HomeMy WebLinkAboutR04-Redevelopment Agency
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RED~VELOPMENT AGENCY-_EST FOR bdr.ISSION/COUNCIL AiilON
~m: Glenda Saul, Executive Director
'b!rpt: Redevelopment Agency
Subject:
TEFRA PUBLIC HEARING - FOOD
RESOURCES INTERNATIONAL, INC.
Date: October 2. 1985
Synopsis of Previous Commission/Council action:
08-19-85 Industrial Development Authority (IDA) Resolution 85-5 adopted accept!ng
application for financing submitted by Food Resources International, Inc.
09-09-85 IDA Resolution 85-6 adopted approving the application.
Resolution 85-350 adopted approving the application.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
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OPEN PUBLIC HEARING
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CLOSE PUBLIC HEARING
RESOLUTION OF THE MAYOR AND cx)MMON CXJUNCIL OF THE CITY OF SAN BERNARDNO, CALIFORNIA,
MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON A
CERTAIN INDUSTRIAL DEVELOPMENT BCND FINANCING AND THE ISSUANCE BY THE CITY OF SAN
BERNARDINO INDUSTRIAL DEVELOPMENT AUTHORITY OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
IN A MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $4,400,000 (FOOD RESOURCES INTERNATIONAL,
INC. PROJECT)
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Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
5
Ward:
SC
Project:
Date: October 7, 1985
Supporting data attached:
YES
No adverse Impact on City:
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CI~ OF SAN BERNARDICb - REQULJr FOR COUNCIL AC..::/oN
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STAFF REPORT
On July 29, 1985 Ordinance MC-468 established the City of San Bernardino Industrial
Development Authority for the issuance of industrial developmentl bonds for industrial
projects. It is required that the issuance of an IDB by the Industrial Development
Authority must be approved by the Mayor and Common Council. The application will need
to be filed with CIDFAC (California Industrial Development Financing Advisory
Commission). The applicant is ready to pursue financing. It is required under TEFRA
(Tax Equity Fiscal Responsibility Act) that the application must be considered at a
Public Hearing.
Below is a recap of the application:
APPLICANT:
Food Resources International, Inc., an Illinois
Corporation
PRINCIPAL:
Mr. Dominador B. Ciruelas, Vice President
PROJECT:
Acquisition of 4.8 acres of land and
construction of 20,000 sq. ft. food processing,
warehousing and distribution facility for the
spray drying of food products
LOCATION:
NW side of Lexington Way between Hallmark
Parkway and the Sante Fe Railroad Tracks in the
SC Industrial Park.
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....... AMOUNT OF FINANCING:
TARGET DATE OF FINANCING:
$3,805,000
Last quarter of 1985
CONSTRUCTION SCHEDULE:
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Starting Date:
Completion Date:
October, 1985
January, 1986
INCREASE IN TAX INCREMENT:
1% x 2,715,000 - $27,150
1/4 of 1% x $3,805,000 - $9,513.00
RESERVE & DEVELOPMENT FEE:
JOBS:
34 after one year
additional 11 within three years
The applicant has not been successful to date in obtaining a letter of
The final bond documents cannot be prepared until the LC is obtained.
adopted today will be forwarded by staff to CIDFAC.
credit (LC).
The resolution
If the applicant can secure a LC within the next week, final bond documents can be
presented to you for the October 21, 1985 meeting and be forwarded to CIDFAC before
the November 1, 1985 cutoff date. If the applicant is not successful in obtaining his
LC, bond counsel doubts that the project will close this year.
Bond Counsel will be present to answer any questions you may have.
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0646K/OJ
lO-07-85
75-0264
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1,020-63/0913S/jm
08/09/85
CITY OF SAN BERNARDINO
INDUSTRIAL DEVELOPMENT AUTHORITY
APPLICATION FOR TAX-EXEMPT FINANCING
OF FOOD RESOURCES INTERNATIONAL. INC.
PART I. Company Identification and Contact Information
I. The name and address of the Applicant is:
Food Resources International, Inc., an Illinois
corporation
c/o Dominador B. Ciruelas
409 Horth Kilbourn
Chicago, Illinois 60630
(312) 399-5526
For the purposes of this Application
addressee and telephone number of the
contact person of the Applicant is:
the name,
principal
Food Resources International
c/o Dominador B. Ciruelas
409 North Kilbourn
Chicago, Illinois 60630
(312) 399-5526
2. The Applicant does business as Food Resources
International, Inc., an Illinois corporation.
