 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: Secret ry of thy. development Agency of th , City of B ands , California - 7 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 . Secre3ary of t development Agency of th,� City of ` &dlands , California - 8 - SABO &GONDEK A PROFESSIONAL CORPORATION ATTORNEYS AT LAW SUITE 207 (818)704-0195 SUITE 100 440 WEST COURT STREE TELECOPIER:(818)704-4729 5855 TOPANGA CANYON BOULEVARD SAN BERNARDINO,CALIFORM WOODLAND HILLS,CALIFORNIA 91367 (714)884.2960 (714)824.7302 MEMORANDUM To: Chairperson, Agency Members and Executive Director From: Sabo & Gondek, a Professional Corporation Date: October 30, 1985 Re: Amendment to Resolution No. 178, as Amended by Resolution No. 179, for Downtown Development, a California limited partnership The Agency has previously adopted an appropriate Inducement Resolution (Resolution No. 178 adopted July 30, 1985), evidencing its preliminary intention to provide tax-exempt financing for a commercial project proposed to be undertaken in the Redlands Redevelopment Project Area (the "Project") by Donald Kavanaugh. Resolution No. 178 named the proposed developer as Wm. C. Buster, Inc. Agency Staff was then informed that the name of the developer would be Kavanaugh Enterprises, a California corporation, and the Agency adopted its Resolution No. 179 on October 5, 1985, to substitute the new developer name in place of the one approved in Resolution No. 178. Agency Staff has now been informed that the name of the developer of the Project will be Downtown Development, a California � N- �