HomeMy WebLinkAboutReso 1985-11971
4097F
JHHW:CFA:dfd
03/13/85
RESOLlHION NO. 11971
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE
OF PROVIDING FINANCING FOR A COMMERCIAL SHOPPING
FACILITY BY THE HOME DEPOT
WHEREAS, the City of Chula Vista (the "City") is authorized by the
provi sions of Ordinance No. 1970 adopted by the City Counci 1 on February 9,
1982, as amended (the "Ordinance") to issue and sell revenue bonds for the
purpose of providing financing for the construction and development of
multifamily rental housing facilities located within the City; and
WHEREAS, The Home Depot, a corporation under the 1 aws of the State of
De 1 aware, (the "Deve 1 oper") has app 1 i ed to the City to issue and se 11 revenue
bonds for the purpose of providing financing for the acquisition and
construction of an approximately 80,000 square foot commercial retai 1 shopping
facility together with related and incidental facilities to be located within
the City at the southeast corner of the intersection of Interstate 805 and H
Street (the "Project"); and
WHEREAS, the City wishes to induce the Developer to construct the
Project and, in particular, to do so at such location; and
WHEREAS, it is in the public interest, for the public benefit and in
furtherance of the public purposes of the City that the City authorize revenue
bonds for the aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista as follows:
Section 1. The City Council of the City of Chula Vista hereby
authorizes the issuance and sale of bonds (the "Bonds") of the City pursuant
to the Ordinance in a principal amount of not to exceed Five Million Dollars
($5,000,000) for the purpose of providing construction and permanent financing
to the Developer, its successors and assigns, for the acquisition,
construction and development of the Project.
Section 2. The issuance and sale of the Bonds shall be upon such terms
and conditions as may be mutually agreed upon by the City, the Developer and
the purchaser of the Bonds and subject to completion of proceedings for the
issuance, sale and delivery by the City.
Section 3. The proceeds of the Bonds shall include such related and
necessary issuance expenses, admi ni strati ve costs, debt servi ce reserves and
interest payments as may be required successfully to accompl ish the financing
of the Project.
Section 4. The City Council hereby finds that the issuance of the Bonds
is a substantial inducement to the Developer to acquire, construct and
developer the Project and that the Project will further the public purposes of
the City.
Section 5. The Developer shall be responsible for the payment of all
costs in connection with the issuance of the Bonds, including but not limited
to printing of any official statement, rating agency costs, bond counsel fees
and expenses, underwri ti ng di scount and costs, trustee fees and expenses, and
the cost of printing the Bonds.
PASSED AND ADOPTED on March 21, 1985, by the following vote:
AYES: Cox, Scott, Moore
NOES: Mccandliss
ABSENT: Malcolm
Approved by:
R-1l971
\C\\ \
~.\
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this
19 85
21st
day of
March
.-
, by the following vote, to-wit:
AYES: Councilmen Cox, Scott, Moore
NAYES; Councifmen McCandliss
ABSTAIN: Cot.rIcilmen None
ABSENT: Councilmen Malcolm
ATTE~"'/" S9Jr}f;h4r
City Cle
(J /} /j
~~:..< .. J ( .d)(
Mayo()(~f tJe City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 11971
,and that the same has not been amended or repealed.
DATED
(seal)
City Clerk
CC-660