3. The current business address of the Applicant is:
Food Resources International
c/o Dominador B. Ciruelas
409 North Kilbourn
Chicago, Illinois 60630
(312) 399-5526
4. The Applicant
California.
currently has
feci li ties
in
no
5. The Applicant is an Illinois corporation and its tax
identification number is 36-3248225.
.
6. The names and addresses of the directors anO officers
of the Applicant are as follows:
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Col. Ciriaco A. Reyes, Jr.
23 Itingsville
White Plains
Quezon Ci~y, Philippines
Dominador B. Ciruelas
4906 North Itilbourn
Chicago, Illinois 60630
Jon C. Chestnut
67-719 Hatchet Cactus
Desert Hot Springs, California 92240
Rey C. Ramos
8940 Lavergne
Skokie, Illinois 60077
7. Sixty percent (60\) of the shares of the Applicant are
owned by Col. Ciriaco A. Reyes, Jr., thirteen and
thirty-three hundredths percent (13.33\) are owned by
Dominador B. Ciruelas, thirteen and thirty-three hundredths
percent (13.33\) are owned by Jon C. Chestnut and thirteen
and thirty-three hundredths percent (13.33\) are owned by
Rey C. Ramos.
8.
Expert Services
t
Bond Counsel to the City of San Bernardino Industrial
Development Authority: Sabo 51 Gondek, a Professional
Corporation; 5855 Topanga Canyon Boulevard, Suite 100,
Woodland Hills. California 91367 (818) 704-0195.
Principal Accountant to the Applicant: none selected
at present.
Principal Attorney for
Poulakidas , Associates,
Thomas G. Poulakidas
Principal Architect for the Applicant: Jimmie N.
Cartee, 109 East Fourth Street, San Bernardino.
California 92410 (714) 889-5358.
the Applicant: Thomas G.
Chicago, Illinois, Attention:
Principal Engineer for the Applicant: none selected
at present.
Principal Contractor for the Applicant: non~ selected
at present.
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Principal
America,
Mantle.
Bank Account for the Applicant is at Bank of
Redlands Main Offices, Attention: Robert
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PART II. Company Description
1. The Applicant is the corporation thr~ugh which
industrial operations will be conducted in California. The
Applicant shall spray dry a variety of food prDducts, which
spray drying shall remove all but a small amount of water
in said products and convert them to dry, pourable POwders
and conduct related industrial warehousing activities
associated with such food processing activities.
The planned food processing and warehousing operations
of the Applicant will require the acquisition and
construction of an automated modern food processing
facility for the spray drying of a variety of food prOducts
and the warehouse facilities must contain storage space
adequate for both raw materials and finished products.
2. The Applicant has no other industrial facilities in
California. The Applicant has not previously obtained any
other tax-exempt financing.
3. The financial
shareholders of the
application.
statements
Applicant
and
are
resumes
attached
of
to
the
this
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PART III. Description of the Project
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The Project includes the acquisition of approximately four
~ and eight-tenths (4.8) acres of land and the construction-thereon of
an approximately twenty .thousand (20,000) square foot food
processing, warehousing and distribution facility for the spray
drying of food products by removing all but a small amount of water
in said products and converting them to dry, pourable powders. In
addition to the acquisition of said land, located on the northwest
side of Lexington Way between Hallmark Parkway and the Atchison,
Topeka and Santa Fe Railroad Tracks in the State College Industrial
Park in the City and building costs, the Project requires the
acquisition of new machinery and equipment, including, but not
limited to co-current flow spray dryers, dry collectors, scrubbers
and other food processing equipment necessary to effect the spray
drying of cheese, shortening, instant formulas, vegetables and
fruits.
1. Estimated Construction:
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Scheduled starting date will be October, 1985.
Scheduled completion date will be January, 1986.
2. The location of the Project is a vacant. four and
eight-tenths (4.8) acre parcel of property located in the
State College Business Park in the City of San Bernardino.
The legal owner of the land necessary for the Project is
the Campeau Corporation and the Applicant plans to acqui re
the land necessary for the Project by October, 1985. An
8-1/2- x 11- map showing the location Project site is
attached.
3. The production process of the Project is more fully
described in the attached materials.
