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GIDA Resolution 83-3RESOLUTION NO. ~3-3 A RESOLUTION OF DETERMINATION AND OF INTENTION TO UNDERTAKE PROJECT INCLUDING THE PROVISION OF REVENUE FINANCING FOR DYSAN CORPORATION 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 Dysan Corporation adopted this date by this Board, this Board has accepted the application (the "Application") of Dysan Corporation (the "Company") for further processing pursuant to the California Industrial Development Financing Act (the "Financing Law"); NOW, THEREFORE, IT IS DETERMINED AND ORDERED AS FOLLOWS: 1. The Project The Company proposes to acquire about 50 acres of land shown on a map entilted "Parcel Map in the City of Gilroy, of the County of Santa Clara, State of California, Division of Parcels 1 and 2, Book 486 of Maps, Pages 25 and 26, Portion of Las Animas Rancho, August, 1983," on file in the office of the City Clerk, to cause said land to be developed over a period of several years, first with a building of about 45,000 square feet, parking, landscaping and other improvements, then with a building of about 110,000 square feet, and to cause the same to be equipped and furnished, as more particularly identified by the exhibits attached hereto entitled "Santa Teresa Technology Park," "North Elevation at Main Entrance," "West Elevation", and untitled. The proposed project (the "Project") includes so much of the above as can be undertaken by means of revenue financing the interest on which is exempt from federal income taxes. The Company proposes that it or a subsidiary or other company designated by it use the real and personal property to be acquired by means of the Project (the "Facilities") as a plant for light manufacturing. The Facilities will be suitable for industrial uses within the meaning of the Financing 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 91530 of such Law. e Project Costs and Financing The Total Estimated Project Cost is $10,000,000. For the purpose of paying the Project Costs, the Authority shall provide revenue financing under the Financing Law in principal amount adequate to finance the Project, the maximum amount of which is currently RESOLUTION NO. 83 - 3 estimated at $10,000,000 (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 by the Company in the Application for Industrial Revenue Bond Financing and as shall be agreed upon between the Authority and the Company. To the extent Financing in an amount sufficient to pay or reimburse Total Project Costs is not obtained, the Company will pay the other amounts required. Project Completion The Project is estimated to be completed or available for use in the ensuing year, and Financing to pay or 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. Expenditure of proceeds of the Financing to pay or reimburse all Project costs and expenses shall be supervised to assure proper application to the Project. 0 Project Benefits The Company states that it expects that about 100 persons will be employed upon completion of the first building, and at least that number of employees additional upon completion of the second building. It is likely that the undertaking of the Project will be a substantial factor in securing and increasing the number of persons employed and aggregate direc~ employment earnings within the City. In addition, the development of an area within the City currently under study for redevelopment will be aided. Consequently, public benefits from the use of the Facilities likely will substantially exceed any public detriment from provision of the Financing 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. Project Qualification The 'Project, including the provision of revenue financing, is otherwise in accord with the purposes and requirements of the Financing 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 Financing Law are hereby made. RESOLUTION NO. 83 - 3 -2- 6. Intention It is the intention of this Authority to undertake the project for the Company, including the provision of Financing, on the terms and conditions set forth in this resolution and as authorized by the Financing Law. Supercession Upon provision of the Financing by issuance of revenue obligations 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. 8, Amendments This resolution may be supplemented, amended, or revoked, in whole or in part, from time to time or at any time by this Authority without the incurrence of liability to the Company, or any other person. Introduced at the meeting of the Industrial Development Authority of the City of Gilroy held on 6th day of September, 1983, by Director Gage who moved its adoption and passage, which motion was carried after being duly seconded, and passed by the following vote: AYES: NOES: ABSENT: SECONDED: Directors: ALBERT, HUGHAN, GAGE, VALDEZ and LINK. Directors: None Directors: TAYLOR and GOODRICH. Director: VALDEZ ATTEST: ~ Secretary APPROVED: Vic~ Chairman RESOLUTION NO. 83 - 3 -3- FRIZZELL H I L MLDRFIOUSE BEAUBOIS ARCHITECTS EXHIBIT "A" Santa Teresa Technology Park As a master planned light industrial community, Santa Teresa Technology Park will develop a quality-controlled business environ- ment at the foot of the Santa Cruz Mountains. Located in the City of Gilroy on a ninety-six acre site, the complex is situated on Santa Teresa Boulevard and is easily accessible to U.S. 101. The location and spacious park-like atmosphere will make Santa Teresa Technology Park a pleasant and productive place to work; an exacting set of guidelines for architecture, landscaping and environ- mental graphics will establish a continuity of design and quality throughout the project. The Dysan Corporation, a major investor in the project, plans to create a warm professional environment blending with the natural landscape of the area by using landscaped interior atrium spaces, weathered redwood exterior sides and verdigris copper roofing in its first phase one and one-half story, 45,000 square foot building. The use of stepped roofs and walis will break the monotomy of large industrial spaces and give a human scale to the buildings appropriate to the smaller scale of existing buildings in the City of Gilroy. In conjunction with the architecture, extensive landscaping is planned to provide view corridors to the City from the Santa Teresa Boulevard, visual buffer zones from roads, and shared open spaces to provide a pleasantly landscaped amenity for the population of the Santa Teresa Technology Park. The attention to design, detail and construction standards planned for the Park will highlight the individual corporate identities within the context of the creative application of architecture, landscaping and graphics and will contribute to an atmosphere conducive to a high level of achievement. RESOLUTION NO. 83 - 3