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HomeMy WebLinkAboutCC Resolution 6824 (Civic Center Plaza)RESOLUTION NO. 6824 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL CONCERNING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR CIVIC CENTER PLAZA WHEREAS, the City Council of the City of San Rafael (the "City") has, by Ordinance No. 1441 (the "Ordinance") adopted by the City Council on October 4, 1982, enacted the City of San Rafael Economic Development Revenue Bond Law (the "Law"), con- stituting Title 3, Chapter 3.30 of the Municipal Code of the City, authorizing and establishing the procedure for economic develop- ment purposes, and authorizing the appropriate officers of the City to take any and all actions and execute and deliver any and all agreements and documents necessary or advisable to consummate the lawful issuance and delivery of the bonds authorized by the law; and WHEREAS, Civic Center Ventures (the "Participating Party") has requested the financial assistance of the City in connection with the construction of an office building in the City known as Civic Center Plaza (the "Facility") and has presented to the City a general description of the Facility; and WHEREAS, the City desires to assist the Participating Party in the financing of the Facility; and WHEREAS, the Participating Party requires satisfactory assurance from the City that the proceeds of the sale of bonds of the City will be made available to it to assist in the financing of the Facility, and the City requires satisfactory assurance from the Participating Party that certain costs of issuing such bonds will be paid by the Participating Party. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Rafael, as follows: Section 1. The City Council of the City finds and determines that the financing of the Facility will be in furtherance of the public purposes set forth in the Ordinance by promoting the full and gainful employment of residents of the City; the full and efficient utilization and modernization of existing industrial, commercial and business facilities; and the growth of the City's tax base through increased property values and consumer purchasing; and that it is necessary and essential and a proper public purpose ! S P B-7 Em R'. 0 $ M and that the Facility be financed at the earliest practicable date. Section 2. The City Council states its present intent to issue, at one time or from time to time, economic development revenue bonds of the City (the "Bonds") in an aggregate principal amount not to exceed $10 million for the Participating Party to finance the Facility; provided that, prior to commencing the pre- paration of the documentation for the issuance of the Bonds, the City and the Participating Party shall have entered into a letter agreement in substantially the form attached hereto, with such additions or deletions as are considered necessary or appropriate by officers of the City and the Participating Party. Provided further that, prior to commencing preparation of the documentation for the issuance of the Bonds, Participating Party shall have demonstrated to City's reasonable approval, that leases have been, or will be, executed with tenants, which will produce significant incremental sales tax revenue for City. The City Clerk of the City is hereby directed to transmit said letter agreement in substantially the form attached hereto to the Participating Party, and the City Manager of the City (or deputy) is hereby authorized to execute said letter agreement and all other necessary implementation documents for and in the name and on behalf of the City. Section 3. The Bonds shall be payable solely from the revenues to be received by the City pursuant to loans or other agreement(s) to be entered into by the City and the Participating Party in connection with the financing of the Facility, and shall not be deemed to constitute a debt or liability of the City under any constitutional, charter or statutory debt limitation. Neither the faith and credit nor the taxing power of the City shallbe pledged to the payment of the principal of or premium, if any, or interest on the Bonds. Section 4. Issuance of the Bonds shall be subject to the following conditions: (a) the City and the Participating Party shall have first agreed to mutually acceptable terms for the Bonds and the sale and delivery thereof and mutually acceptable terms and conditions for the loans or other agreement(s) for the finan- cing of the Facility; and (b) all requisite governmental approvals shall have first been obtained, or if they cannot be obtained, the Participating Party shall demonstrate to the satisfaction of the City that any remaining approvals are expected to be obtained. Section S. It is the purpose and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City for the Facility in accordance with Section 1.103-8(a)(5)(iii) of the Regulations promulgated by the United States Department of the Treasury under Section 103 of the Internal Revenue Code of 1954, as amended. Section 6. This Resolution shall take effect immediately upon its passage. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing Resolution was duly and regularly intro- duced and adopted at a regular meeting of the Council of said City on MONDAY , the 21ST day of MAY , 1984, by the following vote, to wit: AYES: COUNCILMEMBERS: Breiner, Frugoli, Nave, Russom & Mayor Mulryan NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None JEANNE M. LEONCINI, City Clerk A By: LINDA S. DOWNEY, Deputy Cjty Clerk -3-