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HomeMy WebLinkAboutRedevelopment Agency - 163 RESOLUTION NO. 163 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ISSUING AND SELLING BONDS IN FURTHERANCE OF A PROJECT LOCATED IN THE MAIN-PIER REDEVELOPMENT PROJECT AREA (THE WATERFRONT PROJECT) ' WHEREAS, Health and Safety Code Section 33640 et seq. authorizes the Redevelopment Agency of the City of Huntington Beach ( the "Agency" ) to issue and sell bonds for any of its corporate purposes, the principal and interest of which bonds are payable from any revenues available to the Agency; and The Health and Safety Code Section 33602 defines the term "bonds" to include bonds, notes, interim certificates, debentures , or other obligations issued by a redevelopment agency pursuant to Section 33640 et seq. ; and On August . 15, 1988, the Agency approved a Disposition and Development Agreement ( "DDA" ) with Robert L. Mayer, as trustee of the Robert L. Mayer Trust of 1982 , dated June 22 , 1982 , as amended ( the "Developer" ) , which DDA provides for the development as an integrated, multi-phased commercial and residential complex (the "Project" ) of that portion of the Agency' s Main-Pier Redevelopment Project Area (the "Redevelopment Project Area") more particularly described in the DDA, and bounded generally by Pacific Coast Highway on the south, Beach Boulevard on the east, Huntington Street -on the west, and the Downtown Specific Plan boundary on the north (the "Site" ) ; and Development 'of the Site pursuant to the DDA will implement the Agency' s Redevelopment Plan for the Redevelopment project Area, assure progressive installation of necessary public improvements, provide for public services appropriate to each stage -1- 163 of development- of the Project , insure attainment of the maximum effective utilization of resources within the City, generate substantial revenues needed by the City and Agency to maintain and expand vital public services for the benefit of all citizens of the City, provide for the development of high quality visitor-serving hotel, restaurant, retail, and recreational uses consistent with the Downtown Specific Plan and the Certified Local Coastal Plan, eliminate existing conditions of blight in the Redevelopment project Area, provide the necessary funding to enable the Agency to relocate residents displaced by the development of the Project and maintain the community' s supply of affordable housing, and otherwise serve the vital and best interests of the City of Huntington Beach; and The DDA establishes certain financial obligations of the Agency to pay certain defined Agency revenues up to a maximum amount of Four Million Eight Hundred Thousand Dollars ($4,800, 000 ) plus interest pursuant to the terms and conditions set out in the DDA to the Developer over a period of years in consideration of Developer ' s development of the Project and Developer ' s advance and loan of funds to Agency for various purposes, including without limitation forebearance on Developer ' s return of the value of its existing leasehold interest in a portion of. the Site, payment for certain public improvements, and advances required for relocation of mobile homes from the Site; and Certain of the Agency obligations for repayment of the loan shall be derived `from a transfer of transient occupancy tax pursuant to California Revenue a'nd Taxation Code Section 7280 . 5 and Ordinance No. 2974 and -2- 163 P The Agency desires to confirm the issuance and sale to Developer in a private placement sale under Government Code Section 5903 (b) of the Agency' s bonds, the interest of which shall be subject to federal income taxation in order to implement its Redevelopment Plan for the Redevelopment Project Area and provide for the development of the Project on the Site; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach as follows: 1 . The Agency hereby issues and sells its bonds to and in favor of Developer and any permitted successors and assignees of Developer pursuant to the DDA, in accordance with and subject to all of the terms and conditions set forth in the DDA, including without limitation the _Method of Financing (Attachment No. 5 ) thereto. 2 . Such bonds shall be payable from the sources of funds, at the rate of interest, at the place and times, and otherwise subject to all of the terms and conditions set forth in the DDA. 3 . The interest on such bonds shall be subject- to federal income taxation under the law in existence on the date of issuance or pending on the date of issuance with an effective date preceding the date .-of issuance . 4 . Inasmuch as the issuance and sale of bonds pursuant to the DDA and this Resolution is in consideration for Developer 's performance of specified obligations under the DDA, which obligations Developer and no other party 'is capable of .rendering, Agency hereby finds .that no valid purpose would be served by a public sale of these bonds , and all procedures that would otherwise relate to such a public sale are hereby dispensed with. -3- 163 5 . The Executive Director of the Agency is hereby authorized to take all actions necessary and appropriate to implement this Resolution, as, set forth herein and in the applicable provisions of the DDA. PASSED AND ADOPTED this 24th day of October 1988 . REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH e Ch irman , ATTEST: APPROVED AS TO FORM: Agency Secretary Agency Counsel APPROVED AS TO FORM: 4De ATED AND APPROVED: Special Agency Counse y City Administrator/ Director, Economic Development -4- Res. No. 163 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH) I, CONNIE BROCKWAY, 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 24th day of October 1988 , and that it was so adopted by the following vote: AYES: Members: Kelly, Green, Finley, Erskine, Mays, Winchell NOES: Members: Bannister ABSENT: Members: Non C er of t e Redevelopment Agency of the City of Huntington Beach, Ca.