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HomeMy WebLinkAboutRedevelopment Agency - 67 r RESOLUTION NO. 67 A RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF BONDS FOR ENTERING INTO FINANCING LEASES OR AGREEMENTS FOR THE PURPOSE OF FINANCING OFFICE STRUCTURES AND RELATED COMMERCIAL FACILITIES TO BE CONSTRUCTED AND DEVELOPED BY HUNTINGTON FINANCIAL TOWERS, A CALIFORNIA GENERAL PARTNERSHIP Resolved 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 1 of Division 24 of the Health and Safety Code (The "law"), including without limitation Chapter 8 thereof (The "Act"), to issue and sell its bonds for the purpose of financing commercial structures located within redevelopment project areas of the Agency and to enter into financing leases or installment sale agreements for such purposes; and Whereas, Huntington Financial Towers, a California General Partnership (the "developer") has or may request the Agency to issue and sell its bonds or enter into financing leases or installment sale agreements for the purpose of financing office development together with related commercial structures and auxiliary facilities (the "project") to be constructed and developed by the developer in a redevelopment survey or project 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 authorized such financing for the aforesaid purposes; Therefore, it is hereby found, determined and ordered, as follows: 1. The Huntington Beach Redevelopment Agency hereby authorizes the financing by the Agency pursuant to the law in a principal amount of not to exceed ten million dollars ($10,000,000) for the purpose of providing permanent and/or construction financing to the developer, his successors and assign, for the project to be located at the southwest corner of Beach Boulevard and Warner Avenue, in the City of Huntington Beach, California. It is presently proposed that the obligation 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: (a) The issuance of bonds or other obligations of the Agency under the law to finance the acquisition of the project by the Agency; or r (b) 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; or (c) Purchase or mortgages. 2. Any such financing shall be upon the terms and conditions as they may be mutually agreed upon by the Agency, the developer and the purchaser of Agency obligations and shall be authorized by resolution of the Agency at a meeting duly held and constructed for such purposes. 3. Proceeds of any such financing shall include such related and necessary issuance expenses, administrative costs, debt service reserves and interest pay- ments as may be required to accomplish successfully the financing. 4. It is intended that this resolution shall constitute such "official action" towards the issuance of the bonds within the meaning of the United States Treasurer Regulations, United States Tax Laws, and any legislation now or hereinafter pending in Congress of the United States which may require offi- cial action in order for the bonds to be exempt from Federal Income Taxation. 5. The Agency Secretary shall certify to the adoption of this resolution and provide for appropriate distribution thereof. Passed, approved and adopted this 24th day of January 1983. ATTEST: Agency Clerk Chairman APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT: )J!" �,Jalea-elLe al Counsel Director, Business & Inustri Enterprise APPROVED: Chief Executive Of cer Res. No. 67 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH) I , ALICIA M. WENTWORTH, Clerk 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 an adjourned meeting of said Redevelopment Agency held on the 24th day of January 19 83 , and that it was so adopted by the following vote: AYES: Members: Pattinson, Thomas, MacAllister, Finley, Bailey, Kelly NOES: Members: Mandic ABSENT: Members : None -Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca.