HomeMy WebLinkAboutResolution No. 86RESOLUTION NO. 86
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 COMPLETION
OF PROCEEDINGS IN CONNECTION WITH THE DEVELOPMENT
PROPOSED BY THE SASAK CORPORATION 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 will be entering into an
owner participation agreement for a medium sized motel, with the
Sasak Corp. (the "Developer") for the development of a site located
within the Central Bsuiness 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 19th day of July, 1982.
Chair "n of the R
the G/ity of Azusa
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 19th day of July, 1982, by the following
vote of the Agency:
AYES: DIRECTORS: DECKER, HART, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
Deputy Secretary o� /tRedevelopment Agency
of the City of Azu�✓a