The URL can be used to link to this page

Home My WebLink About1985-193 l,020-37/0627Skl 5/9/85 RESOLUTION NO. 85-193 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS IN A MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $4,000,000 AND EXTENDING THE TERM OF AN ASSIGNMENT OF ALLOCATION FOR PRIVATE ACTIVITY BONDS (KCKC BUILDING PROJECT) WHEREAS, there has been presented to the Mayor and Common Council of the City of San Bernardino, California (the "City"), an application by Jerome P. Maltz (the "Company") for the issuance of industrial development revenue bonds for financing the construction of a 30,000 square foot office building located within the City and as more fully described in said application and identified as the KCKC Building (the "Project") which shall be issued in the approximate principal amount of not to exceed $4,000,000 (the "Bonds") to provide the financing for the Project to be located on the north side of 4th Street between "G" Street and "H" Street in the City of San Bernardino, County of San Bernardino, California; and WHEREAS, the City shall in furtherance of the goals and intent of the City's Industrial Revenue Bond Financing Program, and pursuant to Ordinance No. 3815, as amended (the "Ordinance"), issue its Bonds and lend the proceeds of the Bonds to the Company, and originate a mortgage, loan or loans to the Company for the Proj ect and the purposes as set forth in the Application of the Company as on file with the City; and - 1 - WHEREAS, the Mayor and Common Council have, pursuant to Internal Revenue Code Section 103(k), set a public hearing on the issuance of the Bonds and has authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the Mayor and Common Council must now approve the findings and determinations to be made in connection with said public hearing; and WHEREAS, the City, by adoption of its Resolution entitled "Resolution of the Mayor and Common Council of the City of San Bernardino, California, Assigning a Portion of the City's Private Activity Bond Limit for the Calendar Year 1985 for Use in Connection wi th the KCKC Sui lding Proj ect" has previous ly assigned an amount equal to $3,612,000 of the calendar year 1985 Private Activity Bond Limit of the City for the purpose of providing for the financing of the Project of the Company, subject to certain conditions; and WHEREAS, said assignment shall expire on the ninetieth (90th) day following the date of adoption of said Resolution unless such term is extended and the Company has requested that the term of said assignment of a portion of the Private Activity Bond Limit of the City in connection with the Project be extended for an additional ninety (90) day term. - 2 - NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The recitals set forth hereinabove are true and correct in all respects. Section 2. The Mayor and Common Council, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City and County of San Bernardino, as said public hearing is required pursuant to the requirements of Internal Revenue Code Section 103(k), do hereby find and determine that the purposes and intent of the City's industrial development revenue bonds providing financing for the Project undertaken pursuant to the Ordinance, will be furthered by the issuance of the Bonds in the principal amount not to exceed $4,000,000 for the express purpose of providing financing for the Project. Such Bonds shall be in the principal amount not to exceed $4,000,000 upon such terms and conditions as shall be set forth in the Project Agreement or such other documents prepared in connection with the Bonds, and shall be issued solely for the Project. The Mayor and Common Council hereby find and determine that the public purposes and pUblic benefits as set forth in the Ordinance will be furthered by the issuance of the Bonds; specifically, that the Bonds will provide for financing for the construction of a 30,000 square foot office building with possible limited cetail uses, and that - 3 - such financing will thus make the Project a financially viable and productive project and thereby increase the tax base of ,the City and generate taxable sales for the City and provide employment opportunities within the City. Section 3. The Mayor is hereby appointed as the elected official to approve the issuance of the Bonds pursuant to Internal Revenue Code Section l03(k). Section 4. The City hereby extends the term of the assignment of an amount equal to $3,612,000 of the calendar year 1985 Private Activity Bond Limit of the City as provided in' the Resolution as referenced in the recitals hereof for an additional ninety (90) days. The ninety (90) day extension of time of said assignment of a portion of the calendar year 1985 Private Activity Bond Limit of the City, as authorized herein, shall be subject to the same condition as provided in said Resolution as referenced in the recitals hereof. This Resolution sha 11 take effect upon - 4 - I HEREBY adopted by the San Bernardino at held on the 20th the fOllowing vote, AYES: NAYS: ABSENT: day of The foregoing May CERTIFY that the foregoing Mayor and Common Counci 1 a resolution of the meeting was duly City of thereof, 1985, by Approved as to form: day of to wit: rACJll1;l1r May Council Members CasT~nennf RAilly H~rn~nnA7. Frn7.iAr None Council MAmhAr~ MFlrk~. Olli,:::>.'. ~+-'r"ir"kler ~#21/4~ CitY Clerk resolution is , 1985. hereby approved this ~/J<;(;f(h:!~ - 5 -