HomeMy WebLinkAboutRedevelopment Agency - 54 RESOLUTION NO. 54
A RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF BONDS FOR ENTERING
INTO >y` `;INANCIAL LEASES OR AGREEMENTS FOR THE PURPOSE
OF FINANCING NEW COMMERCIAL AND RELATED FACILITIES TO BE
CONSTRUCTED AND DEVELOPED BY PHIL ZISAKIS
RESOLVE, by the Huntington Beach Redevelopment Agency, as follows:
WHEREAS, the Agency is authorized by the Community Redevelopment Law of the
State of California, constituting Part I of Division 240) of the California Health and
Safety Code ("Law"), including without limitation Chapter 8 thereof (the "Act"), to issue
and sell its bonds for the purpose of financing commercial structures located within the
Redevelopment Area of the Agency, and to enter into financing leases or installment sale
agreements for such purposes; and
WHEREAS, Phil Z_isakis (the "Developer") has requested the Agency to issue and sell
its bonds or enter into financing leases or installment sale agreements for the purpose of
financing new commercial facilities together with related structures and auxiliary
facilities (the "Project") to be constructed and developed by the Developer in a
Redevelopment Survey Area of the Agency, and the Agency wishes to induce the
Developer to 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 Agency that the Agency authorize such financing for the aforesaid
purposes;
NOW THEREFORE, it is hereby found, determined and ordered, as follows:
I. The Huntington Beach Redevelopment Agency hereby authorizes the financing
by the Agency pursuant to the Law in a principal amount not to exceed two million
dollars ($2,000,000) for the purpose of providing permanent and/or construction
financing to the Developer, its successors and assigns for the Project to be located at
northwest corner of Cypress and Beach Bouleavard in the City of Huntington Beach,
California. 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, lease or loan with respect to the Project. The term
"financing" as used herein means any of the following:
(i) The issuance of bonds or other obligations of the Agency under the Law to
finance the acquisition of the Project by the Agency; or
(ii) The entering into of one or more financing leases or installment sale
agreements under the Law with respect to the Project for the permanent and/or
construction financing thereof pursuant to the Law.
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2. Any such financing shall be upon the terms and conditions as may be mutually
agreed upon by the Agency, the Developer and the purchasers of Agency obligations
and ,shall be authorized by resolution of the Agency at a meeting duly held and
conducted for such purposes.
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3. The proceeds of any such financing shall include such related and necessary
issuance expenses, administrative costs, debt service reserve and interest payments
as may be required to accomplish successfully the financing.
APPROVED AND ADOPTED this 15th day of November, 19B2.
ATTEST:
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Agency Clerk Chairman
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
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Legal Counsel 11A Director, Business & Industrial Enterprise
APP
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Chief Execu ive Offi er
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Res. No. 54
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH)
I , ALICIA M. WENTWORTH, Secretary of the Redevelopment
Agency of the City of Huntington Beach, California, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the
Redevelopment Agency of the City of Huntington Beach at a
meeting of said Redevelopment Agency held on the 15th day
of November 1982 , and that it was so adopted by
the following vote:
AYES: Members:
MacAllister, Finley, Bailey, Kelly
NOES: Members:
Thomas, Mandic
ABSENT: Members :
Pattinson
Secretary of the Redevelopment Agency
of the City of Huntington Beach, Ca.