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HomeMy WebLinkAboutRedevelopment Agency - 94 I RESOLUTION NO, 94 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH DECLARING ITS INTENT TO ISSUE BONDS , CERTIFICATES OF PARTICIPATION, OTHER OBLIGATIONS OR ENTERING INTO FINANCING LEASES OR AGREEMENTS FOR THE- PURPOSE OF FINANCING A COMMERCIAL AND INDUSTRIAL DEVELOPMENT TO BE CONSTRUCTED AND DEVELOPED BY HANCOCK DEVELOPMENT COMPANY WHEREAS, the Huntington Beach Redevelopment Agency (the "Agency") 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") , including without limitation Chapter 8 thereof (the "Act") , to issue and sell its bonds, certificates of participation or other obligations for the purpose of financing commercial structures located within survey areas and redevelopment project areas of the Agency, to acquire property either within redevelopment survey areas or for the purposes of redevelopment and to enter into financing leases or installment sale agreements for such purposes ; and Hancock Development Company, Inc. , a California Corporation or its assigns (the "Developer") has requested the Agency to issue and sell its bonds , certificates of participation or other obligations or enter into financing leases or installment sale agreements for the purpose of financing construction of a commercial and industrial- development (the "Project") to be constructed and developed by the Developer in the Gothard Corridor Study Area, 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 It is in the public interest, for the public benefit and in furtherance of the public purposes of the Agency that the Agency declare its intent to authorize such financing for the aforesaid purposes. NOW THEREFORE, the Huntington Beach Redevelopment Agency hereby resolves as follows : SECTION 1 . The Agency hereby declares its present intent to authorize the financing by the Agency pursuant to the Law or the Act in a principal amount not to exceed Ten Million Dollars ($10 ,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 generally at the northeast corner of Warner Avenue and Gothard Street in the City of Huntington Beach. The Project shall be located on an approximately seven and eight-tenths (7. 8) acre site and include approximately 185,000 square feet of building area in nine (9) separate buildings , which shall be constructed for commercial and industrial uses together with appurtenant parking and landscaping. It is presently estimated that the land necessary for the Project shall be acquired for approximately Two Million Four Hundred Thousand Dollars ($2,400 ,000) , and that the cost of the site improvements for the Project, including public street improvements , demolition, and grading, shall be approximately Six Hundred Thirty Thousand Dollars ($630, 000) . The nine (9) separate commercial and industrial use buildings to be constructed on the Project site are presently estimated to cost approximately Four Million Thirty Five Thousand Dollars ($4,035,000) to complete, together with approximately One_ Hundred Sixty Seven Thousand Dollars ($167,000) for architectural, engineering and technical services and permits and approximately One Million Six Hundred Fifty Thousand Dollars ($1, 650, 000) for construction interest costs, financing charges, insurance , contingencies, and other miscellaneous costs. It is presently proposed that the obligations of the Agency under any such financing for the Project shall be payable from, among other sources, the revenues to be derived by the Agency from the sale, lease, or loan with with respect to the Project to the-Developer. The term "financing" as used herein means any of the following: 2 . r (1) the issuance of bonds or other obligations of the Agency under the Act or the Law to finance the acquisition of the project by the Agency or to finance a loan for the permanent and/or construction financing of the Project; or (2) 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. SECTION 2 . Any such financing shall 'be upon such terms and conditions as 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 conducted for such purpose. SECTION 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 and the Agency shall not be responsible for any costs or other expenses incurred by consultants or counsel to or Staff of the Agency for the preparation of any documents " or the processing of any court proceedings. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 5th day of November 1984. ma ATTEST: APPROVED AS TO -FORM: ` r �4 Clerk , Redevelopment Agency Agency Counsel 1e- -adr REVIEWED AND APPROVED: IN IATED AND APPROVED: Z: 'irt't"'yv�"A-am'inis-trator-' eputy Director , Redevelopment 3. Res. No. 94 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 a meeting of said Redevelopment Agency held on the 5th day of November 19 84, and that it was so adopted by the following vote: AYES: Members: Pattinson, MacAllister, Thomas, Kelly, Finley, Bailey, Mandic NOES: Members: None ABSENT: Members: None Clerk o the edeve opment gency o the City of Huntington Beach, Ca.