Resolution 10999RESOLUTION NO. 10999
A. RESOLUTION OF ACCEPTANCE OF APPLICATION FOR
FINANCING AND OF DETERMINATION AND OF INTENTION
TO UNDERTAKE PROJECT AND TO ISSUE BONDS, THEREFOR,
AND APPROVING AND AUTHORIZING A PRELIMINARY
AGREEMENT BETWEEN THE PARTICIPATING PARTY AND THE
CITY WITH REFERENCE TO SUCH FINANCING
PARK STREET LANDING PROJECT
RESOLVED, by the City Council of the City of Alameda,
California, that
WHEREAS, an application for financing pursuant to Ordinance
No. 2057, New Series, entitled "Ordinance of the City of Alameda
Relating to the Financing of Industrial and Commercial Development
Within Said City in the Interests of the Public Health, Safety and
Welfare," passed and adopted by the City Council of the City on
July 9, 1981 or other law applicable at the time of the financing
(the "Bond Law "), has been received on behalf of Park Street
Landing, a California limited partnership (the "Participating
Party"), which application is identified by a copy of a cover
letter of the Participating Party dated July 30, 1986 (the
"Application ")' ;
NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows:
1. The Application
The Application requests financing under the Bond Law
by means of the issuance of industrial development revenue bonds or
other revenue financing in the estimated maximum principal amount
of $2,250,000 for facilities therein described or itemized, and
includes estimated costs (the "Costs ").
2. Application Sufficiency
The Participating Party has supplied all information
required pursuant to the Bond Law that is presently available, and
the Application, inclusive of all such information supplied, is
sufficient for the purposes of this resolution and is approved and
accepted for further processing.
3. The Project
A brief summary of the facilities proposed by the
Application to be financed (the "Project ") is set forth in the form
of notice attached hereto and said description is hereby
incorporated by reference herein. The Participating Party proposes
that the real and personal property constituting the Project be
used for commercial "purposes, and the participation by the City in
the financing of the acquisition of the Project will encourage
commercial development within the City and facilitate the
achievement of the purposes of the Bond Law.
4. Project Costs and Bonds
For the purpose of paying the Project Costs, the City
shall issue its revenue bonds or other revenue financing under the
Bond Law in principal amount adequate to finance the Project, the
maximum amount of which is currently estimated at $2,250,000 (the
"Bonds ")'. Other terms of the Bonds, the methods of providing for
the security and payment of the Bonds and the sale and delivery -of
the Bonds shall be as stated in the Application or as shall be
agreed upon between the City and the Participating Party. To the
extent financing is not obtained in an amount sufficient to pay or
reimburse all Project Costs, the Participating Party will pay the
other amounts required.
5. Project Completion
The Project is estimated to be completed or available
for use as stated in the Application, and Bonds to pay or reimburse
the Participating Party therefor'are proposed to be issued prior to
the expiration of one year -after the first placing in service of
the facilities and within one year of the date of approval or
reapproval of the Bonds by the City Council following a public
hearing. Expenditure of bond proceeds to pay or reimburse Project
Costs shall be supervised to assure proper application to the
Project.
6. Project Benefits
It is likely that the participation by this City in
the financing of the acquisition of the Project will be a
substantial factor in securing and increasing the number of persons
employed and aggregate direct employment earnings within the City.
It is also likely that such participation by the City will be a
substantial factor in increasing the tax and revenue base of the
City, in rehabilitating a deteriorating area of the City and in
preventing abandonment of such area by other commercial activities,
and in the accrual of other public benefits. Consequently, public
benefits from the Project likely will substantially exceed any
public detriment from issuance of Bonds in the maximum principal
amount.
7. Project and Bond Qualification
The Project, including the proposed issuance of the
Bonds, is otherwise in accord with the purposes and requirements of
the Bond Law.
8. Intention
It is the intention of this City to participate in the
financing of the acquisition of the Project for the Participating
Party, including by the issuance of the Bonds, on the terms and
conditions set forth in the Application and this resolution and
subject to the provisions of the Bond Law and to the conclusion of
all proceedings undertaken to consummate such financing to the
satisfaction of the City.
9. Preliminary Agreement
The form of Preliminary Agreement a copy of which is
attached hereto is hereby approved and the City Manager is
authorized to execute on behalf of the City said agreement with the
Participating Party and to approve and execute from time to time
changes therein not inconsistent with the pdrpose of said agreement
and this resolution.
