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HomeMy WebLinkAboutRedevelopment Agency - 121 RESOLUTION NO. 12l A RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ACCEPTING A CERTAIN APPLICATION REGARDING THE FINANCING OF THE INDUSTRIAL USE COMPONENT OF A CERTAIN COMMERCIAL AND INDUSTRIAL PROJECT WITHIN THE CITY OF HUNTINGTON BEACH, CALIFORNIA, AND MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH. (OLYMPIC COMMERCE PARK PROJECT) WHEREAS , the Huntington Beach Redevelopment Agency (the "AGENCY") , is 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 Agency is also authorized and empowered by the California Industrial Development Financing Act ( "A.B. 74") being found as Government Code Section 91500, et seq. , to finance certain industrial activities as permitted by the Act and to issue bonds for the purpose of paying the cost of such financing; and The Agency has previously adopted its Resolution No. 94, dated November 5, 1984, entitled: "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" ; and Pursuant to said Agency Resolution No. 94, the Agency has stated its intent to provide tax-exempt financing assistance for , the construction and development of a commercial and industrial use facility identified as the Olympic Commerce Center Park Project which consists 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 located within the Gothard Corridor Study Area , a redevelopment survey area of the Agency; and I� The City of Huntington Beach, California (the "CITY") , on behalf of the Agency has applied to the California Debt Limit Allocation Committee of the State of California (the "COMMITTEE") for .the purpose of obtaining a transfer of a portion of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the Agency in connection with the issuance and delivery of tax-exempt obligations of the Agency for the Project ; and The Committee has, pursuant to its Resolution No. 85-9 dated February 20 , 1985, transferred $10, 000, 000 of the calendar year 1985 .Private Activity Bond Limit of the State of California to the Agency for use in connection with the tax-exempt financing by the Agency of the Project; and Section 3 of said Committee Resolution No. 85-9 provides that the transfer of said allocation of the State of California for use by the 'Agency in connection with the tax-exempt financing of the Project is conditional upon the final approval of the Project by the California Industrial Development Financing Advisory Commission ("CIDFAC") , if necessary ; and The Agency, pursuant to this Resolution, accepts the application for tax-exempt financing (the "A.B. 74 Application") as submitted by Warner Olympic Associates, a California general partnership (the "COMPANY") , for the purpose of satisfying the requirements of A.B. 74, insofar as the provisions of A.B. 74 may be applicable to the industrial use component of the Project, as more fully described in the A.B. 74 Application as attached hereto as Exhibit "A" and incorporated by this reference ; The Agency purposes to issue bonds of the Agency for the purpose of paying the costs of financing the Project, as more fully described in said A.B. 74 Application including -t'he. industrial use component of the Project and for the purpose of paying the costs of issuing such bonds, upon such terms and .conditions as may be agreed upon by the Agency, the Company and the purchasers of the bonds ; and It is in the public interest and public benefit and in the furtherance of the public purposes of the Agency that this body accept .said A.B. 74 Application of the Company in accordance with the applicable provisions of A.B. 74 . NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE HUNTINGTON BEACH REDEVELOPMENT AGENCY AS FOLLOWS : Section 1. Pursuant to A.B. 74, the Agency is legally authorized to issue bonds and to use the proceeds thereof to make- loans to finance "facilities, " which term is defined in A.B. 74 to include, without limitation, assembly, fabricating , manufacturing or processing activities and warehousing and motor carrier terminals , including the industrial use component of the Project, as more fully described in the A.B. 74 Application, and said Project which includes both a commercial and retail use component as well as an industrial use component. Section 2. This body constitutes the governing body of the Agency and is legally authorized to provide for the issuance of bonds by the Agency. Section 3 . The Agency as previously declared its intention to issue bonds of the Agency for the construction and permanent financing of the Project which includes both a commercial and retail use component as well as an industrial use component under in accordance with the Act and the applicable provisions of A.B. 74, in amounts sufficient to pay the costs of financing such Project to be located within the City and to pay the costs of issuance of the bonds and for the establishment of the necessary reserve funds, it any, to provide for the further security of the bonds. The total cost of the Project, including issuance of bonds, financing costs and capitalized construction interest, is presently estimated to be