HomeMy WebLinkAboutResolution No. 2023-51 | Reimburse Costs for the Ice Center Project | Adopted 08/21/2023
RESOLUTION NO. 2023-51
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GILROY TO REIMBURSE EXPENDITURE FOR COSTS
INCURRED IN CONNECTION THE GILROY ICE CENTER
PROJECT
WHEREAS, the City of Gilroy (the “City”) has entered into that certain Exclusive
Negotiating Rights Agreement, as amended from time to time, with Sharks Sports &
Entertainment LLC (“Sharks”), pursuant to which the City selected the Sharks to negotiate
exclusively the terms for the operation of an indoor entertainment and sports complex on
a portion of the Gilroy Ice Center Project (the “Project”); and
WHEREAS, the City intends to finance or cause to be financed all or a portion of
the costs of the Project with the proceeds of the sale of obligations (the “Obligations”);
and
WHEREAS, prior to the issuance of the Obligations, the City desires to incur
certain expenditures with respect to the Project from available monies of the City, which
expenditures are desired to be reimbursed by the City from the proceeds of the sale of
the Obligations.
NOW, THEREFORE, THE CITY OF GILROY DOES HEREBY RESOLVE,
ORDER, AND DETERMINE AS FOLLOWS:
SECTION 1. The City hereby states its intention and reasonably expects to
reimburse, with proceeds of the Obligations, Project costs incurred prior to
the issuance of the Obligations.
SECTION 2. The reasonably expected maximum principal amount of the
Obligations is $50,000,000.
SECTION 3. This declaration of intent does not bind the City to make any
expenditure, incur any indebtedness, or proceed with the Project.
Resolution No. 2023-51
Reimburse Costs for the Ice Center Project
City Council Regular Meeting | August 21, 2023
Page 2 of 2
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Gilroy
at a regular meeting duly held on the 21st day of August 2023 by the following roll call
vote:
AYES: COUNCIL MEMBERS: ARMENDARIZ, BRACCO, CLINE,
HILTON, MARQUES, TOVAR, BLANKLEY
NOES: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
APPROVED:
Marie Blankley, Mayor
ATTEST:
_______________________
Thai Nam Pham, City Clerk
Marie Blankley (Aug 22, 2023 16:43 PDT)
Marie Blankley
CERTIFICATE OF THE CLERK
I, THAI NAM PHAM, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2023-51 is an original resolution, or true and correct copy of a
city Resolution, duly adopted by the Council of the City of Gilroy at a Regular Meeting of
said held on Council held Monday, August 21, 2023, with a quorum present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official
Seal of the City of Gilroy this Tuesday, August 22, 2023.
____________________________________
Thai Nam Pham, MMC, CPMC
City Clerk of the City of Gilroy
(Seal)