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HomeMy WebLinkAboutReso 1987-13203 (b) 13r~ ~ ~-I 5 JHHW :CFA:dfd August 7, 1987 F7609 RESOLUTION NO. 13203 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING LEASE AGREEMENT AND OPERATING LEASE WITH HOMART DEVELOPMENT CO. RELATING TO TOWN CENTRE II PUBLIC PARKING PROJECT, APPROVING FORM OF TRUST AGREEMENT AND OFFICIAL STATEMENT RELATING TO THE NOT TO EXCEED $11,000,000 1987 SERIES A CERTIFICATES OF PARTICIPATION, AUTHORIZING AND DIRECTING SALE OF SUCH CERTIFICATES AND APPROVING RELATED DOCUMENTS AND OFFICIAL ACTION WHEREAS, Homart Development Co. (the "Redeveloper") is currently proceeding to redevelop certain shopping center property located in the Town Centre II Redevelopment Project Area in the City of Chula Vista (the "City") and the Redevelopment Agency of the City of Chula Vista (the "Agency") and the City have agreed to assist in the financing of certain land located in the Project Area (the "Lease Parcel"), upon which will be constructed public parking improvements; and WHEREAS, in connection with such financing it is necessary and desirable to enter into various leases and agreements and to authorize the execution, delivery and sale of not to exceed $11,000,000 Certificates of Participation (Capital Improvements Project) 1987 Series A (the "Certificates of Participation"); NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista as follows: Section 1. Lease Agreement. The City Council hereby approves the sublease by the City from the Agency of the Lease Parcel for public parking purposes, pursuant to the Lease Agreement dated as of September 1, 1987, by and between the Agency as sublessor and the City as sublessee, in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The City Council hereby authorizes and directs the Mayor to execute, and the City Clerk to attest and affix the seal of the City to, said form of the Lease Agreement for and in the name of the City. The schedule of lease payments set forth in Appendix A to the Lease Agreement shall conform to the schedule of principal and interest payments represented by the Certificates of Participation, determined pursuant to Section 5 hereof. Section 2. Operating Lease. The City Council hereby approves the sub-sublease by the City to the Redeveloper of the Lease Parcel for the purpose of providing for the construction of public parking improvements and the maintenance and operation of such improvements for public parking purposes, pursuant to the Operating Lease dated as of September 1, 1987, by and between the City as sub-sublessor and the Redeveloper as sub-sublessee, in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The City Council hereby authorizes and directs the Mayor to execute, and the City Clerk to attest and affix the seal of the City to, said form of the Operating Lease for and in the name of the City. Section 3. Recognition and Attornment AgreemenL The City Council hereby approves the Recognition and Attornment Agreement dated as of September 1, 1987, by and among the City, the Agency, the Redeveloper and First interstate Bank of California as trustee (the "Trustee"), in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The City Council hereby authorizes and directs the Mayor to execute, and the City Clerk to attest and affix the seal of the City to, said form of the Recognition and Attornment Agreement for and in the name of the City. Section 4. Trusl Agreement. The City Council hereby approves the Trust Agreement relating to the Certificates of Participation, dated as of September 1, 1987, by and among the City, the Agency and the Trustee, in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The City Council hereby authorizes and directs the Mayor to execute, and the City Clerk to attest and affix the seal of the City to, said form of Trust Agreement for and in the name of the City. Section 5. Sale of Certificates el Participation. The City Council hereby approves the sale of the Certificates of Participation to Dean Witter Reynolds, Inc. as underwriter (the "Underwriter") pursuant to that certain Purchase Agreement among the City, the Agency and the Underwriter, in substantially the form on file with the City Clerk, in together with any changes therein or additions thereto deemed advisable by the Finance Director, whose execution of said agreement shall be conclusive evidence of his approval of any such changes or additions. The Certificates of Participation shall be substantially as described in the form of Official Statement on file with the City Clerk and hereinatter approved. The Finance Director is hereby authorized and directed for and in the name and on behalf of the City to execute and deliver said form of Purchase Agreement upon submission of a proposal by the Underwriter to purchase the Certificates of Participation, which proposal is acceptable to the Finance Director; provided, however, that the purchase price to be paid for the Certificates of Participation by the Underwriter shall be at least ninety-seven percent (97%) of the par value thereof, and the rate of interest represented by the Certificates of Participation shall not exceed nine percent (9%) per annum. The Finance Director is hereby delegated the authority to approve the terms of any offer by the Underwriter to purchase the Certificates of Participation, provided that such offer is in form and substance acceptable to the Finance Director and is within the limitations set forth in this Resolution. Section 6. Official Statement. The City Council hereby approves the preliminary Official Statement describing the Certificates of Participation, in the form submitted by the Underwriter and on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by the Finance Director and the Community Development Director. The City Council hereby approves and ratifies the distribution by the Underwriter of said preliminary Official Statement to prospective purchasers of the Certificates of -2- Participation. The Mayor is hereby authorized and directed to execute said final Official Statement for and in the name and on behalf of the City. Section 7. Official Actions. The Mayor, the City Manager, the Finance Director, the Community Development Director, the City Clerk and all other officers of the City are each authorized and directed in the name and on behalf of the City to make any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they or any of them might deem necessary or appropriate in order to consummate any of the transactions contemplated by the documents approved pursuant to this Resolution. Whenever jn this resolution any officer of the Agency is authorized to execute or attest any document or take any action, such execution, attestation or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. Section 8. Effective Date. This Resolution shall take effect from and affer the date of its passage and adoption. Presented b "' ", Approved as to form by ' ~aul ~.~esFochers" Thomas J. nr ' Community Development Director City Attorney -3- ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF .ULA VISTA, CALIFORNIA, this 18th day of August 19 87 , by the following vote, to-wit: AYES: Counci]members Cox, Moore, Nader, McCandliss NAYES: Councilmembers None ABSTAIN: Councilmembers None ABSENT: Counc i 1 members Malcolm ~Vista ATTEsT TE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Visto, Californio, DO HEREBY CERTIFY thot the obove ond foregoing is 0 full, true ond correct copy of RESOLUTION N0. 13203 ,ond thor the some hos not been omendad or repealed DATED City Clerk CI'iY OF CHULA VISTA CC-660