HomeMy WebLinkAboutResolution No. 7647•
RESOLUTION NO. 7 64 7
A RESOLUTION OF THE CITY OF AZUSA
AUTHORIZING THE ENTERING INTO OF FINANCING
LEASES OR AGREEMENTS AND THE ISSUANCE OF
REVENUE BONDS FOR THE PURPOSE OF FINANCING
CERTAIN FACILITIES AND IMPROVEMENTS FOR
URBAN PACIFIC DEVELOPMENT CORP.
RESOLVED, by the City of Azusa as follows:
WHEREAS, the City 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 cooperate with the Redevelopment Agency of the City of Azusa and, in
connection therewith, to enter into financing leases or agreements and issue revenue bonds
for the purpose of financing facilities and improvements located in redevelopment project
areas of the Agency;
WHEREAS, the City of Azusa (the "City") is authorized by Chapter 7
(commencing with Section 52075) of Part 5 of Division 31 of the Health and Safety Code of
the State of California (the "Act") to issue and sell revenue bonds for the purpose of
providing financing for the construction and development of multifamily rental housing
facilities located within the City; and
WHEREAS, Urban Pacific Development Corp. (the "Company") has requested the
City to enter into financing leases or agreements for the purpose of financing acquisition
and construction of a neighborhood retail commercial center of approximately 30,000 square
feet and approximately 90 multi -family residential units (the "Project") on an approximate
3.1 acre site located in the vicinity of the area bounded by Foothill Boulevard, San Gabriel
Avenue, Santa Fe Avenue, and Azusa Avenue in the City of Azusa and in a redevelopment
project area of the Agency, and the City wishes to induce the Company to acquire,
construct and develop the Project in said area; and
WHEREAS, it is in the public interest, for public benefit and in furtherance of
the public purposes of the City that the City authorize such financing for the aforesaid
purposes;
follows: NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED, as
1. The City hereby authorizes the financing by the City pursuant to the Law
and issuance and sale of Bonds pursuant to the Act in a principal amount of not to exceed
Eight Million Dollars ($8,000,000) 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 City under any financing shall
be payable from (among other things) the revenues to be derived by the City from the Sale
or lease with respect to the Project.
2. Any such financing shall be upon such terms and conditions as may be
mutually agreed upon by the City, the Company and the purchaser of certificates of
participation or other obligations; such financing to be authorized by resolution of the City
at a meeting duly held and conducted for such purpose. All proceedings shall be completed
to the satisfaction of the City, 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 City Council or the Agency must otherwise approve or disapprove.
3. The proceeds of any such financing shall include such related and necessary
issuance expenses, administrative costs, debt service reserves and interest payments as may
be required to accomplish 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
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