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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"); · 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. -2- 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 -3-