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HomeMy WebLinkAboutURA RES 2018-06 208 BOARD OF COMMISSIONERS OF THE URBAN RENEWAL/&G8CC#CY OFT HE CITY OF CALDWELL REKMB0RSEMENTRESOD~01[ION [Official Intent pursuant tw Section 1.850-2, Code ef Federal Regulations] 9V|lER}}&S, the Board o[Commissioners wfthe Urban Renewal Agency of the City of' Coldvv*U (tbc "Agency") has budgeted Cbr ocdyio expenditures up to $4,500,000 for certain capital expenditures prcjects vvi1bio the Agency's boundaries, including but not ]irudod to the Indian Creek Plaza construction and renovation(the °^P jcct"); WHEREAS, the Board of Commissioners of the Agency (the "Board") intends to issue a Revenue Allocation Bond to Banner Bank (the "Bond")to finance all or a portion of the ProJect; WfUEKB/\S, the z1gcooy has incurred expenditures and expects 10 incur furdhcr expenditures related to the Pr 'eot and the Agency reasonably intends |o reimburse itself for such prior expenditures on the P 'cct incurred (i) */i1biu 60 days prior to the do1c hereof, or (ii) u8cr the dote hereof but prior tothe issuance of the Bond ((bc ``0clnobormuh|e Cxpendihuuzn") with the proceeds of the Bond; and WHEREAS, the Agency expects such reimbursement to occuz not later than 18 r000Uzm after the later of the (i)Lbe date of the KcirobuzaablcBspsodi1urcm~ or (ii) the date the Pr 'cctiu placed in service, but 110 later than three years after the du1c of the Reimbursable Bxpcodinurcm, NOW, TBEKEFOkB, 8ElTRESDLVEDbythe Board ofthe Agency, as fbi|o*u: Section 1. The purpose of this Resolution imto permit the Agency to reimburse itoc|[bur Reimbursable Expenditures relating 10 the project FronotheprvcecJso[thcl\nnd. Section 2. The Agency has incurred fleiooburmub|c Expenditures and intends to incur further Reimbursable Expenditures with respect to the Pr 'cotpciorro the imanmzoc of the Bond and reasonably expects to be reinibursed for Such Reimbursable 1",xpendiftires from the proceeds o[(be issuance o[LbeBond. Section 3. The omuxizounz principal amount of the Bond expected 10 be issued to finance the Pzoiootia $4,50O.000. Section 4. This declaration of official iooeudoo is cuudo pursuant to Section 1.150-2, Code of Federal F<cgulu1iwua (|bc ^^}leguia1iVnu"). Under the Regulations, the Agency may reinnburuu capital expenditures incurred up to 60 days prior io the date buceo[ which would be capital expenditures incurred omor after December |4, 2Ol7. Section 5. The officers of the Agency are hereby authorized and directed, for and in file |� ooznc and on behalf ofthe /\gcouy to take any and all actions and execute, uukuovviodge and \ i ��� �������� ������������ KB(��B0fiSBB�E��TD�SA[0TlOM- l i � 46143.0003.10599195 1 deliver any and all agreemcnts, instruments or other documents and revisions or corrections thereof and amendments thereto, as may in their discretion be deemed necessary or desirable to carry out the terms,provisions and intent of this Resolution. ADOPTED AND APPROVED this 12th day of February, 2018. BOARD Ol" cOMMISSIONERS OF "FETE;URBAN RENEWAL AGENCY OF THEW CITY OF CALDWEA-1, BY: 'h... r /,hairman Attest: Secretary oly ope '0 0i N V rrwwwwwwwwww REIM BU RSEMENT RESOIAYYlON - 2 46143.0003.10589191 1 � �mmm ������\ �� \ 7� �y\ , a ¥ $ �© � . * » !2 = � /k \ !$ k !f{, ; « `�a - © � �� � �/�/ � *�s �\/��>