HomeMy WebLinkAbout1258RESOLUTION NO. 1258
A RESOLUTION of the City Council of the City of
Kent approving the issuance by the City of
Kent Economic Development Corporation of its
Industrial Revenue Bonds, 1990 (Baer Family
Partnership Project) in the principal amount
of $3,000,000 pursuant to Chap. 39.84 RCW; and
approving the resolution of said public
corporation authorizing said bonds and other
documentation in connection with the issuance
of said bonds.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by municipalities,
including cities, pursuant to Chapter 300, Laws of Washington, 1981
(Regular session) codified as Chapter 39.84 RCW, as amended (the
"Act"), for the purpose of facilitating economic development and
employment opportunities in the State of Washington; and
WHEREAS, pursuant to the Act, the City Council of the City of
Kent has, by Ordinance No. 2419, created and approved the charter
of a public corporation, designated as the "City of Kent Economic
Development Corporation" (the "Development Corporation") to carry
out the purposes of the Act; and
WHEREAS, the Development Corporation has received an applica-
tion from the Baer Family Partnership (the "Partnership") for the
financing of the acquisition, construction and equipping of
manufacturing facilities for the processing of meat products (the
"Project") to be located at 7622 s. 188th Street within the
boundaries of the City of Kent (the "City"); and
WHEREAS, the Development Corporation has reviewed the appli-
cation of the Company, has determined that the Project qualifies
as an "industrial development facility" within the meaning of the
Act and by Resolution No. 1990-50 adopted on September 18, 1990,
has authorized the issuance and sale of its Industrial Revenue
Bonds, 1990 (Baer Family Partnership Project) in the aggregate
principal amaount of $3, 000, 000, the proceeds of which will be
loaned to the Partnership pursuant to a Loan Agreement dated as of
September 1, 1990 (the "Loan Agreement") between the Development
Corporation and the Partnership; and
WHEREAS, the Act requires that the governing body of the
creating municipality approve the resolution of the Development
Corporation authorizing the issuance of bonds by the Development
Corporation; and
WHEREAS, the Act also provides that each county, city or town
within whose planning jurisdiction the Project is to be located
must approve the issuance of bonds by the Development Corporation
for such Project; and
WHEREAS, the Development Corporation has requested such
approvals of the City pursuant to the Act; and
WHEREAS, the City Council of the City has been assured that
there will be no financial liability accruing to the City as a
result of such approvals and that its planning jurisdiction
approval shall constitute approval solely for the purpose of
permitting the Development Corporation to proceed with the issuance
of such bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF KENT, WASHINGTON, as follows:
Section 1. The City Council does hereby approve the
issuance of the Bonds by the Development corporation in the
aggregate principal amount of $3,000,000 for the purposes therein
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described and referred to in the recitals of this resolution and
in the Bond Resolution and the agreements to issue the Bonds
therein expressed and approved, copies of which are on file among
the records of this meeting, in accordance with RCW 39.84.100.
Section 2. The City Council hereby also approves the
issuance of the Bonds pursuant to the requirement of RCW 39.84.060
for planning jurisdiction approval of the Bonds. This approval
shall not in any way be deemed to be a review or final approval of
any development permit for the Project which may be in process, or
may be submitted at a future date.
Section 3. This resolution shall take effect immediately
from and after its adoption.
ADOPTED by the City Council of the City of Kent, Washington,
this 18th day of September,
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CI~ OF KENT
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CERTIFICATE
I, the undersigned, Clerk of the City Council of the City of
Kent (the "City"), DO HEREBY CERTIFY:
1. That the attached Resolution numbered 1258 (herein called
the "Resolution") is a true and correct copy of a resolution of the
City as adopted at a meeting of the City Council of the City held
on September 18, 1990 and duly recorded in my office.
2. That said meeting was duly convened and held in all
respects in accordance with law, and to the extent required by law,
due and proper notice of such meeting was given; that a legal
quorum was present throughout the meeting and a legally sufficient
number of members of the City Council of the City voted in the
proper manner for the adoption of the Resolution; that all other
requirements and proceedings incident to the proper adoption of the
Resolution have been duly fulfilled, carried out and otherwise
observed, and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City this 18th day
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(SEAL]
1990.
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