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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: ~v-~/'A"J~'""q~" J_/~Cb. airpers~)__ 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.