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HomeMy WebLinkAboutRedevelopment Agency - 120 RESOLUTION NO. 120~ ti RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ACCEPTING THAT PORTION OF . THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT. OF THE STATE OF CALIFORNIA AS TRANSFERRED TO THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR USE IN CONNECTION WITH THE OLYMPIC COMMERCE PARK PROJECT AND ASSIGNING SAID ALLOCATION TO THE OLYMPIC COMMERCE PARK PROJECT WHEREAS, the Huntington Beach Redevelopment Agency (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 Warner Olympic Associates, a California general partnership (the "Company" ) , 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; and the Project shall be acquired by the Company; and the Project, as proposed by the Company, 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 adopted an appropriate resolution which satisfies the applicable requirements of the federal tax laws and regulations for the purpose of indicating its intent to provide tax-exempt financing in connection with the Project; and the City has at the request of the Agency and by the approval of the City Council following a duly noticed public hearing held on December 17, 1984 , adopted its Resolution entitled: "Resolution of the City Council. 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, 00.0 . (Warner-Gothard Project) " , in which the ' City ,Council found .and determined that the purposes and intent of, the Act will be furthered by the issuance by the Agency of its industrial revenue bonds as provided therein and has approved the tax-exempt financing of the acquisition and development of the Project by the Company in accordance with Section 103 (k) of the Internal Revenue .Code of 1954 as amended (the "Code" ) ; and certain provisions of the Tax Reform Act of 1984 require that certain industrial revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds so issued for said projects in accordance with the provisions of Code Section 103 (n) and the Proclamation of the Governor, dated July 19, 1984; and the City, on behalf of the Agency, has submitted an application to the California Debt, Limit Allocation Committee of the State of California (the "Committee" ) for the transfer to the Agency of a portion of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the Agency to issue bonds or other obligations for the Project to be undertaken by the Company; and the Committee, pursuant to its Resolution No. 85-9 , dated February 20, 1985, has approved the transfer to the Agency of ten .million dollars ($10, 000, 000) of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the Agency to issue bonds or other obligations for the Project; and it is appropriate at this time for the Agency to accept said transfer: from the Committee of ten million dollars ($10, 000, 000) of the calendar year 1985 -Private Activity .Bond Limit of the State of California as authorized by said resolution of the Committee and assign said transfer to the Project. NOW, THEREFORE, THE HUNTINGTON BEACH REDEVELOPMENT AGENCY DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS : Section 1. The Agency hereby accepts a transfer of an amount equal to ten .million dollars ($10, 000, 000) of the calendar year 1985 Private Activity Bond Limit of the State of California for the purpose of providing for the financing by the Agency of the Project to be undertaken by the Company. Section 2 . The Agency hereby acknowledges that said portion of the calendar year 1985 Private Activity Bond Limit of the State of California as transferred pursuant to the Resolution of the Committee, as referenced in the recitals hereof, may only be used by the Agency in connection with the financing of the Project and -that said transfer as authorized by the Committee shall not be used to make. a carryforward election with respect to the Project nor shall said transfer, as authorized by the Committee, be transferred to any other local agency within the State. The Agency also acknowledges that said portion of the calendar year 1985 Private Activity Bond Limit of the State of California as transferred pursuant to said Resolution of the Committee shall automatically revert to the Committee unless the Agency has issued bonds or other obligations with respect to the Project by October 1, 1985. Section 3 . ThelAgency hereby authorizes and directs the application of an amount equal to ten million dollars ($10, 000, 000) of the calendar year 1985 Private Activity Bond Limit of the State of California as transferred to -the Agency pursuant to the Resolution of the Committee, as referenced in the recitals hereof, for use in connection with financing of the Project by the Agency to be undertaken by the Company. Section 4 . The Agency. Staff shall comply with all reporting requirements of the Committee as necessary in connection with the financing of the Project by the' Agency. Section 5. This Resolution shall take effect upon adoption. PASSED AND ADOPTED by the Huntington Beach Redevelopment Agency at a regular meeting thereof, held on the . 15th day of April 1985. Chairman ATTEST: APPROVED AS TO FORM: Clerk of the Agency Agency Couns 1 G _ REVIEWED AND APPROVED I IATED AND .APPROVED: City ministra r/ t Director of edevelopment Chief Executive Officer i Res. No. 1.20 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 April 1985 , and that it was so. adopted `by the fol l owi,ng vote: AYES: , Members: Kelly, MacAllister, .Mandic, Bailey, Finley, Green; Thomas NOES: Members: None ABSENT: Members: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca.