HomeMy WebLinkAbout179 RDA_CCv0001.pdf RESOLUTION NO. 179
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF REDLANDS AMENDING THE
INDUCEMENT RESOLUTION APPROVING THE
INSTALLMENT SALE FINANCING OF A
COMMERCIAL PROJECT (KAVANAUGH ENTER-
PRISES)
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
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 ,
evidenced its intention by its Resolution No. 178, adopted
July 16, 1985 to issue 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;
WHEREAS, William C. Buster , Inc. has advised the
Agency that the correct designation of the legal entity
which will own the project is Kavanaugh Enterprises, a
California corporation, and has requested that said
Resolution No. 178 be amended accordingly; and
WHEREAS, it is the intention of the Agency in
adopting this resolution to substitute "Kavanaugh
Enterprises, a California corporation, " as the Developer in
place of William C. Buster , Inc. , as recited in Resolution
No. 178;
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NOW, THEREFORE, BE IT RESOLVED, by the
Redevelopment Agency of the City of Redlands as follows :
Section 1. Amendemnt of Resolution No. 178. The
correct designation of the Developer referred to in
Resolution No. 178 is and should have been "Kavanaugh
Enterprises, a California corporation" and all references in
said Resolution No. 178 to "William C. Buster, Inc. " as
Developer are hereby amended to substitute "Kavanaugh
Enterprises, a California corporation, " as the Developer.
It is the intention hereof that said Resolution No. 178
shall continue to be effective as of the date of its
adoption in the form so adopted, but amended solely as set
forth herein for purposes of clarification and correction.
Section 2. Effective Date. This Resolution shall
take effect immediately upon adoption.
ADOPTED this 15th day of October, 1985.
Chairman of the Redevelopment
Agency of the City of Redlands,
California
ATTEST:
5)e-c-rle-tary of- Redevelopment
Agen of the' of Redlands,
Cali
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 regular meeting thereof
held on the 15th day of October , 1985, by the following vote
of the Agency:
AYES: Messrs. Johnson, DeMirjyn, Martinez , Larsen;
Chairman Beswick
NOES: None
ABSENT: None
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 15th day of October , 1985.
Secr-etary of- Redevelopment
Agency of thelty of Redlands,
California
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FJB0106A