HomeMy WebLinkAboutURA RES 2012-01 1
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RIESOLUTION NO, 2012,1
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BY THE BOARD OF COMMISSIONERS OF THE, URBAN T RE 1 WL
AGENCY OF THIS CITY OF C.AL.DWELL, IDAHO.
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RESOLUTION BY THE BOARD OF COMMISSIONERS NERS CAF THE
URBAN RENEWAL AGENCY OF THE CITY OF CAL DWELL.,
IDAHO, AUTHORIZING CER!rAIN PRELIMINARY ACTIONS WITH
RESPECT TO THE ISSUANCE AND SALE BY THE AGENCY OF
REVENUE ALLOCATION (TAX INCREMENT) BONDS TO
FINANCE THE CONSTRUCTION TRUCTIC N CAF CERTAIN TAIN URBAN R NEWAT,
PROJECTS FOR USE BY CANYON C CUNT , IDAHO I
ACCORDANCE WITH THE URBAN RENEWAL PLAN FOR THE
C LDWELL EAST URBAN RENEWAL PROJECT.
URBAN RENEWAL AGENCY OF THE CITY CAL WELL, IDAHO
REVEL ALLOCATIbN TAX INCREMENT)BONDS
DS
(ADMINISTRATION BUILDING PROJECT)
5 PRINCIPAL AMOUNT OF UP TO $81500,000
WEEREA , tie Urban Renewal Agency of the City of Caldwell, Idaho (the"Agency")i
an independent .public body corporate and politic, authorized udder the authority of the Idaho
Urban Renewal Law of 1965, Title 50, Chapter 20 of the Idaho Code, as r end d (the "Law"'),
and the Local Economic Development Act, Title 50, Chapter 29, as ineilded("the "Act"), and a
duly created and existing urbati renewal ag ny of the City of Caldwell,Idaho tine"City'"); and
WERE S, the City Council of Caldwell, Idaho (the "`Cit "), after notice duly
published, conducted a public hearitig on December 21, 1998, on the Urban Renewal Plan (the
"Plan")for the Caldwell East Ur an Renewal Project(the`{UrbanRenewal Project"); and
WHEREAS, following said public hearing, the City Council adopted its C rditiance
No. 2260 on December 21, 1998 approving the Urban Renewal Plan, as amended, and making
certain findings, which Urban Renewal Plall was further amended on September 29, 2003 by
Ordinance c No. 2480 dnd again on. November 21, 2005 by Ordinance No,2575, following
.,appropriate public hearings aril notices there f; and-
VI RF S, the Board of Cormnigsioners of the Agency (th `"Board"' iS aUth r
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pursuant to the Law to issue bonds to fffiance "urban renewal pros is"-as defined hi the Law;
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WHERAS, the Plan allows the fitiaticing of urban renewal projects with revenue
allocation funds pursuant to the Act; and
RESOLUTION LUTION- 1
46143.0001.5401381.2
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WT AS, Canyon County, Idaho, (the "County", has identified certain bare land
owned by the County, which it intends to use for an administration building to house the Board
of County Cominissioiiers (tile "Commissioners"), the office of the Treasurer, the Office of the
Assessor, Development Service, Department, plat room, tint shop, human resour es, public
meeting room, County Clerk's office of Elections and Passports, Auditing and hidigent Services
for the County(the"Administration Building"); and
WHEREAS, the Commissioners have_ rc guested assistance froin the Agency for the
purpose-of financing the Administration Building to be constructed by the County pursuant to '
Guaranteed Maximum Price Design-Build Constmchon Contract (the "Cons(ructi Contract"
to be entemd into by the County and a Design--Builder to be selected by the County; and
WHEREAS-, the Agency has determiried that financing. eonstivetion of the
Administration Building on land that is presently bare furthers the goals of the Plan, including,
among other goals, to devitalize, redesign, redevelop undeveloped areas which are stagnant or
impropierly utilized and to strengthen the economic base of the Urban Renewal Project area by t
the installation of public facilities to stimulate new cointnerci_ i expansion, employment and
economic growth, and is consist.ent with Section 800, "Duration of the Plan" as it was amended
in 2005; and
VafflREAS, pursuant to the Act and the L'aw(collectively, the"URA Acts"), the Agelicy
is autho-rued to issue beads to carry out the purposes,and various projects under the Plan and to
enter into andUITY out contracts or agreements in connection therewith; and
wHB BAS, at this thee, the Agency desires to -assist the County by financing die
construction of the Administration Building the `Project") to be located on laud (the `{Larid"
currently owned by Canyon County,Idaho (the"County"); and
WHEREAS, it'is the intent of the County that the Agency's role shall be limited to
ro iding.an agreed upon suin of inoney each year to finance the Project And to be' the Owner of
the Project fora period of time, but that the County shall be responsible for construction,
operation and maintenlince of the Project; add
WHEREAS, in order to enable the Agency to finance the Project, the Agency desires to
lease the Land from-the County pursuant to the terms of a Ground Lease(the'"'Ground Lease") to
be entered into between the County and the Agency; and
�E REAS, the Agency further desires to lease(lie Project to the County for its use as all
administration Wilding,pursuant to the terms of a Lease Agreement(the`{Lease Agreement") to
be entered into between the County and the Agency, which authorizes the County to lease the
Project throughout the term of the Boris and provides the County with an optioh to purchase the
Project when the B ond s have been fully paid and defeas d; and
WHEREAS, the County, at the request of the Agency, has prepared a Request for Bids
for the purchase of the geney's Revenue Allocation (Tax In rennent) Bonds, Series 2012
(Administration Building Project) (the "'Bonds"'), the proceeds of which may be used to
(i)finance the Project, including the use of any excess proceeds for other capital improvement
projects of the County; (ii)fund a mserve fund; and(iii)pay costs of issuing the Bonds; and
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WHEREAS, the County has received several responses to the Request; and
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VMEREAS, upon review of the responses, the Commissioners have recommended the
propos al by Banner Bank to the Agency, which involves a direct porch s e by B ark of the Bonds;
and
WHEREAS,the County's r commendation t o the Agency is premised upon the condition
that prior to the disbursement of the proceeds of the beads for conMuction purposes, the
Con tiuctlon Contract shall be in place and ensure that the Project ct con be constructed with the
marries available from the-sale of the Boards.