10. Administrative Expenses, Insurance and
Indemnification
In the event Bonds are issued, the Participating Party
shall-pay, or make arrangements for persons other than the City to
pay, all costs which are Administrative Expenses under the Bond Law
and which are incurred or-paid subsequent to issuance of the Bonds
the payment of which is not provided fox ‘by the Preliminary
Agreement, shall -provide liability insurance insuring the City, its
officers, empldyees and agents against-loss or damage resulting
from personal injury, death orfproPertY damage arising from
participation by the City in the financing of the Project and shall
indemnify, defend and hold the City harmless from liability or loss
by reason of any breach of obligations undertaken by the
Participating Party-
11. Notice of Public Hearing
The City Clerk-is authorized to establish the time and
place of a public hearing and to cause notice thereof,
substantially in the form of the Notice of Public Hearing attached
hereto, to be published once, at least 14 days prior to the
hearing, in the Alameda Times-Star‘
12. Other Requirements
This resolution does not authorize an exemption from
any requirements of the City or'any department or, agency thereof
including without limitation the City Planning Board, or other
governmental body that would apply in the absence of the proposed
Bond financing.
13. No Allocation
This 'resolution does not constitute an allocation of
any part of the allocation to the City of industrial development
bonds that it may issue.
14. Officials Authorized
The appropriate officers, employees and agents of the
City are hereby authorized to carry out the intention hereby
expressed, by participation in the negotiation and review of the
subsequent proceedings and by such other means as in their judgment
is necessary or, desirable.
15. Amendments
This resolution may be supplemented, amended or
revoked, in whole or in part, from time to time or -at any time, by
the City Council, without the incurrence of liability to the
Participating Party or'any other' person.
16. Supercession
In the event of any inconsistency between the terms of
this resolution and the terms of the Bonds or other subsequent
agreements between the City and the Participating Party the
provisions of the Bonds and such other agreements shall control.
I hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the City Council of the City of
Alameda, California, at a.. regular meeting thereof held on
, 1986, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers:
NOES, Councilmembers:
ABSENT, Councilmembers:
APPROVED:
Mayor
City Clerk of the City of
Alameda
-5- 08/11/86
NOTICE OF PUBLIC HEARING
on Application of
Park-Street Landing, a California limited partnership
for
Industrial Development Revenue Bond Financing
Applicant: Park Street Landing, a California limited partnership,
or,a related person (the "Participating Party")
Estimated Aggregate Principal Amount of Bonds: $2,250,000
Initial Owner of Facilities: the Participating Party
Initial Operator or Manager of Facilities: the Participating Party
Facilities to be financed by Bonds (the "Project"): Approximately
3 new buildings aggregating about 35,000 square feet of
space for marine-oriented commercial uses and additions to
and the improvement and rehabilitation of 1 existing
building aggregating about 5,000 square feet of space for
retail food and beverage services; approximately 20
commercial-marina boat berths, about 15 of which are expected
to be used by boats used for recreation or' entertainment,
and gangway access; embankment stabilization along the
Alameda Estuary: a clock tower, and other,distinguishing
architectural features; boardwalks and other walkways,
platforms, landscaping and lighting; utilities, curbs,
gutters, sidewalks and parking improvements.
Location of Facilities: Odd-numbered premises 2301 through 2337
Blanding Avenue, along the Alameda Estuary, in Alameda,
California.
Industrial development revenue bond financing in maximum
principal amount adequate to finance acquisition by the
Participating Party of the Project, the amount of which is
currently estimated at $2,250,000, is proposed to be provided by
the City of Alameda pursuant to Ordinance No 2057, New Series,
entitled "Ozdinance of the City of Alameda Relating to the
Financing of Industrial and Commercial Development Within Said City
In the Interests of the Public Health, Safety and Welfare," passed
and adopted by the City Council of the City on July 9, 1981, or
other law applicable at the time of the financing (the "Bond Law").
The financing is to be 'repaid by payments to be made by the
Participating Party.
As provided by the Bond Law, neither the faith and credit
nor the taxing power of the City of Alameda will be pledged to the
payment of the principal of or interest on such revenue bond
financing, and the issuance of such bond financing will not,
directly or indirectly or, contingently, obligate the City Council
to levy or'pledge any form of taxation or to make any appropriation
for' payment.
