HomeMy WebLinkAboutResolution No. 90RESOLUTION NO. _9Q,_,.
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT BONDS IN AN AMOUNT
NOT TO EXCEED $10,000,000 SUBJECT TO THE
COMPLETION OF PROCEEDING IN CONNECTION
WITH THE PROPOSED MOTEURESTAURANT COMPLEX
LOCATED AT 421 SOUTH AZUSA AVENUE
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 Min C. Cho (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 $10,000,000.
SECTION 2: Based on the foregoing, it is understood that
the availability of such financial assistance is a substantial
inducement 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 20th day of September,
1982.
to
C*tiirman of the Redevelopment
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 20th day of
September, 1982, by the following vote of the Aaencv:
AYES: DIRECTORS: DECKER, HART, LATTA, MOSES
NOES: _ DIRECTORS: NONE
ABSENT:-- DIRECTORS: NONE
G
Secretary