WHEREAS, the. Agency has reviewed the responses and the recommendation by the
County, and desires to select Banner Bank, as initial purchaser of the Bonds (the "Initial
Purchaser") and move forward with the issuance and sale of the Bonds and entry into the Ground
Lease and Tease Agreement for the purpose of assisting the County with the construction of its
Administration Building on the sand.
NOW, THEREFORE, 13E YP AND IT IS HEREBY RESOLVED BY THE BOARD OF ,
COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF
CALI WEL.L,IDAHO, AS FOLLOWS:
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Se.ction 1. }Pursuant to the URA Aces, and at (lie request of Canyon County, it' is
anticipated that revenue allocation bonds of the Agency designated the "Urban Renewal
k Agency of the City of Caldwell, Idaho Revenue Allocation (flax e'rement)_Bonds, Series 2012
(Administration Building Proje t "will be authorized to be i sued for the purpdse o assisting the
County with construction of an administration building to be located on bare land ow' ned by the
County and located within thd Urban Renewal Project area subject to satisfaction of certain
conditions.
Section 2. The Board hereby selects Banner;Bank as Initial Purchaser of the Bonds oil
terins and conditions set forth In the Bid received by Purchaser in-response to the Agency's
Request for Proposals,
Section 3. It is anticipated, subject to the satisfaction of such conditions as Elie Board. .
deems appropriate in its complete discretion, that the Bonds shall be sold to the hiitial PurchasO
pursuant to a Bond Resolution and a Bond Purchase Agreement to be ad pted or entered into oil
approximately November 26, 2012 (the ""Approval Date!"), and vritb a closing date on or about
December 27, 2012 (the "'Closing Date'). The Bond Resolution and related documents
eontamo m" g the substantially ail of the terins of the Bonds, shall be presented to the Boar(] for
preliminary approval on November 26, 2012 in substantially fin l`form, and for final a pp`oval on
.:Elie.-Closing Date, subject to the approval of the final terins of'the Bonds by the Agency and �
Agm1rdtice by the County that the principal arnount of the Bonds shall be sufficient to finance'the -
Project. The Bend Resolution and related documents will contain approved conditions relating
to the,cost of constructing the Project to be set forth in the Construction Colitract. In connection
with the-is uati a and sale of the Bonds, the Agency and the County shall enter into the Ground
Lease and Tease Agreement on or prior to the Closing Date providing for the lease of the Land to
the Ageney throughout the terra of the Bonds, and providing for the coils truction of the Project
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by the, County and the lease of the Projcct to the County foi- use as an Administration Building,
The Ground Lease and Lease Agreement shall be res nted to the Agency for preliminary
approval, in sub tanti Il r final form, on I ov mber 26,2012, and for final execution no Inter than
the Closing Date.
Section 4,, The hereby Board authorizes its Chairman to work with the Ptircha er and
Hawley Tro ell Ennis & Hawky LL.P, Bond Counsel, to prepare the Bond Resolution, Ground
Lease,Use Agreement, and related documents-with respect to the Bonds and the Project.
Section 5. If any section, pacagr ph, clause or provision of the foregoing resolutions
shall for any reason be held t o be hivalid or unenforceable, the invalidity or unenfor a bility of
such section, paragraph, clause or provision shall not affect any of the remaining pro isi ns of
trio resolutiom
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PASSED AND APPROVED this 6th day of November,ber,2012,
% �� URBAN RENEWAL AGENCY
THE CITY OF
4� lug CALDWELL f H Ii i
• . Chairman, Mard 6f Commissioners
ATTEST:
t
ary
RESOLUTION
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