HomeMy WebLinkAboutResolution No. 2014518H
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JHHW:ACH:ea 06/21/85
RESOLUTION NO. 201
A RESOLUTION APPROVING AND DIRECTING THE EXECUTION OF A
REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF
AZUSA AND THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA PROVIDING FOR THE PAYMENT BY THE
AGENCY OF CERTAIN TAX REVENUES TO THE CITY IN REIMBURSEMENT OF
LEASE PAYMENTS RELATING TO THE MUNICIPAL FACILITIES PROJECT
AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
RESOLVED, by the Redevelopment Agency of the City of Azusa, as follows:
WHEREAS, the E M Leasing Corporation (the "Leasing Company"), as lessor,
and the City of Azusa (the "City"), as lessee, propose to enter into a
Lease -Purchase Agreement pursuant to which the City will undertake the
construction of certain facilities and improvements (the Municipal Facilities
Project") to be located in or adjacent to the Azusa Central Business District
Redevelopment Project which the Leasing Company will cause to be constructed
with the proceeds of certain Certificates of Participation to be repaid with
the City's rental payments under the Lease -Purchase Agreement;
WHEREAS, the Agency desires to enter into a Reimbursement Agreement with
the City providing for payment by the Agency of certain Tax Increment Revenues
(as that term is defined in the Reimbursement Agreement) to offset rental
payments to be made by the City under the Lease -Purchase Agreement;
WHEREAS, the Agency is authorized to enter into the Reimbursement
Agreement pursuant to Section 33445 of the California Health and Safety Code
upon determining after due consideration that the Project is of benefit to the
Azusa Central Business District Redevelopment Project (the "Project Area"),
and to so apply such Tax Increment Revenues after the City duly calls and
holds any public hearing thereon required by Section 33679 of said Code, which
public hearing the City has determined shall be held (if so required) prior tc
the delivery of such Certificates of Participation; and
WHEREAS, the form of such Reimbursement Agreement has been presented to
and reviewed by this Agency with the aid of its staff;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of Azusa as follows:
I . That the Municipal Facilities Project is of benefit to the Project
Area and that the Reimbursement Agreement is hereby approved for execution by
the Redevelopment Agency of the City of Azusa and the Executive Director of
the Agency shall execute such Agreement on behalf of the Agency and the
Secretary of the Agency shall attest his signature thereto and shall affix
thereto the corporate seal of the Agency.
2. This Resolution shall be effective immediately upon passage and
adoption.
PASSED AND ADOPTED on July 15 , 1985, by the following vote:
AYES: DIRECTORS: COOK, CAMARENA, MOSES
NOES: DIRECTORS: CRUZ
ABSENT: DIRECTORS: LATTA
Chafirma
( S E A L)
Attest:
/Secretary
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