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Home My WebLink AboutRS06-Redevelopment Agency ,c ...., \" , '''. .,/ 2,212-6/0948S/vc 09/07/85 RESOLUTION NO. ,9-5C{J:?J v RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ASSIGNING A PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF TIfE CITY OF SAN BERNADINO TO THE CITY OF SAN BERNARDINO INDUSTRIAL DEVELOPMENT AUTHORITY FOR USE IN CONNECTION WITH THE C Sa M FINE PACK, INC., PROJECT AND TAKING CERTAIN OTHER ACTIONS : WHEREAS, the City of San Bernardino Industrial Development Authority (the "Authority"), is authorized and empowered by the California Industrial Development Financing Act (the "Act"), being found as Government Code Section 91500, ~ sea., to finance the acquisition and development of certain industrial activities as permitted by the Act and to issue bonds for the purpose of enabling industrial firms to finance the cost of such activities; and WHEREAS, the Authority has been requested to issue and sell its bonds to provide funds for the financing of a certain project to be located within the City of San Bernardino, California (the "Ci ty"), as proposed by CSaM Fine Pack, Inc., a Cali fornia corporation (the "Company"); and WHEREAS, the Authority, pursuant to an appropriate Resolution, adopted July 29, financing as submitted by Financing") liS on file with Authority has declared its tax-exempt 1985, accepted the application for the Company (the "Application for the Authority Secretary and the intention to authorize and issue bonds - 1 - /}S-fo~ \... .....,~"'" / or other obligations of the Authority for the purpose of providing for costs of financing the industrial manufacturing project of the Company, as morefu11y described and in said Application for Financing (the "Project"), and the costs of issuing such bonds, upon such terms and conditions as may be agreed upon by the Authority, the Company and the purchasers of the bonds, without any liability to the Authority or the City whatever: and WHEREAS, the provisions of the Tax Reform Act of 1984 require that certein industrial development revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds to be issued for said projects in accordance with the provisions of Section 103(n) of the Internal Revenue Code of 1954, as amended (the .Code"); and WHEREAS, the City has Obtained various transfers of calendar year 1985 Private Activity Bond Limits of several local agencies located within the State of California in accordance with the procedures established in the Proclamation of the Governor, dated July, 19, 1984, for use by the City in connection with the issuance of bonds or other Obligations for qualifying projects, inCluding the Project, and the City hu a sufficient calendar year 1985 Private Activity Bond Limit to provide for the issuance of bonds for the project by the Authority: and WHEREAS, the City has been requested by the Authority to assign to the Authority a portion of the calendar year 1985 Private - 2 - - ( , Activity Bon~ Limit of the City in an amount equal to Ei;ht Million One Hundred Thousand Dollars ($8,lOO,OOO). NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The recita15 set forth hereinabove are true -. and correct in all respects. Section 2. Pursuant to the Act, the Authority is legally authorized to issue tax-exempt bonds and to use the proceeds thereof to make loans to finance "facilities,. as said term is defined in the Act, including without limi tat ion, assembling, fabricating, manufacturing, processing or warehousing activities or motor carrier terminals with respect to any products of a;riculture, forestry, mining or manufacture, provided that these activities have demonstrate~ jOb creation or job retention potential. Section 3. Thi s body consti tutes the governing body of the City and is legally authorized to transfer portions of the calendar year 1985 Project Activity Bond Limit of the City to the Authority, including any portion thereof as obtained by transfer from other local agencies within the State of California to the City and to provide for the issuance of bonds by the Authority by such subsequent transfer from the City to the Authority. - 3 - - c '...../ ""...,11 Section 4. The Mayor and Common Council of the City of San 8ernardino, California (the "Mayor and Common Council") hllrllby acknowledge and recognize that the Authority has previously declared its intention to issue tax-exempt industrial development revenue bonds of the Authority for the construction and permanent financing of the Project under and. in accordance with the Act, in amounts sufficient to provide for the costs of financing such facilities to be located. within the City and to provide for the costs of issuance of the bonds and for the establishment of the necessary reserve funds, if any. ane! to provide for the further security of the bone!s. The Project includes the acquisition of a twelve and seven-tenths (12.7) acre parcel of property located on the northwest side of Georgia Boulevard between Campus Drive and Saratoga Way in the State College Industrial Park and the construction thereon of an industrial prOduction and warehouse facility of approximately 200,000 square feet in building area, as more fully set forth in the Application for Financing of the Company incorporated herein by this reference. The Project shall provide the Company with appropriate manufacturing and warehouse facilities for the prOduction of plastic food. containers and food packaging materials and shall be acquired and constructed for a total cost not to exceed $14.000,000. The financing for the project shall be derived from several sources inclulHng a $4,800.000 equity contribution from the Company. 1:he proceeds of a UDAG grant. certain appropriate assistance from the Redevelopment Agency Of the Ci ty of San Berna rdino and from the issuance of tax-exempt bonds or other obligations of the Authority - 4 - ( ......,,-,/ ""v.''''' in a maximum principal amount presently estimated not to exceed Eight Million One Hundred Thousand Dollars ($8,100,000). The Authority intends to iuue its bonds pursuant to the Act in an amount presently estimated not to exceed $8,100,000 for the financin9 thereof. Section 5. The Mayor and Common Council hereby assigns for use by the Authority a portion of the calendar year 1985 Private Activity Bond Limit of the City in an amount equal to Eight Million One Hundred Thousand Dollars ($8,100,000) for the purpose of providing for the financing by the Authority of the Project to be undertaken by the Company pursuant to the Act. Section 6. The Staff of the Authority shall comply with all reporting requirements as may be necessary in connection with the use and assignment of the Private Activity 80nd Limit of the City. Section 7. The term of said assignment lIS provided in Section 5 hereof shall be for a period of time not to exceed ninety (90) days from the date of adoption of this Resolution subject to such e~tensions of time as the Authority may request. Said assignment shall be irrevocable by the City upon the issue of bonds for the Project by the Authority. - 5 - c I' '-- ,; Section 8. Adoption of this Resolution shall not be construed as approval of the plans or concept of the proposed development, nor as an indication that the Mayor and Common Council will hereafter take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. "The Mayor and Common Counci 1 reserves its right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appea15 from the Development Review Committee and the Planning Commission. Nothing herein shall be construed as advance commitment or approval as to any such matter, llnd the Company is hereby notified that normal planning processing shall be required, in accordance with the standard procedures of the City and that the Company will be required to comply with all applicable laws and ordinances of the City, State and federal government. Section 9. The issuance of bonds or other obligations of the Authority for the proiect as authorized and empowered by the Act shall be subject to the calendar year 1985 volume limit on the issuance of such bonds or other obligations as imposed by Government Code Section 91573. Section 10. This Resolution shall take effect upon adoption. - 6 - - ( '-' "'..~'" I HEREIIY CERTIFY tha t adopted by the Mayor and San Bernardino at a held on the day of the following vote, to wit: the foteQoin~ resolution was duly Common Council of the City of meeting thereof, , 1985, by AYES: Counc i 1 Membe ts NAYS: ""I I ' I ,/ -::..- .:..1.1-<.I.M ( <.......A"'.i ~ d ABSENT: /) : city Clerk dlY of The foregoing resolution is hereby approved this , 1985. Mayor of the City of San BernarcHno Approved as to form: City Attorney - 7 - - c "',.,.. '.,...... ST~TE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) 55 CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk in and for San Bernardino, DO HEREBY CEllTIFY that the foregoing copy of San Bernardino City Resolution No. true and correct copy of that now on file in this offiee. the CU:y of and attached is a full, IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Bernardino this day of , 1985. City Clerk ." - B -