HomeMy WebLinkAboutReso IDA 2-1984RESOLUTION NO. IDA 2-84
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SOUTH SAN FRANCISCO ACTING AS THE BOARD OF
DIRECTORS OF THE SOUTH SAN FRANCISCO INDUSTRIAL
DEVELOPMENT AUTHORITY ACCEPTING APPLICATION
OF MERCEDES-BENZ OF NORTH AMERICA FOR
INDUSTRIAL REVENUE BOND FINANCING, MAKING FINDINGS
WITH RESPECT THERETO, AUTHORIZING
OFFICIAL ACTION, AND SETTING PUBLIC HEARING
SOUTH SAN FRANCISCO INDUSTRIAL DEVELOPMENT AUTHORITY
WHEREAS, the South San Francisco Industrial Development Authority (the
"Authority") is an industrial development financing authority duly formed and
existing under the California Industrial Development Financing Act (Government
Code Sections 91500, et seq.) (the "Act") and is authorized under the Act to
issue and sell its tax-exempt industrial revenue bonds for the purpose of
providing financing for the acquisition, construction and improvement of
certain industrial projects located within the City of South San Francisco; and
WHEREAS, Mercedes-Benz of North America (the "Company") has requested
the Authority to issue and sell its revenue bonds for the purpose of financing
certain manufacturing and related facilities <the "Project") to be acquired,
expanded and improved by the Company within the City and the Authority wishes
to induce the Company to construct and improve said manufacturing and related
facilities in the City; and
WHEREAS, an application (the "Application) has been filed with the
Authority by the Company in accordance with Section 91529 of the Act, and the
Company has requested the Authority to make its determination pursuant to
Section 91530(c) of the Act; and
WHEREAS, it is in the public interest, for the public benefit and in
furtherance of the public purposes of 'the Authority that it authorize bonds
for the aforesaid purposes;
NON, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTH
SAN FRANCISCO ACTING AS THE BOARD OF DIRECTORS OF THE SOUTH SAN FRANCISCO
INDUSTRIAL DEVELOPMENT AUTHORITY (HEREINAFTER THE "BOARD") AS FOLLOWS:
l. The Board hereby accepts the Application of the Company on file
with the Secretary of the Authority for the financing of proposed
manufacturing facilities of the Company described in said Application.
Acceptance by the Board of said Application shall in no way obligate the
Authority preliminarily to undertake the Project.
2. The Board has duly considered the Application of the Company, and
other information provided, and hereby finds and determines (a) that it is
likely that the undertaking of the Project by the Authority will be a
substantial factor in the accrual of each of the public benefits from the use
of the Project as proposed in the Application; (b) that the activities and
uses of the Project are in accord with Section 91503 of the Act, and (c) that
the Project is otherwise in accord with the purposes and requirements of the
Act.
3. The Board hereby authorizes the issuance and sale of bonds of the
Authority pursuant to the Act and the procedures specified therein in a
principal amount of not to exceed Seven Million Dollars ($7,000,000) for the
purpose of financing the Project, to wit, the acquisition of a site and a
building and improvements and additions to such a building for use as a
vehicle preparation center, a facility for receiving, storage, delivery,
wholesale preparation, quality control, repair of damages and related and
appurtenance structures, facilities and equipment to be located at 513 Eccles
Avenue in the City. The Application on file with the Secretary is referred to
for further particulars. Such authorization shall be for the purpose of
inducing the Company to unOertake to acquire, improve and develop such project
and, in particular, to do so at such location.
4. The issuance and sale of said bonds shall be upon such terms and
conditions as may be mutually agreed upon by the Authority, the Company and
the purchaser of said bonds and shall be authorized by resolution of the Board
of Directors of the Authority at a meeting duly held and conducted for such
purpose.
5. The proceeds of the bonds shall include such related and necessary
issuance expenses, administrative costs, debt service reserves and interest
payments as may be required to accomplish successfully the financing.
6. The Secretary of the Authority is hereby authorized and directed to
cause notice of the filing of the Company's Application, as amended or
supplemented, to be published in accordance with the requirements of Section
91530(e) of the Act.
7. Wednesda.y , the27_t~ay of June , 1984, at the hour of 8:00 p.m.
o'clock p.m., in the regular meeting place of this Board, be, and the same are
hereby appointed and fixed as the time and place when and where the public
hearing will be held in regard to the issuance of tax-exempt industrial
development revenue bonds for the financing of the Project.
8. The Secretary is authorized and directed to cause notice of said
hearing to be published one time no fewer than fourteen (14) days prior to the
date of said hearing in the Enterprise Journal, a newspaper published and
circulated in the City of South San Francisco. Said notice shall be
substantially in the form attached hereto as Exhibit A.
9. The Secretary is further authorized and directed 1o certify and
file a copy of this Resolution and the Application with the City Clerk of the
City of South San Francisco.
10. The Executive Director is further authorized and d~rected, upon
receipt of certification of approval, conditionally or unconditionally, of the
Project and of issuance of bonds therefor, by the City Council of the City of
South San Francisco, to transmit to th~ California Industr.ial Development
Financing Advisory Commission (the "Commission") th~s Board's request 1hat
Commission make its determinations in regard to the Project, together with
such ~nformat~on as may be required by the ~mm~ss~on.
PASSED AND ADOPTED this 9th day of May, 1984, by the following called
vote'
AYES:
NOES:
Directors Mark N. Addiego, Emanuele N. Damonte, Richard A. Haffey,
Gus Nicolopulos; and Roberta Cerri Teglia
None
ABSENT~ None
Attest'
App~o form:
1588M 2HHN:HHM:sss 5/02f84
EXHIBIT A
TO RESOLUTION NO. IDA 2-84
NOTICE OF PUBLIC HEARING
and
NOTICE OF FILING OF APPLICATION
OF'MERCEDES-BENZ OF NORTH AMERICA FOR
INDUSTRIAL DEVELOPMENT FINANCING
SOUTH SAN FRANCISCO INDUSTRIAL DEVELOPMENT AUTHORITY
Notice ts hereby g~ven tha't an Application for Industrial Development
F~nancing has been filed by Mercedes-Benz of North America (the "Company")
on May 24 1984, and that a public hearing will be conducted before the
South San Francisco Industrial Development Authority(the "Issuer"), at 33
Arroya Drive, South San Francisco, California 94080, on June 27 , 1984,
at 8:00 p.m., on 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 (Mercedes-Benz of North America P~oject),
pursuant to the provisions of the California Industrial DeveloPment Financing
Act, California Government Code §§91500, et seq., as amended, for the purpose
of providing the cost of an ~ndustrial development project consisting of the
acquisition of .a site and a building and the construction of ~mprovements 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 (the "Project"). The Project w~tl be owned by the Company. It is
contemplated that a loan agreement will be entered ~nto 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 fo~- loan payments from the Compan~
sufficient to pay the princ~pa~ of and ~nterest and premium, if any, on the
Bonds as the same fall due.
~e~ther the faith and credit nor the ta×~ng power of the State
California or the South San Francisco Industrial Development Author-ity will be
pledged to the payment of the principal of, premium, if any, or interest
the Bonds, nor w~ll the State of California or the City of South San
Francisco~ ~n any manner be obligated to make any appropriation for payment.
The Project is located at 513 Eccles Avenue in the C~ty of South San
Francisco, California 94080. Reference ~s hereby made to the Application on
file with the Secretary of the Authority for further particulars.
All local residents and members of the public who appear at this hearing
shall be given an opportunity to express their v~ews, both orally and in
writing, for or against the Project and the proposal to issue the Bonds.
South San Francisco Industrial
Development Authori ty