HomeMy WebLinkAbout167 RDA_CCv0001.pdf RESOLUTION NO . 167
RESOLUTION DECLARING THE INTENTION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
TO AUTHORIZE THE ISSUANCE AND SALE OF TAX
EXEMPT OBLIGATIONS FOR THE PURPOSE OF ASSISTING
IN FINANCING COMMERCIAL PROJECTS WITHIN THE
REDLANDS REDEVELOPMENT PROJECT
WHEREAS , the Redevelopment Agency of the City of
Redlands (the "Agency") , is legally authorized under the
California Community Redevelopment Law (Health & Safety
Code Section 33000 , et seq. ) to issue tax exempt obligations
including but not limited to mortgage revenue bonds
certificates of participation and lease purchase financing,
for the purpose of assisting in the financing and development
of commercial projects which the Agency determines to be
of benefit to the Redlands Redevelopment Project ; and
WHEREAS , the Agency has undertaken extensive
negotiations with participating landowners and redevelopers
with respect to assisting in the financing of commercial
projects , including but not limited to retail stores , office
buildings and shopping centers , all of benefit to the Redlands
Redevelopment Project as generally described in Exhibit "A" ,
attached and incorporated herein , it being understood that
the details of such projects may change from time to time;
and
WHEREAS , based on these negotiations , it is
anticipated that various landowners and redevelopers will
from time to time submit formal requests to the Agency to
issue and sell its tax exempt obligations for the purpose
of financing these commercial projects , it being understood
that the details of such projects may change ; and
WHEREAS , the Agency wishes to declare its intention
to authorize the issuance of its tax exempt obligations
for the purpose of paying the cost of financing such commercial
projects when so requested by participating landowners and
redevelopers , upon such terms and conditions as may then be
agreed upon by the Agency , the participating landowners and re-
developers and the purchaser of such tax exempt obligations .
NOW, THEREFORE , THE REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS does hereby resolve and declare as follows :
SECTION ONE : The Agency hereby declares its
intention to authors the issuance and sale of tax
exempt obligations of the Agency in the approximate
cumulative amount of $50 ,000 ,000 from time to time
under and in accordance with the California Community
Redevelopment Law, in such amounts as will be adequate
to implement the Agency financing of the acquisition, con-
struction and installation of commercial projects within
or of benefit to the Redlands Redevelopment Project
and for the payment of issuance costs with respect to such
tax exempt obligations .
.tions .,
SECTION TWO: Nature of Tax Exe t Obl* t*ons ,,
Any tax exempt obligations issues y t e Agency shall be
special obligations of the Agency payable solely from revenues
to be received by the Agency pursuant to any financing agree-
ments , loan agreements , lease purchase agreements or other
agreements to be entered into by and between the Agency and
participating landowners and redevelopers and such other
security agreements as may be reasonably required. Any
such tax exempt obligations shall not be a general obligation
of the Agency, the City of Redlands , the State of California
or any political subdivision thereof.
SECTION THREE : Official Action. It is intended
that this Resolutio-n--s-Fall—constitute---'-'some other similar
official action" towards the issuance of indebtedness within
the meaning of Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations thereunder.
SECTION FOUR: Other A2provals . The adoption
soluti
of this Reon s all not bind the -T-gency to issue its
bonds until and unless all other necessary actions and approvals
are taken and received in accordance with the California
Community Redevelopment Law and all other applicable laws .
The adoption of this Resolution does not and shall not limit
in any manner the Agency' s or the City of Redlands ' full
discretion to deny any further permit or approval that may
be necessary for ultimate completion of the projects .
SECTION FIVE : Costs to be Paid by Participating
Landowners and Ivo p
ers . The Agency sl recover any
and all costs to-t-Ti-e-Kg-ency which may be incurred in furtherance
of or attributable to the issuance of the tax exempt obligations
authorized hereunder from the proceeds of the sale of said
tax exempt obligations and in the event no tax exempt obligations
are issued, all such costs shall be paid by participating
landowners and redevelopers .
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SECTION SIX; Effective Date. This Resolution
shall take effect upon adoption.
ADOPTED, SIGNED AND APPROVED THIS 20th day of
March, 1984 .
Chairman of the Reeveopment Agency
of the City of Redlands
ATTEST:
4-cretary, .Acting
APPROVED FOR FORM:
envy Counsel
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CIRCULATION
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MASTER PLAN
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Secondary Highway
Project REDLANDS DEPOT Special Major Street
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Railroad Tracts R.0-W.
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CENTRAL
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I ielands
E R aW coWarn REVITALIZATION PROGRAM - PHASE 2
CKs and HARWICK -- CITY OF REDLANDS,CALIFORNIA