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HomeMy WebLinkAboutResolution No. 54'. , RESOLUTION NO. 54 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 the Santa Fe Railroad -on the -north, San Gabriel Avenue on the west, Azusa Avenue on'the east and Foothill Boulevard on the south. 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 v_Ag`en_c­y'nT 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 s 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. Section 4. The Azusa Central Business District Project Area is a project area of the Agency and the Agency wishes to issue bonds to make loans and provide financing for the con- struction of a neighborhood commercial shopping center in said 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 the Santa Fe Railroad on the north, San Gabriel Avenue on the west, Azusa Avenue on the east and Foothill Boulevard on the south, 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 27th day of October , 1980. QZaiCrman of f1f@'Re-deveToPmerht Agency of the City of Azusa ATTEST: Secretary of the Redevelopment Agency of the City of Azusa 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 /ili Secretary