HomeMy WebLinkAboutCity Council - 5478 RESOLUTION NO. 5478
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH, CALIFORNIA, MAKING
CERTAIN FINDINGS AND DETERMINATIONS IN
CONNECTION WITH A PUBLIC HEARING ON A
CERTAIN CERTIFICATE OF PARTICIPATION
FINANCING AND THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH IN A MAXIMUM PRINCIPAL
AMOUNT NOT TO EXCEED $10 ,000 ,000
(WARNER-GOTHARD PROJECT)
WHEREAS, the Redevelopment Agency of the City of Huntington
Beach (the "Agency") , is authorized and empowered by the Health
and Safety Code of the State of California (the "Act") , to issue
its certificates of participation for the purpose of financing a
project as permitted pursuant to the Act and of paying the costs
of such financing; and
The Hancock Development, Inc. , a California corporation (the
"Owner") , or its assigns or nominee, has sought the assistance
of the Agency to finance the construction and development of
nine (9) separate buildings for commercial and industrial uses
on an approximately seven and eight-tenths (7 . 8) acre site (the
"Project") generally located at the northeast corner of Warner
Avenue and Gothard Street in the City of Huntington Beach (the
"City") , and the Project is also located within the Gothard
Corridor Study Area, a redevelopment survey area of the Agency;
The Project shall be acquired by Warner Olympic Associates,
a California general partnership (the "Company") ;
The Project, as proposed by the Owner, shall confer a
substantial benefit upon said redevelopment survey area and
shall significantly assist the Agency in preventing the spread
of blight into portions of the City located outside of the
nearby redevelopment project area; and
The Agency has passed an appropriate resolution indicating
its intent to provide financing in connection with the Project;
Resolution Number 94 .
Certain amendments to Section 103 (k) of the Internal Revenue
Code of 1954 , as amended (the "Code") , as enacted by Congress
under the Tax Equity and Fiscal Responsibility Act of 1982
(T.E.F.R.A. ") ,require that a public hearing be held in connection
with the authorization and issuance of any industrial development
bonds, including the certificates of participation as proposed
to be issued in connection with the financing of the Project by
the Agency;
1.
The City Council of the City of Huntington Beach has been
requested to hold a public hearing pursuant to Code Section 103
(k) for the issuance and sale of said certificates of participa-
tion in connection with the Project in an aggregate principal
amount not to exceed ten million dollars (10,000,000) to provide
funds for the financing of said Project to be located within the
City of Huntington Beach, and the Agency Staff have caused to be
published the appropriate notice of said public hearing in
accordance with Code Section 103 (k) ; and
The City Council must now approve the findings and determin-
ations to be made in connection with said public hearing.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH DOES RESOLVE AS FOLLOWS:
Section 1. The recitals set forth hereinabove are true
and correct in all respects.
Section 2. The City Council hereby ratifies the
publication of the notice by City Staff regarding the holding
of the public hearing for the Project in accordance with Code
Section 103 (k) . The City Council after having conducted a
public hearing, notice of which was duly published in a newspaper
of general circulation within the City, as said public hearing is
required pursuant to the requirements of Code Section 103 (k) ,
does hereby find and determine that the purposes and intent of
the Agency' s industrial development bond financing providing for
the authorization and issuance of certificates of participation
evidencing the right of the holder thereof to receive payments
attributable to a certain installment sale agreement to provide
financing for the Project undertaken pursuant to the Act, will
be furthered by the issuance of the said certificates of the
Agency in the maximum principal amount not to exceed $10,000, 000
for the purpose of providing financing for the Project (the
"Certificates of Participation") . Such Certificates of Parti-
cipation shall be in the maximum principal amount not to exceed
$10, 000, 000 upon such terms and conditions as shall be set forth
in appropriate documents prepared in connection with the
Certificates of Participation, and said Certificates of
Participation shall be issued by the Agency solely for the
Project. The City Council hereby finds and determines that the
public purposes and benefits as set forth in the Act will be
furthered by the issuance of the Certificates of Participation
in that the Certificates of Participation will provide financing
for the Project, that such financing will thus make the Project
a financially viable and productive redevelopment project and
thereby provide for the accrual of the public benefits from the
use of the Project as proposed to the Agency by the Company.
The Project as originally proposed by the Owner as shall now be
undertaken by the Company is the same project as was intended
to be financed by the Agency, and the City Council hereby approves
2 .
the Company as the developer of the Project to be financed by the
proceeds of the Certificates of Participation of the Agency.
Section 3 . The City Council hereby appoints the Mayor
of the City to serve as the elected official to approve the
issuance of the Certificates of Participation pursuant to Code
Section 103 (k) .
Section 4 . This Resolution shall take effect upon
adoption.
a
1
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the
17th day of December, 1984 .
Mayor
APPROVED AS TO FORM:
ATTEST: r
City Attorn y
City Clerk ITIATED AND APPROVED:
REVIEWED AND APPROVED:
De ty Director, Redevelopment
City Administrator
3 .
Res. No. 5478
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as:
CITY OF- HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 17th day
of December , 19 84 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Mandic, Bailey, Finley, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California