HomeMy WebLinkAboutResolution No. 55RESOLUTION NO. 5-
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
that RESOLVED, by the Redevelopment Agency of the City of Azusa
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 Azusa Avenue on the west, First
Street on the south, Second Street on the north -z. -and. -Alameda
Avenue on the east.
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 1rA_g_e_n_c_y11T 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 Agency is 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 majority of the proposed development is in
the Azusa Central Business District Project Area. The Agency
proposes to designate the remaining area 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 shopping center in said
proposed Project Area.
Section S. 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 Azusa
Avenue on the west, First Street on the south, Second Street
on the north and Alameda Avenue on the east, 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 2}h day of October , 1980.
ATTEST:
S&cretdry 01 t 'e Redevelopment
Agency of the City of Azusa
City
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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
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Secretary