4. At present, the only known environmental quality
regulation affecting the operation of the Project is
Regulation 13 of the South Coast Air Quality Management
District. The Applicant is currently preparing to apply
for the appropriate permits for the construction and
operation of the Project.
5. By-prOducts or residues of the proposed operation of
the Project shall be fUlly reclaimed for own use by the
Applicant.
:
PART IV. Cost of Project
The currently estimated cost of the land, improvements and
equipment necessary for the Project is $3,805,000. It is currently
Cproposed that the financing for the Project shall be derived from a
combination of tax-exempt debt financing, certain assistance from
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the Redevelopment Agency of the City of San Bernardino and equity
contributions from the principal shareholders of the Applicant.
The overall capital and financing costs of the PrOject are
estimated to be as follows: .
D.
E.
F.
A.
Land acquisition
Architectural and engineering
Construction costs including
site preparation and
building construction
Machinery and equipment
Interest during construction
Financing costs:
B.
C.
PROJECT TOTAL COST
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$ 332,000
$ 45,000
$1,105,000
$1,610,000
$ 404,000
$ 309,000
$ 3,805,000
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PART V. Description of the Public Benefits of the Projeet
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A. The Applicant
hci li ties in the City
State of California.
at present has no other location or
of San Bernardino (the .City--) or the
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B. The commencement of food processing and industrial
warehousing activities by the Applicant is anticipated to result
in a significant number of new employment opportunities in an
area which currently suffers from a high level of unemployment.
These new employment opportunities are expected to focus
primarily upon unskilled and semi-skilled industrial positions
which are occupational categories with comparatively high levels
of unemployment in the City of San Bernardino.
Within one (1) year following the commencement of
operations of the Project, the Applicant anticipates that
approximately thirty-four (34) persons will be employed full
time at the Project with an estimated aggregate payroll of
$675,000. The Applicant also anticipates that an additional
eleven (11) persons will be employed full time within three (3)
years following commencement of operations of the Project,
bringing total employment at the Project to forty-five (45)
persons with an estimated aggregate payroll of $840,000. In
addition, it is anticipated that commencement of operations of
the Project will create a substantial number of new employment
opportunities in certain related service and transportation
sectors. The wages and salaries to be paid to employees in the
various job categories shall meet local and regional standards.
The Project will be constructed in accordance with all
applicable federal, state and local laws and regulations, hence
working conditions will be satisfactory.
C. Completion of the Project will enable the Applicant to
commence the cost efficient production of spray-dry processing
of food products. The consumer should benefit from the
Applicant's ability to efficiently process such food products.
D. The City will benefit from the increased payroll and
property values associated with completion of the Project.
Unemployment should be reduced by employment of additional
unskilled and semi-skilled workers.
PART VI. Description of Public Detriment from Issuance of Bonds in
the Maximum Amount Proposed in the Application.
The Applicant sees no detrimental impact by reason of such
bond issuance. Usual city services are sufficient to support
the proposed processing activities and no jOb displacement is
foreseen.
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PART VII. ~elocation
The Applicant currently has no other manufacturing
operations in California. The Project will be a new facility
and not a relocation or consolidation of existi~g facilities
which are currently in operation.
PART VIII. Description of the Proposed Issuance of the Bonds
A. The Applicant believes that the tax-exempt component
of the overall financing of the Project will be privately placed
with banks.
B. The terms of the Bonds would be subject to negotiation
with the Authority and the purchasing financial institutions.
C. The prObable method of financing for the Project would
be loan of bond proceeds by the Authority to the Applicant.
D. Depending upon the outcome of negotiations, the Bonds
would be secured by a letter of credit to be issued by a
commercial banking institution in a principal amount and for a
term necessary to secure principal and interest of the
tax-exempt component of the financing for the Project. Revenues
to service the debt will arise from prOfits generated by
Applicant in the normal course of business.
<=: PART IX. Commitments
The Applicant by the submission of this Application agrees
to comply and/or to assist the Authority in complying with all
state and federal laws in the issuance of the bonds or other
such tax-exempt Obligations to finance the Project acceptable to
the Authority and the Applicant, including, without limitation,
the making of any required application to a governmental
department for authorization, qualification or registration of
the offer, issuance or sale of the bonds or other tax-exempt
obligations, and any amendments thereto, and any permit or other
authorization of such governmental department, prior to the
delivery by the Authority of such bonds or other tax-exempt
obligations.
