HomeMy WebLinkAboutResolution No. 1770 0
RESOLUTION NO. 177
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA AUTHORIZING THE ENTERING
INTO OF FINANCING LEASES OR AGREEMENTS FOR
THE PURPOSE OF FINANCING CERTAIN LEASES OR
AGREEMENTS FOR THE PURPOSE OF FINANCING
CERTAIN FACILITIES AND IMPROVEMENTS FOR
URBAN PACIFIC DEVELOPMENT CORP.
RESOLLVED, by the Redevelopment Agency of the City of Azusa, as follows:
WHEREAS, the Agency is authorized by the Community Redevelopment Law of
the State of California, constituting Part 1 of Division 24 of the California Health and
Safety Code (the "Law"), to enter into financing leases or agreements for the purpose of
financing facilities and improvements located in redevelopment project areas of the Agency
and, in connection therewith, to cooperate with the City of Azusa; and
WHEREAS, Urban Pacific Development Cc
Agency to enter into financing leases or agreements f
and construction of a neighborhood retail commercial
feet (the "Project") located on an approximate 6.1 acr
of Foothill Boulevard and San Gabriel Avenue in the
project area of the Agency, and the Agency wishes
construct and develop the Project in said area; and
rp. (the "Company") has requested the
>r the purpose of financing acquisition
center of approximately 70,000 square
site located at the northwest corner
City of Azusa and in a redevelopment
to induce the Company to acquire,
WHEREAS, it is in the public interest, for public benefit and in furtherance of
the public purposes of the Agency that the Agency authorize such financing for the
aforesaid purposes;
follows: NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED, as
1. The Agency hereby authorizes the financing by the Agency pursuant to the
Law in a principal amount of not to exceed Nine Million Dollars ($9,000,000) for the purpose
of providing permanent and/or construction financing to the Company, and any of its
successors and assigns, for the Project. It is presently proposed that the obligations of the
Agency under any financing shall be payable from (among other things) the revenues to be
derived by the Agency from the sale or lease with respect to the Project to others, including
the Company.
2. Any such financing shall be upon such terms and conditions as may be
mutually agreed upon by the Agency, the Company and the purchaser of certificates of
participation or other obligations; such financing to be authorized by resolution of the
Agency at a meeting duly held and conducted for such purpose. All proceedings shall be
completed to the satisfaction of the Agency, in its sole discretion. In addition, the adoption
of this resolution shall not be deemed or construed to be approval of any other matter
relating to the Project which the Agency or the City must otherwise approve or disapprove.
3. The proceeds of any such financing shall include such related and necessary
issuance expenses, administration costs, debt service reserves and interest payments as may
be required to accompish successfully the financing.
PASSED and ADOPTED this 21st day of January, 1985, by the following
called vote:
AYES: COOK, CAMARENA, MOSES
NOES: NONE
ABSENT: CRUZ, LATTA
ON WA ••
r
(SEAL)
d/Bchmk. II