HomeMy WebLinkAboutResolution - RDA 85-1 I RESOLUTION NO. RDA-85-1
2 A RESOLUTION OF THE SAN JACINTO REDEVELOPMENT
AGENCY MAKING DETERMINATIONS WITH RESPECT TO
3 THE ACQUISITION AND LEASING OF CERTAIN FACILITIES;
AUTHORIZING CERTAIN ACTS IN PREPARATION THEREFOR;
4 DECLARING ITS INTENT TO PARTICIPATE IN THE ISSUANCE
OF LEASE PARTICIPATION CERTIFICATES; AND AUTHORIZING
5 THE SECRETARY TO PUBLISH A NOTICE OF HEARING THEREON
6 (RESOLUTION OF INTENTION - SCRIPPS CLINIC PROJECT)
WHEREAS, the San Jacinto Redevelopment Agency (herein sometimes referred
to as the "Agency") is a redevelopment agency (a public body, corporate and
8 politic) duly created, established and authorized to transact business and
exercise its powers, all under and pursuant to the Community Redevelopment Lawl
9 (Part 1 of Division 24 (commencing with Section 33000) of the Health and I
Safety Code of the State of California) and the powers of the Agency include
10 the powers to acquire property and to lease the same; and
11 WHEREAS, the Agency desires to have a certain Project located in the
City of San Jacinto (the "City") i.e. a medical clinic, consisting of approxi-
12 mately 16,000 square feet of interior space, with off-street parking for motor
vehicles, the necessary auxiliary facilities and appurtenances and appurtenant
13 work, to be managed and operated by the Scripps Clinic and Research Foundation
("Scripps") and to be located on Mountain Avenue, between Main and 7th Streets
14 all to be located in the City for the benefit of its citizens (the "Project");
and
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WHEREAS, the Project financing will be accomplished substantially as
16 follows:
17 1. The present developer, Robert E. Petkin, (the "Developer") of the
real property involved on Mountain Avenue between Main and 7th Streets in the
18 City, will convey the completed Clinic and the real property on which it is
located to the Agency. This conveyance would be pursuant to an agreement of
19 purchase and sale and joint escrow instructions between the Developer and the
Agency.
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2. The Agency will lease the Project to Scripps, which is an exempt or-
21 ganization under Section 501(c)(3) of the Internal Revenue Code of 1954, as
amended, and Scripps will operate the Clinic pursuant thereto (the "Lease").
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3. The Agency will assign its interest in the Lease to a trustee (the
23 "Trustee").
24 4. The Trustee will issue its certificates of participation (the "Certi-
ficates of Participation") in the Lease to the Underwriter. (The aggregate
25 principal amount of the Certificates of Participation will be approximately
equal to the purchase price paid to the Developer for the Project plus the 1
26 costs of issuance of the Certificates of Participation, any necessary reserves
etc.
27I5. As consideration for the assignment of the Lease to it, the Trustee
281I will deliver to the Agency the funds which the Trustee will receive as payment
for the Certificates of Participation from the Underwriter.
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6. The Agency will use the funds which it received from the Trustee
301 (see paragraph 5 above) to pay the Developer the purchase price for the projec .
311 7. The Trustee will use the Lease payments it receives from Scripps
under the Lease to make payments on the Certificates of Participation.3}
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1 NOW, THEREFORE, SAN JACINTO REDEVELOPMENT AGENCY DOES HEREBY RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
2 -
Section 1. That the recitals set forth hereinabove are true and correct
3 in all respects.
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4 Section 2. The Agency hereby declares its intention to participate in
the transaction outlined in the recitals hereof, involving the issuance by
5 the Trustee of Certificates of Participation in the Lease (the "Certificates
of Participation") in the estimated amount of $4,000,000, but, in any event,
6 not exceeding $10,000,000 under and in accordance with law, in amounts as will
be adequate to implement the financing of the Project, including, without
7 limitation, the payment of issuance costs with resoect to the Certificates of
Participation and the establishment of such reserve funds as the Underwriters
8 may deem necessary to provide for the further security of the bonds.
g Section 3. This body constitutes the governing body of the Agency and is
legally authorized to enter into the above outlines transaction. '
10
Section 4. The Certificates of Participation, when and if issued, will
11 be special obligations payable solely from such revenues as are specified in
the proceedings for the issuance of such Certificates of Participation and
12 funds and accounts to be held by the Trustee. The Certificates of Participa-
tion will not be a debt of the Agency, the City of San Jacinto, the State of
13 California or any of its political subdivisions, and neither the Agency, the
City, the State nor any of its political subdivisions is liable thereon.
14
Section 5. The Agency staff, Bond Counsel (Kindel & Anderson), Purcha_
15 (Birr, Wilson & Co.), Scripps, the Developer and the agents and representa-
tives of same are hereby authorized and directed to prepare or cause to be
16 prepared the necessary legal documents, to effect said financing of the Pro-
ject and to present same to said Chairman and Agency members. The Chairman
17 of the Agency is hereby authorized and directed to coordinate the efforts of
all concerned relating to the issuance and sale of the Certificates of Parti-
18 cipation, and the Agency staff, consultants, legal counsel to the Agency and
the Bond Counsel are hereby directed to take such steps as shall be appropri-
19 ate to implement such sale and delivery of the Certificates including working
with persons who may acquire vested rights as the result of such actions.
20 Section 6. The Secretary is hereby authorized and directed to publish
71 the attached Notice of Public Hearing in The Hemet News once at least fourteen
(14) days prior to May 21 , 1985.
22
Section 7. This Resolution shall take effect immediately upon its
23 passage.
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24 MOVED, PASSED and ADOPTED the 30th day of April 1985 by the following vote:
25 AYES: Agency Members Rose, Stevens, Visser, Divine and Stuart
NOES: None
26 ABSENT: None i2t 27 ATTEST:28 �yo� -/�f/Z� /SecretarySan Jacinto R6development Agency
29 Redevelopment Agency {!/J
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