HomeMy WebLinkAbout988RESOLUTION NO. ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
KENT, WASHINGTON approving the issuance of revenue
bonds of the Industrial Development Corporation of
the Port of Seattle, Washington, pursuant to RCW
39.84.060.
WHEREAS, the Legislature of the State of Washington has
provided ·for the creation of public corporations by municipali-
ties, including port districts, pursuant to Chapter 300, Laws of
Washington, 1981 (Regular Session) codified as Chapter 39.84 RCW
(the "Act") for the purpose of facilitating economic development
and employment opportunities in the State of Washington; and
WHEREAS, pursuant to the Act, the Port Commission of the Port
of Seattle, has by resolution created and approved the Charter of
a public corporation, designated as the "Industrial Development
Corporation of the Port of Seattle" (herein the "Corporation" or
"Development Corporation") in order to carry out the purposes of
the Act; and
WHEREAS, the Development Corporation has received an applica-
tion from United Lumber Company, Inc. (the "Company") for the
financing of the acquisition of a warehouse facility at 8246 South
194th Street within the City of Kent to be used for the storage of
lumber (the "Project"); 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 has approved the issuance of its nonrecourse revenue bonds
to finance a portion of the costs of the Project by its Resolution
/ 'J adopted on February 8, 1983; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project is to be located
must approve the issuance of revenue bonds by the Development
Corporation for the industrial development facilities; and
WHEREAS, the Development Corporation, as the issuer of the
nonrecourse revenue bonds for the Project, has requested the
approval of the City of Kent pursuant to the Act; and
WHEREAS, the City Council has been assured that such there
will be no financial liability accruing to the City as a result of
such approval and that this approval shall constitute approval
solely for the purpose of permitting the Development Corporation
to proceed with the issuance of such revenue bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Counci 1 of the
City of Kent, Washington, as follows:
Section 1. The City Council of the City of Kent, Washington
(the "City"), pursuant to Chapter 300, Laws of Washington, 1981
(Regular Session), Chapter 39.84 RCW, does hereby approve the
issuance of a revenue bond (the "Bond") by the Industrial Develop-
ment Corporation of the Port of Seattle for the purposes of
financing the above described Project under the Act.
The Bond is to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $808,000, pursuant
to resolution of the Board of Directors of the Development Corpo-
ration, and entitled "Industrial Development Corporation of the
-2-CMW347 83/02/17
Port of Seattle, Industrial Development Revenue Bond ("United
Lumber Project")." The proceeds of the Bond are to be lent to
United Lumber Company, Inc. , (the "Company") pursuant to a Loan
Agreement, and used for the purposes of paying part of the costs
of purchasing the existing warehousing facilities, now leased by
the Company, located within the boundaries of the Port of Seattle
and the City of Kent. The Bond shall be payable solely from the
Company's repayments of the loan under the Loan Agreement and
secured by a Deed of Trust executed by the Company. The Bond
shall not constitute an obligation of the City, and no tax funds
or other revenues of the City shall be used to pay the principal
of, premium, if any, or interest on the Bond. Neither the faith
and credit nor any taxing power or revenues of the City shall ever
be pledged to pay the principal of, premium, if any, or the
interest on the Bond.
The Council of the City of Kent hereby approves the issuance
of the Bond under the Act by the Development Corporation for the
purpose of financing the purchase of the distribution center
facilities of the Company. The Project is to be located at 8246
South 194th Street, in the City of Kent, Washington.
Section 2. This resolution is intended solely to constitute
approval of the issuance
RCW 39.84.060 of the Act.
of revenue bonds within the meaning of
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.
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ADOPTED by the City Council of the City of Kent, Washington,
this 22nd day of February, 1983.
Concurred in by the Mayor of the City of Kent, this ~~ day
' 1983.
ATTEST:
APPROVED AS TO FORM:
~ P. STEP EN DiJULIO, CITY ATTORNEY
I hereby certify that this is a true and correct copy of
Resolution No. 9 f?o , passed by the City Counci 1 of the City
of Kent, Washington, the ,.;(:2--, day of odr-, 1983.
(SEAL)
CMW347