R-351
RESOLUTION NO. 351
(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 publ ic 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 revitalization 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
Downtown Redevelopment Project (the "Project Area"), including, but not limited
to, the acquisition of lands, the relocation of occupants, and the construction
of facilities and public improvements, the Agency intends to build publ ic
parking facilities within the Project Area for lease to the City and use by the
public ~nd to carry out related activities such as acquisition, relocatiqn, and
demol:ition activities with regard to land in the Project Area and construction
of public improvements for the 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 FOllOWS:
SECTION 1. The Agency will issue, at one tl~e or from time to tine,
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.--3_~
Redevelopment Agency
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 1 i ty.
SECTION 5. It is intended that this resolution shall constitute "some
other similar official action," towards the issuance of bonds within the meaning
of Section 1.103-8(a)(5) 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.
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Donna O'Brien Swink, Chairman
ATTEST:
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Nct ing 'S cretary
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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: Scot t
ABSENT: None
APPROVED AS TO LEGAL FORM
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