HomeMy WebLinkAbout1059CITY OF KENT, WASHINGTON
RESOLUTION NO. /_O.~:J I
A RESOLUTION of the City Council of the City of
Kent, Washington, approving the proposal of the City
of Kent Economic Development Corporation to finance
certain industrial development facilities to be
located in the City of Kent.
WHEREAS, the City of Kent Economic Development Corporation
has proposed pursuant to its Resolution No. 1985-19, a copy of
which is attached hereto as Exhibit A, to issue nonrecourse
industrial development revenue bonds to finance the cost of
acquiring, constructing and installing certain industrial
development facilities (the "Project") for Brotherton-Pleas,
located in the City of Kent, Washington (the "City"); and
WHEREAS, Chapter 300 of the Laws of 1981 of the State of
Washington (Chapter 39.84 RCW) requires that such a proposal to
issue nonrecourse industrial development revenue bonds be
approved by the City inasmuch as the City exercises planning
jurisdiction over the area in which the Project is located; and
WHEREAS, the City Council of the City finds that all City
planning requirements for the Project have been or reasonably
may be expected to be satisfied and that the financing of the
Project should be approved under RCW 39.84.060; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, that the financing of the Project as proposed by the
City of Kent Economic Development Corporation in its Resolution
No. 1985-19 is hereby approved.
The foregoing resolution was adopted by the City Council of
the City of Kent, Washington, and approved by the Mayor, at a
regular open public meeting this 6th day of ____ Ma~y ______ _
1985.
ATTEST:
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City Clerk ~
FORM APPROVED:
1622k
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Mayor
CITY OF KENT ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. /9~5-19
A RESOLUTION of the City of Kent Economic
Development Corporation determining to sell bonds
to provide funds to finance an industrial
development facility for Brotherton-Pleas, a
General Partnership, and its lessee, the Robbins
Company, within the City of Kent, Washington, and
determining related matters.
WHEREAS, the City of Kent Economic Development Corporation (the 11 Issuer 11
)
is authorized and empowered by the provisions of Chapter 300, Laws of 1981 of
the State of Washington {Chapter 39.84 RCW) (the 11 ACt 11
), to issue nonrecourse
revenue bonds for the purposes of facilitating economic development and
employment opportunities and financing all or part of the cost of constructing
and improving industrial development facilities within the City of Kent,
Washington; and
WHEREAS, in order to facilitate economic development and employment oppor-
tunities, Brotherton-Pleas, a Washington partnership, and its lessee, the
Robbins Company, a Washington corporation {collectively, the 11 Company 11
),
intend to construct and improve an industrial development facility (the
11 Project11
) within the City of Kent, a description and estimated cost of which
is contained in Exhibit A attached hereto and made a part hereof; and
WHEREAS, the Company has requested the Issuer to issue and sell its
revenue bonds pursuant to the provisions of the Act for the purpose of
assisting in financing the costs of the Project; and
WHEREAS, the Issuer desires to assist the Company by issuing and selling
revenue bonds and lending the bond proceeds to the Company to assist in paying
the costs of the Project, thereby promoting economic development and employ-
ment opportunities within the City of Kent and the State of Washington; and
WHEREAS, it is considered essential that construction and improvement of
the Project be completed at the earliest practicable date, but the Company
wishes to begin construction and improvement of the Project only after
receiving satisfactory assurance from the Issuer that the proceeds from the
sale of revenue bonds of the Issuer in an amount necessary to pay the costs of
the Project will be loaned to the Company to assist in financing the Project;
and
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WHEREAS, the Issuer considers that the construction and improvement of the
~ Project, and the financing of the same, will promote the purposes of the Act
and the public purposes of the Issuer; and
WHEREAS, Treasury Regulations Section 1.103-8(a)(5), adopted under Section
103 of the Internal Revenue Code of 1954, as amended, requires that, in order
for interest on industrial development bonds to be exempt from federal income
taxation, the issuer of such bonds must adopt a bond resolution with respect
to such bonds or take some other similar official action toward the issuance
of such bonds prior to the commencement of construction or the improvement of
the Project being financed with the proceeds of such bonds, and one of the
purposes of this resolution is to satisfy the requirements of such regulations;
NOW, THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF KENT ECONOMIC
DEVELOPMENT CORPORATION as follows:
Section 1. The relocation and improvement of the Company's warehousing,
assembly and manufacturing business within the City of Kent and the State of
Washington will result in significant benefits to the City and the State, will
contribute to the alleviation of unemployment in the City and the State, will
have a favorable impact upon the economy of the City and the State and will
promote the welfare of the citizens of the City and the State.
Section 2. To insure the construction and improvement of the Project,
with the public benefits resulting therefrom, the Issuer will issue and sell
its nonrecourse revenue bonds or other obligations (the "Bonds") pursuant to
the provisions of the Act in a principal amount of not to exceed $1,200,000 to
assist in financing the cost of the Project described in Exhibit A together
with the costs incident to the authorization, sale, issuance and delivery of
the Bonds.
Section 3. The proceeds of the Bonds will be used to assist in financing
the construction and improvement of the Project.
Section 4. The Bonds will be payable solely from both the revenues
derived as a result of the Project funded by the Bonds, including, without
limitation, amounts received under the terms of any financing document or by
reason of any additional security furnished by the Company in connection with
the financing of the Project, and, if necessary, from money and other property
received from other private sources. The Bonds shall bear such rate or rates
~-~ of interest, payable at such times, shall mature at such time or times, in
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such amount or amounts, shall have such security, and shall contain such other
terms, conditions and covenants as shall later be provided by the Board of
Directors of the Issuer.
Section 5. The Bonds shall be issued subject to the conditions that (a)
the Issuer, the Company and the purchaser of the Bonds shall have first agreed
to mutually acceptable terms for the Bonds and the sale and delivery thereof
and mutually acceptable terms and conditions of the loan or other agreement
for the Project, (b) all governmental approvals and certifications and
findings required by the Act and other laws applicable to the Bonds first
shall have been obtained, and (c) the Company shall have agreed to reimburse
the Issuer in connection with or by reason of the financing of the Project and
to pay such other reasonable expenses of the Issuer or the City of Kent in
enabling this financing to be accomplished.
Section 6. The Company is authorized to commence construction and
improvement of the Project and advance such funds as may be necessary there-
for, subject to reimbursement for all expenditures to the extent provided
herein and only out of proceeds, if any, of the issue of Bonds herein author-
ized.
Section 7. It is intended that this resolution shall constitute "some
other similar official action 11 toward the issuance of the Bonds within the
meaning of Section 1. 103-8(a)(5) of the Treasury Regulations promulgated under
Section 103 of the Internal Revenue Code of 1954, as amended.
ADOPTED by the Board of Directors of the City of Kent Economic Development
Corporation at a special open public meeting this 14th day of March, 1985.
ATTEST:
0860L-11 L
CITY OF KENT ECONOMIC DEVELOPMENT
CORPORATION
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EXHIBIT A
Construct and improve 94,000 square feet of existing warehouse, assembly and
manufacturing space and related and subordinate office and parking facilities
at 22445 76th Avenue South, Kent, Washington. Estimated cost: $1 ,200,000.
0860L-11L