Resolution 1983-43
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1982C-530a
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RESOLUTION NO. 83-43
A RESOLUTION OF DETERMINATION AND OF INTENTION
TO UNDERTAKE PROJECT INCLUDING THE
PROVISION OF REVENUE FINANCING FOR
LLOYD BRENT DICKSON AND JENIEL P. DICKSON
RESOLVED, by the City Council of the City of Gilroy, California,
that
WHEREAS, by Resolution of Acceptance of Application of Lloyd
Brent Dickson and Jeniel P. Dickson, adopted this date by this Council,
this Council has accepted the application (the "Application") of LLOYD
BRENT DICKSON and JENIEL P. DICKSON (the "Company") for further
processing pursuant to the Economic Development Financing Law of the
City (the "City Law") ;
NOW, THEREFORE, IT IS DETERMINED AND ORDERED AS FOLLOWS:
1. 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. Lloyd Brent Dickson and
Jeniel P. Dickson propose to lease the real and personal property to be
acquired by means of the Project (the "Facilities") to a number of
small companies, as many as 10, perhaps including an electronics
company owned by them, Signatone Corporation. The Facilities will be
suitable for uses authorized by the City Law.
2. Project Costs and Financing
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The Application estimates the maximum amount of financing and
the sources of amounts otherwise required for the Project, and an
itemization of the costs and other expenses. The Total Estimated
Project Cost is $600,000.
For the purpose of paying the Project Costs, the City shall
provide revenue financing under the City Law or other appropriate law
in principal amount adequate to finance the Project, the maximum amount
of which is currently estimated at $500,000 (the "Financing"). Other
terms of the Financing, the methods of providing for the security and
payment of the Financing, and the obtaining of the Financing, shall be
as stated in the Application or as shall be agreed upon between the
City Council and the Company. To the extent Financing in an amount
sufficient to payor reimburse Total Project Costs is not obtained, the
Company will pay the other amounts required.
RESOLUTION NO. 83 - 43
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3. Project Completion
The Project is estimated to be completed or available for use as
stated in the Application, and Financing to payor reimburse the
Company therefor is proposed to be obtained prior to the expiration of
one year after the first placing in service of the Facilities. Expendi-
tllre of proceeds of the Financing to payor reimburse all Project costs
and expenses shall be supervised to assure proper application to the
Project.
4. Project Benefits
It is likely that the undertaking of the Project will be a
substantial factor in securing and increasing the number of persons
employed within the City, as stated in the Application. In addition, a
substantial number of the jobs which wi11 likely be made available will
be jobs for the semi-skilled. It is also likely that the undertaking
of the Project will be a substantial factor in the accrual of the other
public benefits as stated in the Application. Consequently, public
benefits from undertaking the Project likely will substantially exceed
any public detriment from provision of the Financing in the proposed
principal amount.
Neither the completion of tpe 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. ~ect Qualification
The Project, including the prOV1Slon of revenue financing, is
otherwise in accord with the purposes and requirements of the City Law.
6. Intention
It is the intention of this Council to undertake the Project for
the Company, including the provision of Financing, on the terms and
conditions set forth in the Application and this resolution and as
authorized by the City Law or other appropriate 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.
7. Public Notice
The City Clerk is authorized to cause an appropriate notice
substantially similar to the form of notice attached hereto to be
published once in the Gilroy-Morgan Hill Dispatch not less than l4 days
prior to the time of the hearing referred to in the notice.
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8. Supercession
Upon provision of the Financing by issuance of revenue bonds or
otherwise, in the event of any inconsistency between the terms hereof
and the terms of the financing agreements, bonds, or other agreements
Or instruments, the provisions of such financing agreements, bonds, or
other agreements or instruments shall control.
9.
Amendments
This
whole or in
without the
Corporation
resolution may be supplemented, amended, or revoked, in
part, from time to time or at any time, by this Council,
incurrence of liability to the Company, Signatone
or any other person.
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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 l6th day of May,
1983, 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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/s/ NORMAN B. GOODRICH
Mayor
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