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R-350 ~ ,.t' . ~ . . ~. e ~ RESOLUTION NO. 350 (Redevelopment Agency) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA APPROVING THAT CERTAIN LEASE AGREEMENT ENTITLED "LEASE AGREEMENT" DATED AS OF MAY 1, 1978, BETWEEN THE CITY OF SANTA MONICA AND THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency") proposes to acquire a certain site (the "SIte") within the DOIvntown Redevelopment Project and lease the site to the City of Santa Monica (the "CIty") for use as a public parking facility, said lease to be dated as of May 1,1978 (the "Lease"), a copy of which is on fIle with the City Clerk of the CIty; and WHEREAS, the Agency proposes to finance such acquisition through the issuance of revenue bonds pursuant to the Community Redevelopment Law (Part I of Division 24 of the Health and Safety Code of the State of California), such bonds to be payable as to principal and interest from certain revenues including the proceeds of rents to be paid by the City under the terms of said Lease. NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA, AS FOLLOWS SECTION I. The Redevelopment Agency hereby approves the Lease in the form on file with the Secretary of the Agenc~. SECTION 2. Subject to the provisions of Section I and subsequent to the effective date hereof, the Executive Director of the Agency IS authorized and directed to execute said Lease and the Secretary of the Agency is authorized and directed to attest thereto and to affix the official seal of the Agency the reto. APPROVED and ADOPTED this ~ day of .Apr iI, 1978_ kQ~~,i wL,J~ Donna O'Brien Swink, ChaLr~an ATTEST: ~~ John Jalll i, Secretary .... .. -"~-~ It .r~- . . ./ I , Resolution No. 350 Redevelopment Agency ) hereby certify that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Santa Monica, Cal ifornia, at a speCial meetIng thereof held on the 18th day of April, 1978. . AYES. Bambrick, Cohen, Reed, Scott, Trives, Swink NOES: None ABSENT: van den Steenhoven ~~. John"Jalili, Secretary APPROVED AS TO LEGAL Ik l'Q~ l4ichard IL~ Knl'C~erboi:ker - City Attorney -2- ---. .- , .~ . . . J . e RESOLUTION NO. )51 (Redevelopment Agency) RESOLUTION TO ISSUE BONDS TO FINANCE THE DOWNTOWN REDEVELOPMENT PROJECT WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency), a public body, is authorized and empowered by the provisions of the Community Redevelopment Law of the State of California, to issue bonds for the purpose of (1) eliminating conditons of blight existing in certain areas of the City of Santa Monica, California (the "City"), (2) encouraging the rehabili- tation, rebuilding, development and economic revital ization of such areas, (3) redeveloping and rebuilding public facilities in order to provide safer and more efficient services to the people, industries, and commercial enterprises in the area, and (4) creating employment opportunities for people Indigenous to the area, and WHEREAS, in order to encourage the rehabilitation, rebuilding and redevelopment of that portion of the downtown area of the City known as the Doltmtown Redevelopment Project (the "Project Area"), including, but not limited to, the acquisition of lands, the relocation of occupants, and the construction of facl! itles and public improvements, the Agency intends to build pub! ic parking facilities within the Project Area for lease to the City and use by the public Jnd to c~rry out related activities such as acquisition, relocati~n, and demolition activities \<Jith regard to land i'l the Project Area a'ld construction of publ ic Improvements for t'w Project Area (the "Redevelopment"), and the Agency has prepared a Redevelopment Plan and a Report to the City Council that further describes such Redevelopment Activities and estimates its costs, and WHEREAS, the Agency deems it necessary and advisable for the redevelop- ment and rehabilitation of the Project Area to proceed as quickly as possible. NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA AS FOlLOUS: SECTION 1. The Agency will issue, at one ti~e or fr~m t1me to lr~e, and aggregate of no more than $15,000,000 principal amount of bonds of the Agency in order to finance the Redevelopment Activities, which bonds are intended to be payable solely from (1) rents payable by the City to the Agency under the terms of a lease agreement or other agreement to be entered into between the Agency and the City in connection with the proposed Parking Facilities, (2) all moneys . . . . . Resolution No. 351 Redevelopment Agen~ credited upon the rents as may be provided in said lease or other agreement, (3) all net revenues, if any, received by the Agency from the reletting or operation of said facilities in the event of a default by the City under said lease or other agreement, and (4) any other moneys which the Agency, by resolution, may require to be placed in a bond service fund for the bonds. SECTION 3. The bonds shall be issued subject to the conditions that (i) the Agency shall decide upon acceptable terms for the bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the lease or other agreement for the parking facilities, (ii) all requisite government approvals shall have first been obtained. SECTION 4. The Executive Secretary of the Agency is hereby directed to indicate the willingness of the Agency to proceed with and effect such financing in order to encourage the development of, rehabilitation of and investment In the Project Area and to advise the City that, subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts, conditions, and things required precedent to such financing, the Agency by virtue of such statutory authority as may now or hereafter be conferred, will issue and sell its bonds in the amount of approximately $15,000,000 to pay the cost of the Redevelopment Activities. In addition, the Executive Secretary is hereby directed to indicate the willingness of the Agency to enter into a lease or other agreement with the City in connection With the f ac i I i ty. SECTION 5. ft is intended that this resolution shall constitute "some other similar official action," towards the issuance of bonds \-lithin the meaning of Section 1. 103-8(a)(S) of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1954. SECTION 6. This resolution shall take effect immediately upon its passage. ADOPTED and APPROVED this 23rd day of May, 1978. ~o~w Donna O'Brien Swfnk, Chairman - ATTEST: /fff~~ <<cting 'S~cretary -2- . ,. . . . ! . e Resolution No. 351 Redevelopment Agency I hereby certify that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Santa Monica at a special meeting thereof, held on the 23rd day of May, 1978. AYES: Bambrick, Cohen, Reed Trives, van den Steenhoven, Swink NOES: Scott ABSENT- None {d /'L1;;-1_ A~i~~ ~ry APPROVED AS TO LEGAL FORM AND ADEQUACY: () ,/ A J f)LJu ~y- r . ~----- -3-