HomeMy WebLinkAboutReso 150-1984RESOLUTION NO. l.G(1-R4
A RESOLUTION GIVING PUBLIC APPROVAL TO
THE ENTERING INTO OF FINANCING AGREEMENTS BY
THE SOUTH SAN FRANCISCO INDUSTRIAL DEVELOPMENT AUTHORITY
FOR THE PURPOSE OF PROVIDING FINANCING TO MERCEDES-BENZ
OF NORTH AMERICA, AND TO THE ISSUANCE OF BONDS
IN THE AMOUNT OF NOT TO EXCEED $7,000,000
FOR SUCH PURPOSE
NHEREAS, the South San Francisco Industrial Development Authority (the
"Authority") proposes to enter into financing agreements with Mercedes-Benz of
North America (the "Company"), a Delaware corporation, and to issue its
tax-exempt industrial revenue bonds in an amount not to exceed $7,000,000, for
the purpose of providing the cost of an industrial development project located
at 513 Eccles Avenue within the City of South San Francisco, California,
consisting of the acquisition of a site and a building and the construction of
improvements to such building for use as a vehicle preparation center facility
for receiving, storage, wholesale preparation, repair of damages, and delivery
and offices, landscaping, utilities and appurtenant structures, facilities and
improvements (the "Project");
WHEREAS, in accordance with Section 103(k) of the Internal Revenue Code
of 1954, as amended, a public hearing has been duly called and conducted
before the City Council of the City of South San Francisco, as the applicable
elected representative of the Authority, on the financing of the Project and
the proposal that the Authority issue its tax-exempt bonds for such purpose,
notice of which hearing has been given in accordance with said Section 103(k);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco as follows'
Section 1. The City Council hereby approves the Project, the issuanCe
by the Authority of its tax-exempt industrial revenue bonds in the principal
an~Dunt of not to exceed $7,000,000 for the purpose of providing financing to
Mercedes-Benz of North America, a Delaware corporation, for the acquisition
and construction of the Project in accordance therewith, and the entering into
of financing agreements for such purpose.
Section 2. This resolution shall take effect immediately.
APPROVED AND ADOPTED this 26th day of September, 1984, by the
following roll call vote'
AYES'
NOES'
Councilmembers Mark N. Addiego, Emanuele N. Damonte, Richard A.
Haffey, Gus Nicolopulos; and Roberta Cerri Teglia
None
ABSENT' None
ABSTAIN' None
Attest'