HomeMy WebLinkAboutResolution No. 85RESOLUTION NO. 85
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 AZUSA COMMERCIAL DEVELOPMENT AT A SITE
LOCATED WITHIN THE AZUSA CENTRAL BUSINESS
DISTRICT REDEVELOPMENT PROJECT
WHEREAS, the City Council of
a redevelopment plan with respect
Redevelopment Project Area; and
the City of Azusa has adopted
to the Central Business District
WHEREAS, the Agency is charged with the implementation of
that plan in connection therewith and has entered into an owner
participation agreement for a 44 unit motel with Azusa Commercial
Development (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 pro-
ject 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 avail— b lity 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 15th day of March, 1982.
Chairman ofthe Redevelopment
Agency of1the 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 15th day of March,
1982, by the following vote of the Agency:
AYES: DIRECTORS Decker, Fry, Cruz, Moses, Solem
NOES: DIRECTORS None
ABSENT: DIRECTORS None