HomeMy WebLinkAbout996RESOLUTION 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 Dev~lopment Corporation has received an applica-
tion from CFS Continental, Inc. (the "Company") for the financing
of the acquisition of land at South 228th Street in the Upland
Industries Corporation, Kent Industrial District within the City
of Kent and for the construction and equipping of a warehouse
facility (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
15 adopted on December 14, 1982; 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 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 Council 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.
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The Bond is to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $8,250,000,
pursuant to resolution of the Board of Directors of the Develop-
ment Corporation, and entitled "Industrial Development Corporation
of the Port of Seattle, Industrial Development Revenue Bond ("CFS
Continental Project")." The proceeds of the Bond are to be lent
to CFS Continental, Inc. (the "Company"), pursuant to a Loan
Agreement, and used for the purposes of paying part of the costs
of acquiring, constructing and equipping warehousing facilities
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 consti-
tute 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 acquisition, construction and equipping
of the distribution center facilities of the Company. The Project
is to be located at South 228th Street, in the Upland Industries
Corporation, Kent Industrial District, City of Kent, Washington.
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Section 2. This resolution is intended solely to constitute
approval of the issuance of revenue bonds within the meaning of
RCW 39. 84. 060 of the Act. 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 b day of -May; 1983.
~
Concurred in by the Mayor of the City of Kent, this J? day
of -Ma-¥, 1983 .
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ATTEST:
MARIE JENS CITY CLERK
APPROVED AS TO FORM:
P':STEP N DiJULIO, TY ATTORNEY
I hereby certify that this is
Resolution No. 7'90 , passed by
of Kent, Washington, the ~ day of
a true and correct copy of
the City Council of the City
~1983.
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MARIE JE~, CITY CLERK
CMW418