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HomeMy WebLinkAbout178 RDA_CCv0001.pdf RESOLUTION NO. 178 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS INDICATING ITS INTENT TO PROVIDE FOR THE ISSUANCE OF OBLIGATIONS AND THE INSTALLMENT SALE FINANCING OF A COMMERCIAL PROJECT BY WM. C. BUSTER, INC. WHEREAS, the Redevelopment Agency of the City of Redlands ( the "Agency" ) is authorized pursuant to the Community Redevelopment Law, being Section 33000 and following of the Health and Safety Code of the State of California ( the "Act" ) ( i ) to purchase property, both real and personal , and any interest therein for purposes of redevelopment in a redevelopment project area; ( ii ) to sell or otherwise dispose of any property, both real and personal , and any interest therein for purposes of redevelopment in a redevelopment project area; and ( iii ) to make and execute contracts and other instruments necessary or convenient to the exercise of its powers; and WHEREAS, WM. C. BUSTER, INC. (the "Developer" ) has requested assistance in the financing of the acquisition and construction of a commercial project containing approx- imately 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" ) ; and -1- WHEREAS, said financing is proposed to be provided by means of the Agency entering into an installment sale arrangement with respect to the Project, including the issuance of certificates of participation or by means of the Agency otherwise issuing tax-exempt obligations (said certificates or obligations being collectively referred to as the "Obligations" ) ; WHEREAS, the Agency, in order to encourage economic development and employment opportunities within the Project Area and as an aid and inducement to the Developer , is willing to authorize the issuance of the Obligations in an amount sufficient to provide financing for the Project subject to the restrictions of the Act and all applicable California and federal laws as they presently exist, provided that the Project receives all necessary local governmental approvals of the City of Redlands, NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of the City of Redlands as follows : Section 1 . Findings . This Board hereby determines that the undertaking of the financing of the Project by the Agency will be a substantial factor in the accrual of public benefits to be received from the Project , should the Project be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of the Act . -2- Section 2 . Issuance of Obligations. Subject to the completion of the proceedings and other matters relating thereto to the full satisfaction of this Board, and subject to the Project receiving all necessary local governmental approvals, this Board hereby agrees to provide financing to the Developer or such other person or entity approved by the Agency for the Project through the issuance of Obligations as described in this resolution in an amount not to exceed $4, 500 ,000 . Section 3 . Nature of Obligations . The Obligations to be issued shall be special obligations of the Agency payable solely from installment payments or other revenues to be received by the Agency pursuant to all agreements ( including any installment sale agreement with the Developer) in connection with the financing of the Project , all in a form acceptable to the Agency, and shall not be a general obligation of the Agency, the City of Redlands, the State of California, or any political subdivision thereof . Section 4 . Official Action. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance or indebtedness within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended, and the regulations thereunder . Section 5 . Other Approvals. The adoption of this Resolution shall not bind the Agency to issue certificates of participation, bonds or other obligations until and -3- unless all other necessary actions and approvals are taken or received in accordance with all applicable laws . The adoption of this Resolution does not and shall not limit in any manner whatever the Agency' s and the City of Redlands ' full discretion to deny any further permit or approval that may be necessary for ultimate completion of the proposed Project. In this connection: (a) All contracts relating to the acquisition, construction, installation and equipping of the Project shall be solicited, negotiated, awarded and executed by the Developer , for its own account , subject to applicable federal , state and local laws . (b) The Agency and the City of Redlands shall have no pecuniary liability to the Developer for any fees in connection with the Project . (c) The Agency and the City of Redlands shall recover any and all costs to the Agency or the City of Redlands, as applicable, which are incurred in furtherance of or attributable to the issuance of the Obligations. if the Obligations are not issued, all such costs shall be paid by the Developer . -4- Section 6 . Effective Date. This Resolution shall take effect immediately upon adoption. ADOPTED this 30th day of July, 1985 . Chairman of the Redevelopment Agency of the City of Redlands, California ATTEST: of ti ede- velopment Agencyof the v-2/ y of Redlands, California I , 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 special meeting thereof held on the 30th day of July, 1985 , by the following vote of the Agency: AYES: Messrs. Johnson, Larsen; Chairman Beswick NOES: None ABSENT: Messrs. DeMirjyn, Martinez ABSTAINED: None 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 30th day of July, 1985 . Secre t�ry of t*j/�edevelopment Agency/ of the &�Vy of Redlands, Calif6rnia -6- FJIB0106