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HomeMy WebLinkAboutRDA Reso 1996-1501 RESOLUTION 1501 A RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO RESOLVED, by the Redevelopment Agency of the City of Chula Vista (the "Agency"): WHEREAS, the Agency is a duly constituted redevelopment agency under the laws of the State of California and pursuant to such laws has duly proceeded with redevelopment activities within the Bayfront/Town Centre Redevelopment Project (the "Bayfront/Town Centre Project Area") and within the Town Centre II Redevelopment Project (the "Town Centre II Project Area" and collectively, the "Project Areas") within the City of Chula Vista (the "City"); WHEREAS, the redevelopment plans for the Project Areas provide for tax increment financing in accordance with the provisions of Chapter 6, Part 1 of Division 24 of the California Health and Safety Code and Section 16 of Article XVl of the Constitution of the State of California; WHEREAS, the Agency is authorized, with the consent of the City Council of the City, to pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure or other improvements which are publicly owned, upon a determination by the Agency and said City Council that such buildings, facilities, structures or other improvements are of benefit to the Project Areas; WHEREAS, when the value of such land or the cost of the installation and construction of such building, facility, structure or other improvement, or both, has been or will be paid or provided for initially by the City, the Agency may enter into one or more contracts with the City under which it agrees to reimburse the City for ali or part of the value of such land or all or part of the cost of such building, facility, structure or other improvement, or both, by periodic payments over a period of years; WHEREAS, the obligation of the Agency under such contract or contracts shall constitute an indebtedness of the Agency for the purpose of carrying out the redevelopment project for the Project Areas, which indebtedness may be made payable out of taxes levied in the Project Areas and allocated to the Agency under subdivision (b) of section 33670 of the California Health and Safety Code, or out of any other available funds; WHEREAS, the City, working together with the Agency, has heretofore caused certain certificates of participation (the "Prior Certificates") to be executed and delivered in the aggregate principal amount of $6,600,000, the proceeds of which were used to finance various public improvements for the City (the "Project"), which Project is of substantial benefit to the Project Areas; WHEREAS, the City and the Agency, in consideration of their mutual undertakings, past and present, desire to provide for repayment by the Agency to the City of the moneys paid as Lease Payments under and as defined in the Lease Agreement, dated as of June 1, 1996, by and between the ABAG Finance Corporation and the City, in the amounts specified in (a) a Reimbursement Agreement, dated as of June 1, 1996, by and between the Agency and the City (the "Bayfront/Town Centre Reimbursement Agreement"), the form of which is on file with the Secretary, and (b) a Reimbursement Agreement, dated as of June 1, 1996, by and between the Agency and the City (the "Town Centre II Reimbursement Agreement" and, with the Bayfront/Town Centre Reimbursement Agreement, the "Reimbursement Agreements), the form of which is on file with the Secretary; WHEREAS, it is in the public interest and for the public benefit that the Agency authorize and direct execution of the Reimbursement Agreements and certain other documents in connection therewith; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. The below-enumerated documents, substantially in the forms on file with the Secretary, be and are hereby approved, and the Chairman, the Executive Director or the Treasurer, or the designee of any such official, is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the Secretary is hereby authorized and directed to attest to such official's signature: (a) a termination agreement, by and among the Agency, the City and Wells Fargo Bank, National Association, as successor to First Interstate Bank of California, as trustee for the Prior Certificates, relating to the termination of the lease agreement and other documents relating to the Prior Certificates; (b) the Bayfront/Town Centre Reimbursement Agreement; and (c) the Town Centre II Reimbursement Agreement. Section 2. The Agency hereby finds and determines that (1) the buildings, facilities, structures, or other improvements to be leased pursuant to the Lease Agreement are of benefit to the Project Areas or the immediate neighborhood in which the Project Areas are located; (2) no other reasonable means of financing such buildings, facilities, structures, or other improvements, are available to the community, and (3) the payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements will assist in the elimination of one or more blighting conditions inside the Project Areas. Section 3. The Chairman, the Executive Director, the Treasurer, the Secretary and other officials of the Agency are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this resolution. Section 4. This Resolution shall take effect upon its adoption by this Board. Presented by: Approved as to form by: Robert Powell Director of Finance Resolution No. 1501 PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA this 28th day of May 1996 by the following vote: AYES: Members Rindone, Alevy, Padilla, Moot NOES: None ABSENT: Member Horton ABSTENTIONS: None Chris Salomone Executive Secretary STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss: CITY OF CHULA VISTA ) I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1501 and that the same has not been amended or repealed. Chris Salomone Executive Secretary