GIDA Resolution 85-2RESOLUTION NO. 85 - 2
A RESOLUTION OF ACCEPTANCE OF APPLICATION
OF LAS ANI~.~S INN,
A CALIFORNIA LIMITED PARTNERSHIP
BE IT RESOLVED by the Board of Directors of the Gilroy
Industrial Development Authority that:
~EREAS, an application for financing, dated November 26,
1985, has been received on behalf of Las Animas Inn, A California
Limited Partnership (the "Proposer") and is on file in the office of
the Secretary;
NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows:
1. The application requests financing under the California
Industrial Development Financing Act by means of the issuance of
industrial development revenue bonds in the principal amount of
$9,500,000 for facilities estimated in the application to cost
$11,264,000.
2. By amendment to the application, the Proposer requests
that the financing be provided under the Economic Development
Financing Law of the City for facilities presently estimated to cost
a maximum of $10,000,000.
3. The application as so amended(the "Application") is in
accord with the priorities and criteria established by Resolution of
Establishment of Policies Relating to Applications and Fees
previously adopted by this Board.
4. The Application is accepted for further processing.
Introduced at the meeting of the Industrial Development
Authority of the City of Gilroy held on the 2nd day of December,
1985, by Director Gage who moved its adoption and passage, which
motion was carried after being duly seconded, and passed by the
following vote:
AYES:
Directors: Albert, Gage, Kloecker, Mussallem,
Palmerlee, Valdez and Hughan.
NOES:
Directors: None
ABSENT:
Directors: None
SECONDED: Director: ~ssallem
APPROVED:
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SecretarY~
RESOLUTION NO. 85 - 2
THIS RESOLUTION NULL AND VOID. SHOULD HAVE BEEN ADOPTED BY CITY
COUNCIL~Iv~ERS, NOT INDUSTRIAL DEVeLOPmeNT AUTHORITY, PROPOSED TO BE
ADOPTED 12-16-85.