HomeMy WebLinkAbout1250RESOLUTION NO . I Z,. ~
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 Bond, 1990 (Heinz and
Renata Streng Project) in the principal amount
of $850,000 pursuant to Chap. 39.84 RCW; and
approving the resolution of said public
corporation authorizing iaaid bond and other
documentation in connection with the issuance
of said bond.
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, l9Bl
(Regular Session) codified as Chapter 39.84 RCW, as amended (the
0 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, oreated·and approved the charter
of a public corporation, designated as the "City of Kent Economic
Development Corporation" (the 0 Davelopment Corporation") to carry
out the purposes of the Act; and
WHEREAS, the Development Corporation has received an applica-
tion from Heinz and Renate Streng (the "Borrower1') for the financ-
ing of the acquisition and construction of manufacturing facilities
(the "Project") at Southcenter Corporate Park Y¥ithin 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. lqCJ"o-11 adopted on July 3, 1990, has
authorized the issuance and sale of its Industrial Revenue Bond,
1990 (Heinz and Renate Streng Project) in the aqqregate principal
amaount of $850,000, the proceeds of which will be loaned to Heinz
and Renate Streng (the 0 Borrowers") pursuant to a Loan Agreement
dated as of July 1, 1990 (the 11 Loan Agreement") between the
Development Corporation and the Borrowers; 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 suoh
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 purpo13e 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. Tha City council does hereby approve the
issuance of the Bond by the Development Corporation in the amount
of $850,000 for the purposes therein described and referred to in
the recitals of this resolution and in the Bond Resolution and the
-2-K;\DOT\20093·00.001\ZnAPPROV.OQF
\oll,..,j'4 I U I I ) ; ""''W'tl' ...... ,_ , •• , ... ..., ......... ...,., ...... \.1•1_ .... ,
"
aqreements to issue the Bond 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 tha
issuance of the .Bond pursuant to the requirement of RCW 39.94,060
for planning jurisdiction approval of the Bond. 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 taka effect immediately
from and after its adoption.
ADOPTED by the city co neil of the city of Kent, washinqton,.
this 3rd day of July, 1990.
r
ATTEST:
~a=-Clerk~
~ENI l:lY; , ,-v·-"u , 1v•4t.. , ~·~~~....vlvl~ 111"'''""'\"'l•• .... w•' ¥••. ,.., ··-···
CERTIFICATE
I, tha undersigned, Clerk of the city council of the city.of
Kent (the HCity"), DO HEREBY CERTIFY:
l. That the attached Resolution numbered /~ (herein
ealled 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 ~uly 3, 1990 arid 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 Qf the
Resolution have been duly fulfilled, carried out and otherwise
observed, and that I am authorized to e~ecute this certificate •
. IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City this 3rd day of July, 1990,
~
[SEAL)
-4-K;\OOT\20093·00,001\2nAPPROV.OQf