HomeMy WebLinkAbout81-98 - Installment Sale Financing, Parking Facilities, South Coast PlazaRESOLUTION NO. 81-98
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, AUTHORIZING INSTALLMENT
SALE FINANCING FOR THE PURPOSE OF PROVIDING FOR
THE ACQUISITION, CONSTRUCTION, AND FINANCING OF
CERTAIN PARKING FACILITIES.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, this City is authorized to acquire and dispose of real
and personal property for the purposes of providing parking facilities;
and
WHEREAS, South Coast Plaza has requested this City to enter into
an installment sale agreement for the purpose of providing financing
for the acquisition and construction of parking facilities and appurte-
nant improvements to be located on property bound by Sunflower Avenue,
Avenue of the Arts, Town Center Drive, and Park Center Drive (the
"Facilities"); and
WHEREAS, it is in the public interest, for the common benefit and
in furtherance of the public purposes of the City that this City auth-
orize said installment sale financing for the aforesaid purposes;
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED AS FOLLOWS:
1. The City Council of the City of Costa Mesa hereby authorizes
the entering into of an installment sale agreement by the
City in a principal amount not to exceed Twenty Million
Dollars ($20,000,000.00) for the purpose of providing
financing to South Coast Plaza pursuant to an installment
sale agreement.
2. The entering into of said installment sale agreement shall be
upon such terms and conditions as may be mutually agreed upon
by the City and South Coast Plaza and shall be subject to
completion of proceedings for the entering into of said
agreement by the City.
3. The not -to -exceed $20,000,000.00 principal amount of said
agreement shall include such related and necessary issuance
expenses, administrative costs, reserves, and capitalized
interest payments as may be required to accomplish the
financing successfully.
4. The City hereby finds that the installment sale agreement
as more particularly described herein is a substantial
inducement to South Coast Plaza to provide and operate the
Facilities and that the Facilities will further the public
purposes of this City.
PASSED AND ADOPTED this 21st day of December, 1981.
, 1A L
1
mayor of the city o o to Mesa
ATTEST:
(�) Q4",tt��
y Clerk of the City of Costa Mecf4
304
305
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and
foregoing Resolution No. 81-98 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof, held on the
21st day of December, 1981.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Seal of the City of Costa Mesa this 22nd day of December, 1981.
41ci;77—;7rk
City
Clerk and rx--' off
the
City
Council of the
City of
Cos
Mesa