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HomeMy WebLinkAboutResolution 1982-100 0207C-4l4a .. . WW:.GAL: kmf 07/l3/8t . RESOLUTION NO. 82-100 A RESOLUTION OF DETERMINATION AND OF INTENTION TO UNDERTAKE PROJECT FOR GILROY VENTURE INVESTORS AND TO ISSUE BONDS THEREFOR RESOLVED, by the City Council of the City of Gilroy, California, that WHEREAS, by Resolution of Acceptance of Application of Gilroy Venture Investors adopted this date by this Council, this Council has accepted the application (the "Application") of Gilroy Venture Investors (the "Company") for further processing pursuant to the Economic Development Financing Law of the City (the "Bond Law"); NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows: l. The Project 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, commercial or other business activities or uses within the meaning of the Bond Law, not including any of the activities excluded from financing by that Law. 2. Project 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 $~82,000.00 For the purpose of paying the Project Costs, the City 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 City and the Company. To the extent bonds are not issued in an amount sufficient to payor reimburse Total Project Costs, the Company will pay the other amounts required. 3. Project Completion The Project is estimated to be completed or available for use as stated in the Application, and Bonds to payor 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 payor reimburse Project Costs shall be supervised to assure proper application to the project. RESOLUTION NO. 82 - 100 ... --'" . . " -~ 4. Project Benefits It is likely that the undertaking of the Project by this City 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 City 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 Bond Qualification The Project, including the proposed issuance of the Bonds, is otherwise in accord with the purposes and requirements of the Bond Law, and affirmative determinations regarding each of the remaining criteria pursuant to subdivision ~c) of Section 8A.l5 of the Bond Law are hereby made. 6. Intention It is the inteption of this City 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 notice of the filing of the Application with the City, in substantially the form attached hereto, shall be published pursuant to Section 8A.l5(e) of the Bond Law. * * * * * I hereby certify that the foregoing resolution was duly and regularly adopted and passed by the City Council of the City of Gilroy, California, at a regular meeting thereof held on the 19th day of July, 1982, by the following vote of the members thereof: AYES, and in favor thereof, Councilmembers: ALBERT, GAGE, HUGHAN, LINK, TAYLOR, VALDEZ and GOODRICH. NOES, Councilmembers: None ABSENT, Councilmembers: None tu~ City Clerk of the APPROVED: 7!~~ RESOLUTION NO. 82 - 100 -2-