HomeMy WebLinkAboutResolution No. 92-R696 6
RESOLUTION NO. 92-R69
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING AN INDEMNITY
AGREEMENT WITH USA GAS CORPORATION
GUARANTEEING THE PERFORMANCE OF THOMAS J.
JAMIESON, INC. TO COMPLETE THE IMPROVEMENTS
REQUIRED UNDER THE OWNER PARTICIPATION
AGREEMENT BY AND BETWEEN THE AGENCY AND
THOMAS J. JAMIESON DATED DECEMBER 7, 1992.
WHEREAS, on December 7,1992, the Redevelopment Agency approved an Owner
Participation Agreement with Thomas J. Jamieson, Inc. to provide for the purchase of a
Site in the Ranch Center Project Area and the remodeling of an existing USA Gas facility;
and
WHEREAS, Thomas J. Jamieson, Inc., a California Corporation, is an
accommodator for the purpose of completing a tax deferred exchange for the benefit of
USA Gasoline Corporation, a California Corporation; and
WHEREAS, USA Gasoline Corporation intends to become the owner of the facility
upon completion of the necessary legal procedures to complete the tax deferred
exchange; and
WHEREAS, the Agency desires assurances that the project as outlined in the OPA
with the accommodator, Thomas J. Jamieson, Inc., is completed in full accord with the
OPA; and,
WHEREAS, the Agency desires that USA Gasoline Corporation guarantee the
performance of its accommodator under the terms of the subject OPA; and
WHEREAS, the Agency would not have otherwise entered into the OPA with
Jamieson unless USA Gasoline Corporation guarantees the performance of Jamieson
under the OPA.
NOW, THEREFORE, the Redevelopment Agency of the City of Azusa does
resolve as follows:
SECTION 1: The Board of Directors of the Redevelopment Agency of the City of
Azusa hereby approves the Indemnity Agreement by and between the Agency and USA
Gasoline Corporation in essentially the same form as attached hereto as Exhibit A.
SECTION 2. The Agency Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED THIS 7th DAY OF Decembe1992.
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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
7th day of December 1992.
AYES: BOARDMEMBER: DANGLEIS, MADRID, NARANJO, ALEXANDER, MOSES
NAYES: BOARDMEMBER: NONE
ABS NT: J30ARDM,JsMBER: N NE
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