Resolution 1982-2 (GIDA)0208C-414a
WMAM: GAL: kmf 07/13/82
RESOLUTION NO. 82 - 2
A RESOLUTION OF DETERMINATION AND OF INTENTION
TO UNDERTAKE PROJECT FOR GILROY VENTURE INVESTORS
AND TO ISSUE BONDS THEREFOR
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF GILROY
RESOLVED, by the Board of Directors of the Industrial Development
Authority of the City of Gilroy, California, that
WHEREAS, by Resolution of Acceptance of Application of Gilroy
Venture Investors adopted this date by this Board, this Board has
accepted the application (the "Application") of Gilroy Venture
Investors (the "Company") for further processing pursuant to the
California Industrial Development Financing Act (the "Bond Law");
ยท NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows:
1. The Projec~
A brief summary of the proposed project (the "Project") is set
forth in the form of notice attached hereto and said description is
hereby incorporated by reference herein. The Company proposes to use
the real and personal property to be acquired by means of the Project
(the "Facilities") as a food distribution center, consisting of produce
warehousing and distribution, inclusive of distribution vehicle repair
facilities. The Facilities will be suitable for industrial uses within
the meaning of the Bond Law, not including any of the activities
excluded from financing by that Law, and the activities or uses of the
Facilities as proposed by the Application therefor are in accord with
Section 91503 of such Law.
2. Pro~ect Costs and Bonds
The Application estimates the maximum amount of bonds proposed
to be issued, the sources of amounts otherwise required for the
Project, and an itemization of the costs and other expenses. The Total
Estimated Project Cost is $4,982,000.00 .
For the purpose of paying the Project Costs, the Authority shall
issue its revenue bonds under the Bond Law in principal amount adequate
to finance the Project, the maximum amount of which is currently
estimated at $ 4,982,000.00 (the "Bonds"). Other terms of the
Bonds, the methods of providing for the security and payment of'the
Bonds and the sale and delivery of the Bonds shall be as stated in the
Application or as shall be agreed upon between the Authority and the
Company. To the extent bonds are not issued in an amount sufficient to
pay or reimburse Total Project Costs, the Company will pay the other
amounts required.
RESOLUTION NO. 82 - 2
3. Project CompletiOn
The Project is estimated to be completed or available for use as
stated in the Application, and Bonds to pay or reimburse the Company
therefor are proposed to be issued prior to the expiration of one year
after the first placing in service of the Facilities. Expenditure of
bond proceeds to pay or reimburse Project Costs shall be supervised to
assure proper application to the Project.
4. Project Benefits
It is likely that the undertaking of the Project by this
Authority will be a substantial factor in securing and increasing the
number of persons employed and aggregate direct employment earnings
within the City, as stated in the Application. In addition, a
substantial number of the jobs which will likely be made available will
be jobs for the semi-skilled. It is. also likely that the undertaking
of the Project by the Authority will be a substantial factor in the
accrual of the other public benefits as stated in the Application.
Consequently, public benefits from the use of the Facilities likely
will substantially exceed any public detriment from issuance of Bonds
in the proposed principal amount.
Neither the completion of the Project nor the operation of the
Facilities will have the proximate effect of relocation of any
substantial operations of the Company from one area of the State to
another or in the abandonment of any substantial operations of the
Company within other areas of the State.
5. Project and ~ond Qualification
The Project, including the proposed issuance of the Bonds, is
otherwise in accord with the purposes and requirements of the Bond Law,
including the provisions of Article 5 of such Law regarding the
qualification of bonds for'issuance, and affirmative determinations
regarding each of the remaining criteria pursuant to subdivision (c) of
Section 91530 of the Bond Law are hereby made.
6. Intention
It is the intention of this Authority to undertake the ProjeCt
for the Company, including the issuance of the Bonds, on the terms and
conditions set forth in the Application and this resolution and as
authorized by the Bond Law. A certified copy of this resolution,
together with a certified copy of the Application, shall be filed with
the City Clerk of the City, and a notice of the acceptance of the
Application and said filing with the City, in substantially the form
attached hereto, shall be published pursuant to Section 6061 of the
Government Code.
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I HEREBY CERTIFY the foregoing resolution was introduced at a
meeting of the Industrial Development ~hority of the City of Gilroy
held on July 19, 1982, by Director LlnK who moved its
adoption and passage, which motion was carried after being duly
seconded, and passed by the following vote:
AYES: Directors: ALBERT, GAGE, HUGHAN, LINK, TAYLOR, VALDEZ and GOODRICH.
NOES: Directors: None
ABSENT: Directors: None
SECONDED: Director: VALDEZ
ATTESTs.
/ . seCreWarY ~
APPROVED:
RESOLUTION NO. 82 - 2
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