Resolution 1982-100
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RESOLUTION NO. 82-100
A RESOLUTION OF DETERMINATION AND OF INTENTION
TO UNDERTAKE PROJECT FOR GILROY VENTURE INVESTORS
AND TO ISSUE BONDS THEREFOR
RESOLVED, by the City Council of the City of Gilroy, California,
that
WHEREAS, by Resolution of Acceptance of Application of Gilroy
Venture Investors adopted this date by this Council, this Council has
accepted the application (the "Application") of Gilroy Venture
Investors (the "Company") for further processing pursuant to the
Economic Development Financing Law of the City (the "Bond Law");
NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows:
l. The Project
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, commercial
or other business activities or uses within the meaning of the Bond
Law, not including any of the activities excluded from financing by
that Law.
2. Project 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 $~82,000.00
For the purpose of paying the Project Costs, the City 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 City and the
Company. To the extent bonds are not issued in an amount sufficient to
payor reimburse Total Project Costs, the Company will pay the other
amounts required.
3. Project Completion
The Project is estimated to be completed or available for use as
stated in the Application, and Bonds to payor 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 payor reimburse Project Costs shall be supervised to
assure proper application to the project.
RESOLUTION NO. 82 - 100
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4. Project Benefits
It is likely that the undertaking of the Project by this City
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 City 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 Bond Qualification
The Project, including the proposed issuance of the Bonds, is
otherwise in accord with the purposes and requirements of the Bond Law,
and affirmative determinations regarding each of the remaining criteria
pursuant to subdivision ~c) of Section 8A.l5 of the Bond Law are hereby
made.
6. Intention
It is the inteption of this City 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 notice of the filing of the Application
with the City, in substantially the form attached hereto, shall be
published pursuant to Section 8A.l5(e) of the Bond Law.
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I hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the City Council of the City of Gilroy,
California, at a regular meeting thereof held on the 19th day of July,
1982, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: ALBERT, GAGE, HUGHAN,
LINK, TAYLOR, VALDEZ and GOODRICH.
NOES, Councilmembers:
None
ABSENT, Councilmembers:
None
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City Clerk of the
APPROVED:
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RESOLUTION NO. 82 - 100
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