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
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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
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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