The Applicant further commits to cause and/or to assist the
Authority in causing to be printed' any prospectus or other
wri tten or printed communication proposed to be pUblished in
connection with the issuance, offer or sale of bonds or other
tax-exempt obligations acceptable to the Authority:, and the
Applicant, prior to the delivery by the Authority of such bonds
or other tax-exempt obligations, and, to the extent deemed
necessary by the Authoi"ity, following delivery of such bonds or
other tax-exempt Obligations.
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The Applicant also commits to pay all 'expenses as
authorized and approved by the Applicant in connection with the
issuance, offer or sale of the bonds or other tax-exempt
obligations, whether or not such bonds or other -tax-exempt
Obligations are finally issued, and to hold ~he Authority
harmless from any and all expenses related thereto, to pay items
on an ongoing basis so that neither the Authority, nor its
advisors, attorneys, employees and the like will accumulate any
claims against the Authority.
The Applicant will supply any additional information,
agreements and undertakings as the Authority may reasonably
require as a result of conferences and negotiations and such
additional information and agreements will be reproduced and
supplied to the Authority and shall be deemed as supplements or
amendments to this Application.
The Applicant acknOwledges that adoption of the Inducement
Resolution shall not be construed as approval of the plans or
concept of the proposed development, nor as an indication that
either the Authority or the Mayor and Common Council of the City
of San Bernardino, California, will hereafter take any
particular action toward granting any planning, zoning or other
approval relating to a plan of development. The Applicant
aCknowledges that nothing herein shall be construed as an
advance commitment or approval as to any such matter, normal
planning processing shall be required, in accordance with the
standard procedures of the City and the Applicant will be
required to comply with all laws and ordinances of the
Authority, the City, the State and federal government.
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PARTX.
Signature
"- The undersigned as an authorized officer of the_ Applicant
hereby certifies that the undersigned has the authority to bind
the Applicant to contract terms, that this Application to the
best knowledge and belief of the undersigned, contains no false
or incorrect information or data, and this Application,
including exhibits and attachments hereto, is truly descriptive
of the proposed Project.
DATED:
-APPLICANT-
FOOD RESOURCES INTERNATIONAL, INC.,
an Illinois corporation
By:
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Dominador B. Ciruelas,
President
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2,223-3/0945S/ak
lO/Oll85
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS
AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING
ON A CERTAIN INDUSTRIAL DEVELOPMENT BOND FINANCING AND
THE ISSUANCE BY THE CITY OF SAN BERNARDINO INDUSTRIAL
DEVELOPMENT AUTHORITY OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS IN A MAXIMUM PRINCIPAL AMOUNT NOT TO
EXCEED $4.400,.000 (FOOD RESOURCES INTERNATIONAL. INC.
PROJECT)
WHEREAS, the City of San Bernardino Industrial Development
Authority (the "Authority"), is authorized and empowered by the
Californi a Industrial Development Financing Act (the "Act"), being
found as Government Code Section 9l500, et ~., to finance the
acquisition and development of certain industrial activities as
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~ 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
"City"), as proposed by Food Resources International, Inc., an
Illinois corporation (the "Company"); and
WHEREAS,
the Authority,
pursuant
to
its
Resolution
No. 85-5, adopted August 19, 1985, accepted the application for
financing as submitted by the Company (the "Application for
Financing") and declared its intention to authorize and issue
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tax-exempt bonds or other obligations of the Authority for the
purpose
of
providing for costs of financing the industrial
manufacturing and warehousing project of the Company, as described
herein 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
whatsoever; and
WHEREAS, the Mayor and Common Council of the City of
San Bernardino, California (the "Mayor and Common Council"), has
been requested to conduct a pUblic hearing pursuant to the
Section l03(k) of the Internal Revenue Code of 1954, as amended (the
~ "Code"), for the issuance and sale of said tax-exempt bonds; and
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WHEREAS, the Mayor and Common Council has, pursuant to Code
Section 103 (k), set a public hearing on the issuance of the Bonds
for October 7, 1985, 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.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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Section l.
The recitals 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 limitation, assembling,
fabricating, manufacturing, processing or warehousing activities or
motor carrier terminals with respect to any products of agriculture,
forestry, mining or manufacture, provided that these activities have
demonstrated job creation or jOb retention potential.
Section 3.
This body constitutes the governing body of
the Authority and is legally authorized to provide for the issuance
of bonds by the Authority.
