HomeMy WebLinkAboutMinutes 1984-06-27Chairman Mark N. Addiego
Board Members:
Emanuele N. Damonte
Ri chard A. Haffey
Gus Nicol opul os
Roberta Cerri Teglia
MINUTES
Industrial Development Authority
Municipal Services Building
June 27, 1984
NOTICE IS HEREBY GIVEN, pursuant to Section 54956 of the Government
Code of the State of California, that the Industrial Development Authority of
the City of South San Francisco will hold a Special Meeting on Wednesday, June
27, 1984, at 7:00 p.m., in the Municipal Services Building, Community Room, 33
Arroyo Drive, South San Francisco, California
Purpose of the meeting:
1. Approval of the Minutes of the Special Meeting of May 9, 1984.
Dated: June 15, 1984
Public Hearing - Consideration of the proposal to issue not more
than $7,000,000 aggregate principal amount of the South San
Francisco Industrial Development Authority Industrial Development
Revenue Bonds IMercedez-Benz of North America Project), pursuant to
the provision of the California Industrial Development Financing
Act, California Government Code Section 91500, et. seq., as
amended, for the purpose of providing the cost of an industrial
development project consisting of the acquisition of a site and a
building and the construction of improvements and additions to such
building for use as a vehicle preparation center facility for
receiving storage, delivery, wholesale preparation, quality
control, repair of damages and related and appurtenance structures,
facilities and equipment Ithe "Project"), the Project will be
owned by the Company. It is contemplated that a loan agreement
will be entered into between the Issuer and the Company, under
which the Issuer would provide the proceeds from the sale of the
Bonds to the Company in return for loan payments from the Company
sufficient to pay the principal of and interest and premium, if
any, on the Bonds as the same fall due.
M . Ad ~ Chairman/~f t~e Board
Industrial Development A~thor~ty
City of South San Francisco
A G E N D A
SPECIAL MEETING
CALL TO ORDER
ROLL CALL
ACTION TAKEN
SPECIAL MEETING
7:29 p.m. Chairman Addiego presiding.
Boardmembers present:
Boardmembers absent:
Nicolopulos,
Teglia, Damonte,
Haffey and
Addiego.
None.
6/27/84
Page 1
AGENDA
ACTION TAKEN
1. Approval of the Minutes of the
Special Meeting of May 9, 1984.
e
Public Hearing - Consideration of
the proposal to issue not more than
$7,000,000 aggregate principal
amount of the South San Francisco
Industrial Development Authority
Industrial Development Revenue Bonds
(Mercedez-Benz of North America
Project), pursuant to the provision
of the California Industrial
Development Financing Act,
California Government Code Section
91500, et. seq., as amended, for the
purpose of providing the cost of an
industrial development project con-
sisting of the acquisition of a site
and a building and the construction
of improvements and additions to
such building for use as a vehicle
preparation center facility for
receiving storage, delivery, whole-
sale preparation, quality control,
repair of damages and related and
appurtenance structures, facilities
and equipment {the "Project"), the
Project will be owned by the
Company. It is contemplated that a
loan agreement will be entered into
between the Issuer and the Company,
under which the Issuer would provide
the proceeds from the sale of the
Bonds to the Company in return for
loan payments from the Company
sufficient to pay the principal of
and interest and premium, if any, on
the Bonds as the same fall due.
ADJ OU RNMENT:
M/S Haffey/Teglia - To approve the
Mi nutes.
Carried by unanimous voice vote.
Mayor Addiego stated that the recommen-
dation from the City Manager was to open
the Public Hearing, which he did at this
time, and continue the hearing to 8/8/84.
He stated that he would like to recommend
that the meeting be continued to the
second meeting in July and that he would
like the Bond Counsel to be present at
that meeting to answer questions in
regard to whether or not there were pro-
visions in the Federal and State rules
that are being proposed in regards to the
law being retroactive; how the caps would
monetarily affect the City before the law
was in effect.
M/S Teglia/Haffey - To continue the
hearing to 7/25/84.
Carried by unanimous voice vote.
M/S Haffey/Teglia - To adjourn the
meeting.
Carried by unanimous voice vote.
The meeting was adjourned at 7:32 p.m.
6/27/84
Page 2
AGENDA ACTION TAKEN
RESPECTFULLY SUBMITTED,
APPROVED:
Barbara A. Battaya, Secretary
Industrial Development Authority
City of South San Francisco
Mark ~. Addiego,- Chairman,)of the
Industrial Development Authority
City of South San Francisco
Board
The entries of this Authority meeting show the action taken by the Board to dispose of an
item. Oral communications, arguments, and comments are recorded on tape. The tape
and documents related to the items are on file in the Office of the Secretary and are
available for inspection, review and copying.
6/27/84
Page 3