HomeMy WebLinkAbout84-145 - Lease Agreement with Center Tower AssociatesRESOLUTION NO. 84-145
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE EXECUTION
OF A LEASE AGREEMENT WITH CENTER TOWER ASSOCIATES.
WHEREAS, the City of Costa Mesa (the "City") is authorized to enter
into leases of public parking facilities by the laws of the State of Cali-
fornia; and
WHEREAS, Center Tower Associates, A California general partnership,
(the "Developer") has requested the City to enter into a Lease Agreement
dated as of December 1, 1984 (the "Lease Agreement") in the principal
amount of Fourteen Million Dollars ($14,000,000.00), for the purpose of
assisting in financing a public parking project of the Developer containing
approximately 1,250 stalls, to be located on the south side of Sunflower
Avenue between Avenue of the Arts and Park Center Drive in the City (the
"Project"); and
WHEREAS, the Project is to be financed frau the proceeds of sale of
the Fourteen Million Dollars ($14,000,000.00) principal amount of Certifi-
cates of Participation (Orange County Performing Arts Center Public Parking
Project) executed and delivered by BankAmerica Trust Company of New York as
trustee, pursuant to a Trust Agreement dated as of December 1, 1984, among
the City, the Developer, and said Trustee; and
WHEREAS, the Lease Agreement will be considered to be "industrial
development bonds" under Section 103(b) of the Internal Revenue Code of
1954, as amended, (the "Code"), and Section 103(k) of the Code requires
that the City Council hold a public hearing on the execution of the Lease
Agreement; and
WHEREAS, notice of such hearing has been duly given as required by
law, and the City Council has heretofore held such hearing at which all
interested persons were given an opportunity to be heard thereon; and
WHEREAS, the City approves of the execution of the Lease Agreement in
the public interests of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Costa Mesa as follows:
1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
2. The City Council hereby approves the execution of the Lease Agree-
ment under the laws of the State of California in the principal amount of
Fourteen Million Dollars ($14,000,000.00) for the purpose of providing
financial assistance to the developer for the acquisition, construction,
and improvement of the Project.
3. This resolution shall take effect immediately.
PASSED AND ADOPTED this 20th day of December, 1984.
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ATTEST:
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FlL.--y Clerk of the City of�Costa
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSM 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 fore-
going Resolution No. 84-145 was duly and regularly passed and adopted by
the said City Council at an adjourned regular meeting thereof, held on the
20th day of December, 1984, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hertzog, Hornbuckle, Schafer, Hall, Wheeler
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 20th day of December, 1984.
Cffty Clerk and ex -officio Clerk 9f the
City Council of the City of Cos V,
Mesa