approximately $9, 950, 000 , and included therein is an amount presently estimated to be approximately $3, 838, 000 which is allocated to the industrial use component of the Project, as more fully described in said A.B. 74 Application, and the Agency intends to issue its bonds pursuant to the Act and the applicable provisions of A.B. 74 in a principal amount not to exceed $10, 000, 000 for the financing of the Project. Section 4 . The issuance of bonds of the Agency for the Project shall be authorized by resolution . or resolutions of the members of the Agency at a meeting or meetings to be held for such purpose, subject to the execution of the appropriate project agreement and such other required agreements by the Company and the Agency. Section 5. In order that the financing can be accomplished as efficiently as possible , the Staff of the Agency and Consultants are hereby authorized and directed to obtain the necessary information from the Company in such form as they consider appropriate, to cause any additional studies to be prepared which may be deemed necessary, and to negotiate with the proposed trustees and lenders, and take such other steps as shall be appropriate to implement the sale and delivery of the bonds. Section 6. This Resolution constitutes a proper exercise of the powers of this body and conforms to State and local legal requirements relating to the issuance of industrial revenue bonds by a Community Redevelopment Agency in this State for the financing of industrial facilities as defined by A.B. 74, including without limitation the financing of the industrial use component of the Project as more fully described in the A.B. 74 Application. Section 7 . The Agency hereby accepts the A.B. 74 Application as submitted by the Company. Section 8. It is hereby acknowledged an recognized that the adoption of this Resolution by the Agency is not deemed to be final approval of the Project to be undertaken by the Company for the reason that such approval , if given, in the form and pursuant to the appropriate procedures as set forth in both the Act and A.B. 74 must be in accordance with the Act and A.B. 74 . The Company must comply in all respect with those procedures as are required by the Act and A.B. 74 for the submission of applications and appropriate fees. Nothing contained in this Resolution shall require or obligate the Agency to undertake the financing of the Project. Section 9 . The Agency hereby finds and determines pursuant to Government Code Section 91530 (c) that: (a) The undertaking of the Project will be a substantial factor in the accrual of each of the public benefits from the use of the industrial use component of the Project as proposed in the A.B. 74 Application; (b) The financing and construction of the industrial use component of the Project in Huntington Beach are not reasonably anticipated to affect or reduce the current employment or production levels of industrial or manufacturing enterprises located outside of the City. It is anticipated that the development of the industrial use component of the Project by the Company will create industrial and manufacturing employment opportunities for approximately eighty (80) persons and will create commercial and retail sales employment opportunities for approximately one hundred-eighteen (118) persons following approval of the tax-exempt financing and completion of said Project. Section 10. The City Council of the City of Huntington Beach (the "City Council") is hereby requested to review the A.B. 74 Application as submitted by the Company, and in accordance with A.B. 74 to approve the industrial use component of the Project, either conditionally or unconditionally, and make certification thereof to the Agency in the manner as provided in, A.B. 74 along with transmittal to the Agency of copies of all assessments, supporting studies, notices , certifications, declarations and documents related to the California Environmental Quality Act of 1970 , as amended ("CEQA") . Section 11. The Clerk of the Agency is hereby directed to transmit a certified copy of this Resolution and the A.B. 74 Application to the City Council, and to publish a notice of acceptance and- filing of said A.B. 74 Application with the City, in substantially the form attached hereto as Exhibit "B" and incorporated herein by reference and made a part hereof. Publication of said Notice shall be made one time in an appropriate newspaper of general circulation pursuant to Government Code Section 6061. Section 12. This Resolution shall take effect upon adoption. PASSED AND ADOPTED THIS 15th day of April , 1985. r ATTEST:. Agency Clerk Ch irpe APPROVED AS TO FORM: APPROVED AS TO FORM: L. Agency ounsel -5.%%5 Special Agency Co el I ITIATED AND APPROVED: APPROVED: Dep t Director of edevelopment Chief Executive Officer 0772h Res. No. 121 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH) I , ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the Ci.ty, of Huntington Beach, Californi`a, 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 April 19 85 , and that it was so.adopted by -the following 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. r