HomeMy WebLinkAboutReso 1996-18400 RESOLUTION NO. 18400
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA REQUESTING COUNCIL APPROVAL OF A 820,000
CONTRIBUTION FROM THE CITY'S FY 93/94 COMMUNITY
DEVELOPMENT BLOCK GRANT ALLOCATION TO THE WESTERN
REGIONAL BIOPROCESSING CENTER SEED CAPITAL
CAMPAIGN
WHEREAS, in 1994 the City Council endorsed the concept of establishing a shared use
contract manufacturing facility within the Hightech Biotech Zone to meet the needs of biotech
research and development firms transitioning into manufacturing; and
WHEREAS, the planned Western Regional Bioprocessing Center will provide a
biotechnology contract manufacturing facility; and
WHEREAS, the planned Western Regional Bioprocessing Center will conduct
bioprocessing job training, generate new jobs, and provide other economic benefits to the
City; and
WHEREAS, it is anticipated that the Western Regional Bioprocessing Center meets HUD
regulations of creating one full-time equivalent permanent job position per 935,000 of CDBG
funds used; and
f
WHEREAS, the Western Regional Bioprocessing Center has a seed capital campaign
underway which has attracted donations from leading biotechnology firms but needs
additional funding to meet its 9150,000 budget goal; and
WHEREAS, all donations are being deposited into an escrow account with instructions
that require all donations to be returned if the 9150,000 goal is not met by a designated date.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA does hereby
find, order, determine and resolve that the City will make a 920,000 deposit to the Western
Regional BioProcessin9 Center seed capital campaign escrow account from the City's 1993/94
CDBG allocation, subject to said amount being returned if the 9150,000 goal is not met by
the designated date as set forth in the escrow instructions, and authorize the City Manager
to approve an extension of the September 30, 1996 escrow deadline for up to six months
and/or to amend the escrow instructions to allow for a reduction in the 9150,000 amount,
Presented by Approved as to form by
Chris Salomone Ann Y. Moore
Community Development Director Acting City Attorney
Resolution 18400
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 6th day of August, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Padilia, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley ~orton, Mayor
ATTEST:
Beve~rly.A~thelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18400 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 6th day of August,
1996.
Executed this 6th day of August, 1996.
Beverly ~. Authelet, City Clerk