Section 4.
The
and
Mayor
Common
Council
hereby
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 herein described 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, and to provide for the further
securi ty
of
the
bonds.
The
"project"
defined
in
as
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the Act includes the acquisition of a four and eight-tenths (4.8)
'- acre parcel of property located on the northwest side of Lexington
Way between Hallmark Parkway and the Atchison, Topeka and Santa Fe
Railroad tracks in the State College Industrial Park and the
construction thereon of an approximately 20,000
square
foot
industrial food processing facility and the acquisition of the
necessary machinery and equipment for the spray drying of food
products, which process will convert said food products into dry,
pourable powders.
The total cost of the Project is currently estimated to be
approximately $3,805,000 and the financing for this Project shall be
derived from a variety of sources including equity contributions
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from
the
Company,
certain
appropriate
assistance
from
the
Redevelopment Agency of the City of San
Bernardino and
from
the
issuance of tax-exempt bonds or other obligations of the Authority
in a maximum principal amount presently estimated not to exceed Four
Million
Four
Hundred
Thousand
Dollars
($4,400,000).
Land
acquisition costs associated with the Project are estimated to be
approximately $332,000, site improvement and building construction
costs are estimated to be approximately $l,l05,OOO, machinery and
equipment acquisition costs are estimated to be approximately
$l,6l0,OOO,
architectural,
engineering,
funded
interest
during
construction,
financing,
legal and miscellaneous expenses and
contingencies are estimated to be approximately $758,000. The
Authority intends to issue its bonds pursuant to the Act in an
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amount presently estimated not to exceed $4,400,000 for the
financing thereof.
Section 5.
The
Mayor
and
Common
Council
hereby
acknowledge and recognize that the issuance of bonds or other
obligations of the Authority for the Project shall be authorized by
resolution or resolutions of the Authority to be adopted at a
meeting or meetings to be held for such purpose, subject to the
execution of the appropriate project agreements and such other
required agreements by the Company and the Authority, and if
applicable,
with
the
Redevelopment
Agency
of
the
City
of
San Bernardino, and that any such agreement regarding the tax-exempt
bond financing of the Project by the Authority shall specify that
C. the bonds which may hereafter be issued in connection with the
Project are special obligations of the Authority, the bonds shall
not constitute a debt of either the Authority or the City and that
the general fund of neither the Authority nor the City shall be
liable for repayment of the bonds.
Section 6.
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, as said public
hearing
is
required
pursuant
to
the
requirements
of
Code
Section l03 (k), do hereby find and determine that the purposes and
intent of the Authority's industrial development bond financing
providing
for
the
authorization and
issuance of
industrial
<::, development revenue bonds to provide financing for the Project
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undertaken pursuant to the Act will be furthered by the issuance of
'-' the bonds in the maximum principal amount not to exceed $4,400,000
for the purpose of providing financing for the Project. Such bonds
shall be in the principal amount presently estimated not to exceed
$4,400,000 and upon such terms and conditions as shall be set forth
in the appropriate documents prepared in connection with the bonds,
and said bonds shall be issued solely for the Project.
The Mayor
and Common Council hereby find and determine that the public
purposes and benefits as set forth in the Act will be furthered by
the issuance of the bonds in that the bonds will provide financing
for the Project, that such financing will thus make the Project a
financially viable and productive industrial development and thereby
provide for the accrual of each of the public benefits from the use
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of the facilities as proposed in the Application for Financing as
submitted by the Company to the Authority.
Section 7.
The Mayor and Common Council hereby appoint
the Mayor of the City to serve as the elected official to approve
the issuance of the Bonds pursuant to Code Section l03(k) at such
time as the Authority shall have approved the necessary financing
documents and agreements.
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
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planning,
zoning,
or other approval
relating to a plan of
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development. The Mayor and Common Council reserve the 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 appeals from the
Development Review Committee and the Planning Commission.
Nothing
herein shall be construed as advance commitment or approval as to
any such matter, and 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 Project as authorized and empowered by the
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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 9l573.
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Section lO.
This Resolution shall take effect
upon
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adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor
and Common Council
of
the Ci ty of
San Bernardino at a
meeting thereof,
held on the
day of
1985, by
the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT:
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City Clerk
The foregoing resolution is
hereby approved this
day of
, 1985.
Mayor of the City of
San Bernardino
Approved as to form:
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City A torney
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