IDA84-05RESOLUTION NO. IDAA84-5
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
ANAHEIM, MAKING DETERMINATIONS WITH RESPECT TO THE
FINANCING OF THE CONSTRUCTION OF A WAREHOUSING FACILITY AND
AUTHORIZING CERTAIN ACTS IN PREPARATION THEREFOR.
WHEREAS, RUSS Berrie desires to construct a warehousing facility to
be leased to Russ Berrie and Company Los Angeles, Inc., a California
Corporation ("Applicant"), the facility is to be located on a 2-1/4 acre site
near Industrial Avenue and Hancock Street, Anaheim, California (the
"Project"); and
WHEREAS, the Applicant is willing to relocate its present facility
which is presently located within the jurisdiction of the Authority if the
Authority will issue its revenue bonds in an amount not to exceed Two Million
Five Hundred Thousand Dollars ($2,500,000) to finance the Project pursuant to
the California Industrial Development Financing Act, California Government
Code Section 91500 et seq. (the "Act"); and
WHEREAS, the Applicant has submitted, and this Board of Directors has
accepted an application requesting financing for the Project (the
"Application"); and
WHEREAS, the Authority may not issue bonds to finance the Project
until this Board of Directors makes certain determinations with respect to
public benefits and qualifications of the Project as required by the Act;
WHEREAS, the Board of Directors has carefully considered and
discussed the information contained in the Application and other information
necessary to make such determinations.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. That the Board of Directors hereby finds and determines:
(a) That the use of the Project for the purpose of warehousing
and distribution of Russ Berrie and Company products, including but
not limited to stuffed toys, greeting cards and gift products is in
accord with Section 91503 of the Act;
(b) That use of the Project is likely to produce employment
benefits by securing and increasing the number of employees of Russ
Berrie and Company Los Angeles, Inc., the lessee as more particularly
set forth in the Appliation;
(c) That the issuance of revenue bonds by the Authority in an
amount not exceeding Two Million Five Hundred Thousand Dollars
($2,500,000) to finance the Project (the "Bonds") is likely to be a
substantial factor in the accrual of each of the public benefits
resulting from the use of the Project as proposed in the Application;
and
(d) That the proposed financing is otherwise in accord with the
purposes and requirements of the Act.
2. The Authority does therefore intend to approve said Project and
issue Bonds in the amount of $2,500,000 in accordance with the following terms
and conditions.
3. The Bonds will be payable solely from the revenues to be received
by the Authority pursuant to a financing agreement to be entered into between
the Authority and the Applicant (the "Agreement"), and shall have a term of
not more than forty years.
4. The bonds shall be issued subject to the conditions that (i) the
Authority and the Applicant shall have first agreed to mutually acceptable
terms for the Bonds and of the sale and delivery thereof; and mutually
acceptable terms and conditions of the Agreement; (ii) the City Council of the
City of Anaheim (the "City") shall have approved this action of the Authority
and shall have caused the City Clerk of the City to certify such approval to
this Authority; (iii) the California Industrial Development Financing Advisory
Commission shall have approved the Project, as described in the Application,
and authorized the issuance of the Bonds therefor; (iv) thirty days from the
date of publication of this approval shall have elapsed; and (v) all other
requisite governmental approvals shall have been first obtained.
5. The Secretary of the Authority is hereby authorized and directed
as soon as possible to certify the determinations and actions of the
Authority, as set forth herein, to the City Council of the City for its
further consideration, as required under the Act; a copy of this Resolution
and a copy of the Application for financing of the Project, as submitted by
the Applicant to be attached to said certification.
6. The Secretary is hereby authorized and directed to cause to be
published one time in a newspaper of general circulation in the City, namely
the Anaheim Bulletin, a notice in substantially the form before this meeting,
naming the Applicant, stating the estimated maximum bond issue, describing the
Project in general terms, and stating that the Application for financing has
been approved by the Authority.
THE FOREGOING RESOLUTION is approved and adopted by the Industrial
Development Authority of the City of Anaheim this 4th day of December
1984.
ANAHEIM INDUSTRIAL DEVELOPMENT AUTHORITY
ATTEST:
SECRETARY
ANAHEIM INDUSTRIAL DEVELOPMENT AUTHORITY
0049I
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Industrial Development Authority of
Anaheim, do hereby certify that the foregoing Resolution No. IDAA84-5 was
passed and adopted at the regular meeting of the Industrial Development
Authority of Anaheim held on the 4th day of December, 1984, by the following
vote of the members thereof:
AYES:
AUTHORITY MEMBERS: Kaywood, Bay, Pickler and Roth
NOES:
AUTHORITY MEMBERS: None
ABSENT: AUTHORITY MEMBERS: 0verholt
AND FURTHER CERTIFY that the Chairman of the Industrial Development Authority
of Anaheim signed said Resolution on the 4th day of December, 1984.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 4th day of
December, 1984.
(SEAL)
SE6WRETARY OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF ANAHEIM