NOTICE IS HEREBY GIVEN that the City Council of the City of
Alameda will hold a public hearing on , 19 , at the
hour of o'clock .m., in the Council Chambers, C y Hall,
Santa Clara Avenue and Oak Street, Alameda, California, 94501, on
the question of approval of the provision of said revenue bond
financing to finance the Project, at which time and place all
persons desiring to be heard with differing views on provision of
the financing and the location and nature of the facilities will be
given a reasonable opportunity to express their, views, both orally
and in writing. Further information may be obtained by contacting
Bruce Rupp, City Manager, Suite 301 City Hall (telephone no. (415)
522 -4100, ext. 200), or Ron Gerber, Executive Vice President,
Economic Development Corporation of Alameda, Suite 102 City Hall,
(telephone no. (415) 521- 1833), Santa Clara Avenue and Oak Street,
Alameda, California 94501.
Dated: , 19
City Clerk
-2- 08/11/86
PRELIMINARY AGREEMENT
THIS PRELIMINARY AGREEMENT, by and between the CITY OF
ALAMEDA, a charter city (the "City ") and PARK STREET LANDING, a
California limited partnership (the "Participating Party ") ,
W I T N E S S E T H:
WHEREAS, the parties desire to set forth certain terms and
conditions relating to the payment of fees and expenses in
connection with the preparation for issuance and issuance of
industrial development revenue bonds (the "Bonds ") to finance a
commercial project (the "Project ") in proceedings under resolution
of the City Council of the City entitled "A Resolution of
Acceptance of Application for Financing and of Determination and of
Intention to Undertake Project and to Issue Bonds Therefor, and
Approving and Authorizing a Preliminary Agreement Between the
Participating Party and the City With Reference to Such Financing"
(the "Resolution of Intention ") , pursuant to which this Agreement
is approved by the City;
NOW, THEREFORE, the parties hereto agree as follows:
1. The Participating Party will pay, or Intake arrangements
for persons other than the City to pay, all costs which are
Administrative Expenses under-the Bond Law and all other costs
involved in connection with the preparation for issuance and the
issuance of the Bonds, including by way of example and not
limitation, fees and disbursements of bond counsel, the City
Attorney, the Economic Development Corporation of Alameda, the
Participating Party, underwriters or financial advisors, and any
other experts engaged by the Participating Party or by the City
(with the Participating Party's prior written approval) in
connection with the preparation for issuance and the issuance of
the Bonds, bond printing and other printing or reproduction costs,
publication costs, costs incurred in order to obtain a rating for
the Bonds, and California Debt Advisory Commission and California
Debt Limit Allocation Committee fees. Such costs may be paid from
proceeds of sale of the Bonds. In the event that the Bonds are not
issued for any reason, the Participating Party shall pay all of
such costs and assume the obligations, if any, of the City for
payment of such costs.
2. The Participating Party will pay to the City, upon
the issuance of Bonds, a fee in the amount of one - quarter of one
percent (1/4 of 1 %) of the principal amount of the Bonds, which fee
shall be non - refundable.
3. The Participating Party will pay the cost of
preparation of any studies, reports or other documents necessary to
be prepared by or for the City in order to comply with the
California Environmental Quality Act.
4. The Participating Party will pay any and all costs
incurred by the City in connection with any legal action
challenging the issuance or validity of the Bonds or the use of the
proceeds thereof, or challenging proceedings or determinations by
the City under the California Environmental Quality Act.
5. The Participating Party understands that this
Agreement does not exempt it from any requirements of the City or
any department or agency thereof or other governmental body that
would apply in the absence of the proposed Bond financing, and
compliance with any such requirements is an express precondition to
the issuance of the Bonds by the City.
6. The Participating Party further understands that the
issuance of any Bonds by the City is subject to the conditions set
forth herein and in the Resolution of Intention, and is contingent
upon the City being satisfied with all of the terms and conditions
of the Bonds and the issuance thereof and that such issuance is in
the best interests of the City, and that the City shall not be
liable to the Participating Party or to any other person if the
City shall determine for any reason not to issue the Bonds.
Nevertheless, the Participating Party will remain liable for
payment and performance under the various provisions of this
Agreement.
7. The City shall proceed pursuant to the Resolution of
Intention with the planning and preparation of the necessary
proceedings for the issuance of the Bonds to finance the Project,
upon request, from time to time, of the Participating Party.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on this day of , 1986.
CITY OF ALAMEDA
By
City Manager
"City"
PARK STREET LANDING, a California
limited partnership
By
General Partner
-2- 08/07/86
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 19th of August, 1986,
by the following vote to wit:
AYES: Councilmembers Corica, Lucas, Monsef and President Diament - 4.
NOES: None.
ABSENT: None.
ABSTENTIONS: Councilmember Hanna - -1.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 20 day of August, 1986.
City'Clerk of the City of Alameda