HomeMy WebLinkAbout152 RDA_CCv0001.pdf RESOLUTION NO. 152
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF REDLANDS AUTHORIZING
THE IMPOSITION OF CERTAIN COVENANTS
AND RESTRICTIONS UPON THE PARKING FA-
CILITIES TO BE CONSTRUCTED WITHIN THE
REDLANDS REDEVELOPMENT PROJECT
WHEREAS, in accordance with the Redevelopment
Plan for the Redevelopment Project known and designated
as the "Redlands Redevelopment Project" , the Redevelop-
ment Agency of the City of Redlands (a) has acquired and
cleared certain parcels of land, (b) proposes to acquire
and clear additional parcels of land (collectively the
"Sites") , (c) proposes to sell certain portions of the
Sites to R-J Investments, as Developer (the "Developer" )
who will build public parking facilities thereon and (d)
to provide additional public parking facilities on the
remaining Sites; and
WHEREAS, the Agency has issued and sold
$2, 440, 000 principal amount of its bonds designated
"Parking Lease Revenue Bonds, Series A" pursuant to Reso-
lution No. 29, adopted April 16, 1974; and
WHEREAS, the Agency has issued and sold
$5, 670, 000 principal amount of its bonds designated "1975
Redlands Redevelopment Project Tax Allocation Bonds" pur-
suant to Resolution No. 143, adopted June 27 , 1975; and
WHEREAS, the Agency has authorized the issuance
of $3, 760, 000 principal amount of its bonds designated
"Parking Lease Revenue Bonds, Series B" pursuant to Reso-
Illf-inn Mn 1AMAr _,tl 71.. 7 1 n'7 tf - _n
WITETLEAS, the Agency deems it necessary that
certain restrictions be placed upon the use of the Sites;
T
?CU, 7EFF1001,E7, the Redevelopment Agercy of the
City of Redlands DOS _HEFU_1'.1LT: FIC1111:30LITF!', Id-0 0-RD-ER,
as follows:
Section 1. That it is necessary and desirable
that the following conditions and covenants be made ap-
plicable to the Sites and the useF thereof:
A. The Agency will not brine in an
outside operator for purposes of operating any
parking facilities constructed on the Sites if
said operator's profits or revonves Pre in any way
derived from or related to the revenues of parking
facilities to be constructed t ereon so that
the facilities are considered used in that trade
or business, as defined in Section 103(c)(2) of
the Internal Revenue Code;
B. Any deed or deeds transferring
the property presently owned by the Agency and
purchased out of the proceeds of the Parking
Lease Revenue Bonda, Series A, to the Developer
Or its successors, will contain suhstantially
the following covenants and restrictions;
(i) That the Developer or its
successors cannot use the sub-surface
portions of the property for anything but
public parking purposes, as
contemplated by the Disposition
and Development Agreement.
The developer or its
successors will not allow anyone
to directly or indirectly use the
parking facilities in such person's
trade or business unless such Dersoin
is an "exempt person" as defined in
Section 103(c)(3) of the Internal
Revenue Code; (fo,,- the -pur-,)oses, of
this restriction the phrase, "Used in
a Trade or Business" shall have the
meaning accorded that phrase by
Section 103(c)(2) of Ve Internal
Revenue Code).
(iii) In the event that any
revenues are received in connection
with the operation or ranagemont of
said parking facilities the sane will
not be retained by any person unless
such person is an "exeipt person" as
defined in Section 103(c)(3) of the
internal Revenue Code.
Section 2. The Disjusition PnO Devaloyment Agreement relatinL-,
to the Redlands Project shall be amended in due course
to reflect the covenants and restrictions set forth in the Resolution.
3.
Section 3. This Resolution shall take effect
upon adoption.
ADOPTED, SIGNED AND APPROVED this 2nd day of
September 1975.
airman of the Red elopment Agency
of the City of Redlands
ATTEST:
:Ze,
..
Secre f the Re velopmer�f Agency
of the City of Redl nds
(SEAL)
4.
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO) SS.
CITY OF REDLANDS }
1, Peggy A. Moseley Secretary of the
Redevelopment Agency of the City of Redlands, Redlands,
California, DO HEREBY CERTIFY that the foregoing resolution
was duly adopted by the Agency at an adjourned regular
meeting of said Agency held on the 2nd day of September
1975, and that it was so adopted as follows:
AYES: Members Miller, DeMirjyn, Knudsen, Grace
Chairman Cummings
NOES: Members None
Secretar ,jDf the Redevelop nt Agency
Of th� City of Redlands
(SEAL)