HomeMy WebLinkAboutResolution No. 81RESOLUTION NO. 81
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA AUTHORIZING THE ISSUANCE OF INDUS-
TRIAL DEVELOPMENT BONDS IN AN AMOUNT NOT TO EXCEED
$10,000,000 SUBJECT TO COMPLETION OF PROCEEDINGS
IN CONNECTION WITH THE DEVELOPMENT PROPOSED BY
EDWARDS THEATERS IN JOINT VENTURE WITH PARTIES TO
BE DESIGNATED BY EDWARDS THEATERS, INC. AT A SITE
LOCATED WITHIN THE AZUSA CENTRAL BUSINESS DISTRICT
REDEVELOPMENT PROJECT.
WHEREAS, the City Council of the City of Azusa has adopted
a redevelopment plan with respect -to the Central Business District
Redevelopment Project Area; and
WHEREAS, the Agency is charged with the implementation of
that plan in connection therewith and has entered into negotiations
with Edwards Theaters, Inc. (the "Developer") for the development
of a site located within the Central Business District Redevelopment
Project; and
WHEREAS, the Agency as an inducement to the Developer who
will undertake the project desires to authorize the issuance of bonds
in an amount sufficient to provide financing for the project subject
to the restrictions of all applicable state and federal laws as they
presently exist.
NOW, THEREFORE, the Redevelopment Agency of the City of
Azusa does hereby resolve as follows
SECTION 1: Subject to the completion of proceedings and
other matters relating thereto to the full satisfaction of the Agency
the Agency hereby agrees to provide financial assistance to the
Developer or such other person or entity designated by the Agency or
Developer, through the issuance of bonds in an amount not to exceed
$1050005000.
SECTION 2: Based on the foregoing, it is understood that
the availability of such financial assistance is a substantial induce-
ment to the Developer to undertake such project in a manner desired
by the Agency.
SECTION 3: The Executive Director and the staff of the
Agency are hereby authorized and directed to take whatever further
action relating to the aforesaid financial assistance is deemed
reasonable and desirable in accordance with the laws of the State of
California and within the limitations of any applicable laws of the
United States of America; provided, however, that any agreements and
the terms and conditions under which the bonds will be issued must be
approved by the Agency.
PASSED, APPROVED AND ADOPTED this 14th day ofOctober, 1981.
(/ Agency of'the City of Azusa
I hereby certify that the foregoing Resolution was duly
adopted by the Redevelopment Agency of the City of Azusa at an
adjourned regular meeting thereof held on the 14th day of October, 1981,
by the following vote of the Agency:
AYES: DIRECTORS: Decker, Fry, Cruz, Moses, Solem
NOES: DIRECTORS: None
ABSENT: DIRECTORS: None
ecretar