HomeMy WebLinkAbout1994-5407
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RESOLUTION NO.
5407
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING A CERTAIN STANDBY LOAN
AGREEMENT ON BEHALF OF THE INLAND PLAZA
PROJECT
WHEREAS, the Community Development Commission is the
governing board of the Redevelopment Agency of the City of
San Bernardino (the "Agency"), a public body, corporate and
politic, organized and existing pursuant to the Community
Redevelopment Law (Section 33000 of the Health and Safety Code of
the State of California); and
WHEREAS, in 1983 the City of San Bernardino (the
"City") issued its $2,200,000 Industrial Development Revenue
Bonds, Series 1983A (Inland Plaza Project) (the "Prior Bonds"),
which Prior Bonds are now due and payable; and
WHEREAS, it has been determined that the only feasible
means to refund the Inland Plaza Project is through a bond issue
of either the City or the San Bernardino Joint Powers Financing
Authority, which bond issue which would be secured by a standby
loan agreement provided by the Agency; and
WHEREAS, the Inland Plaza Project is located within the
Agency's Central City Redevelopment Project Area (the "Project
Area"); and
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1 WHEREAS, the owners of the Inland Plaza Project have
2 requested that the Agency provide a standby loan on behalf of the
3 Inland Plaza Project in order to refund the Prior Bonds; and
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5 WHEREAS, the Agency deems it to be desirable to assist
6 the owners of the Inland Plaza Project by providing said standby
7 loan in the interests of (i) retaining jobs, (ii) maintaining
8 economic growth, and (iii) preventing the spread of blight within
9 the Project Area; and
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11 WHEREAS, the amount of the standby loan shall not
12 exceed Two Million Five Hundred Thousand Dollars ($2,500,000) and
13 shall be repaid upon the terms and conditions as provided in the
14 Loan Agreement (as hereinafter defined); and
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16 WHEREAS, the Agency at this time deems it desirable to
17 approve the Loan Agreement (as hereinafter defined) in the form
18 on file with the Secretary of the Agency.
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20 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
21 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
22 SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
23 FOLLOWS:
24
25 Section 1. The Agency hereby finds and determines
26 that the provision of a standby loan to the owners of the Inland
27 Plaza Project will assist redevelopment within the Project Area
28 and result in benefits to the City.
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Section 2. The Agency hereby approves the form of
standby loan agreement presently on file with the Secretary of
the Agency (the "Loan Agreement") with any changes as may be
authorized by the Agency Administrator or Acting Executive
Director upon recommendation of Agency Counsel. The Agency
hereby authorizes the execution of the final form of Loan
Agreement by the Chairman, Agency Administrator and Acting
Executive Director, and the Acting Agency Secretary is hereby
authorized to attest to the signatures thereof.
Section 3. The Agency hereby authorizes the
Chairman, Agency Administrator, Acting Secretary and Acting
Executive Director to execute the Loan Agreement and any and all
related documents necessary to carry out the transaction
contemplated thereby on behalf of the Agency with any such
changes as may be approved by the Agency Administrator or Acting
Executive Director and Agency Counsel.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN STANDBY LOAN
AGREEMENT ON BEHALF OF THE INLAND PLAZA PROJECT
Section 4.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
Regular
meeting
thereof, held on the
3
October
day of
1994, by the following vote, to wit:
Commission Members:
NAYS
ABSTAIN
ABSENT
AYES
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
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x
X
X
X
!1.. ~GUJ~ ry c-J:~~j~ /7{
cretary
day of
The foregoing resolution is hereby approved this
October , 1994. ~fllA ",u./
I&m. JlUVL
T6m Min , Chairman
Community Development
Commission of the
City of San Bernardino
3
Approved as to
form and legal content:
By:
Agency Counsel
SBEO\0132\DOC\2
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