HomeMy WebLinkAboutResolution No. 65RESOLUTION NO. 6-
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA AUTHORIZING THE ISSUANCE
OF REVENUE BONDS, RELATING TO AVAILABILITY
OF FINANCIAL ASSISTANCE UNDER THE AGENCY'S
RESIDENTIAL AND COMMERCIAL MORTGAGE FINANCING
PROGRAM
RESOLVED, by the Redevelopment Agency of the City of Azusa
that
WHEREAS, the legislature of the State of California has
authorized redevelopment agencies to make and purchase long-
term, low-interest rate loans made to provide financing for
new residential and commercial construction in redevelopment
project areas in order to encourage investment within and to
upgrade such areas and has authorized redevelopment agencies
to issue bonds to finance such loans; and
WHEREAS,.it is in the public interest, for the public
benefit and furtherance of the public purposes of this Agency
that this body authorize the issuance of bonds for the purpose
of financing a neighborhood commercial shopping center located
within that area bounded by Foothill Boulevard.on.the north,
Rockvale Avenue on the east and Alosta Avenue -on the west.
WHEREAS, the Agency wishes to declare its intention to
authorize an issue of revenue bonds for the purpose of paying
the cost of financing said Project, when so requested by a
developer, upon such terms and conditions as may then be
agreed upon by the Agency, the developer and the Purchaser.
NOW, THEREFORE, it is hereby RESOLVED as follows:
Section 1. The Redevelopment Agency of the City of Azusa
(the wA_g_e_n_c__y_"T constitutes a redevelopment agency legally and
validly organized and existing under the Community Redevelopment
Law, being Part 1, commencing with Section 33000, of Division 24
of the Health and Safety Code of the State of California (herein
called the "Act").
Section 2. Pursuant to said Community Redevelopment Law,
the Agencyis legally authorized to issue bonds and to use the. -
proceeds thereof to make loans and provide financing for the new
construction of commercial structures in redevelopment project
areas.
Section 3, This body constitutes the governing body of
the Agency and is legally authorized to provide for the issuance
of said bonds by the Agency.
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Section 4. The proposed development is in an area that the
Agency proposes to designate as a project area of the Agency
under the California Redevelopment Law. The Agency wishes to
issue bonds to make loans and provide financing for the con-
struction of a neighborhood commercial center in said proposed
project area.
Section 5. The Redevelopment Agency of the City of Azusa
does hereby authorize the issuance of revenue bonds of the Agency
in a principal amount of not to exceed TEN MILLION DOLLARS
($10,000,000) to make loans and provide financing to a deve-
loper for the construction of said neighborhood commercial
shopping center located within that area bounded by Foothill
Boulevard on the north, Rockvale Avenue on the east and Alosta
Avenue on the west, under and in accordance with the Act.
Said issuance shall be subject to the completion of proceedings
and other matters relating thereto to the full satisfaction of
the Agency.
Section 6. Based on the foregoing, it is understood that
the availability of such financial assistance is a substantial
inducement to a developer to undertake such project.
Section 7. The Chairman and the Executive Director of
the Agency are hereby authorized and directed to take whatever
further action relating to the aforesaid financial assistance
deemed reasonable and desirable in accordance, with -the laws
of the State, and within the limitations of any applicable
laws of the United States of America.
APPROVED AND ADOPTED this 27t1 day of October , 1980.
nor he—Hedevelopme
of a City of Azusa
ATTEST:
a Ogg)
ecr ary of the Redevelopment
Agency of the City of Azusa
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Redevelopment Agency of the City of
Azusa- at a- special- meeting- thereof-, --held on the- 27th day of
October, 1980, by the following vote of the Agency:
AYES: DIRECTORS: Fry, Cruz, Moses, Solem
NOES: DIRECTORS: None
ABSENT: DIRECTORS: Decker
Secretary