HomeMy WebLinkAboutResolution No. 45I
RESOLUTION N0. Lr)
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 Azusa Avenue on the east, San Gabriel
Avenue on the west, Second Street on the south; -and Fourth Street
on the north.
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 "Agency") 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 an2r is legally authorized to provide for the issuance
of said bonds by the Agency.
- '.: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. :toi-make:..ioans.-and_provide=iinancing_:for .the.:con-
- structiorr-of, a.-neighborh000d-.r�++n�cial-:center:. in :said;Vroposed
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 Azusa
Avenue on the east, San Gabriel Avenue on the west, Second
Street .on..the _south - and -Fourth Street on the -north-i: under and
-'-in-•accordance with the Act. Said issuance shall'•be-•subj.ect.to
the completion of proceedings and other matters..selating._thereto
to the full satisfaction of -the Agency.
Section 6. Based on the foregoing, it is understood that
the avail b 1 ty 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 accordano.eR-w&th the laws
..of .the.-State.,..and .within .the;limitations..of .any .applicable
'. -laws .of ,the .United ..States..of...America.
APPROVED .ANU ADOPTED this 20th day of October' ', ".1"980.
C rman o the Redevelopment
ency of he City of Azusa
ATTEST:
Secret ry ot t e Redevelopment
.-Agency of the City of Azusa
L
I HEREBY CERTIFY That the foregoing resolution was duly
adopted by the Redevelopment Agency of the City of Azusa, at
a regular meeting thereof, held on the 20th day of October,
19805 by the following vote of the Agency:
AYES: Decker, Fry, Cruz, Moses, Solem
NOES: None
ABSENT- None
W'
SECRE Y
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