HomeMy WebLinkAbout94-031 CC ResolutionRESOLUTION NO. 94-31
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA
ACKNOWLEDGING THE RECEIFr OF AN APPLICATION FOR
INDUSTRIAL DEVELOPMENT BOND FINANCING ON BEHALF OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF TEMECULA
REGARDING THE TENSION ENVELOPE CORPORATION PROJECT AND
APPROVING THE ISSUANCE OF BONDS IN CONNECTION THEREWITH.
WHEREAS, the Industrial Development Authority of the City of Temecula (the
"Authority") is in the process of being activated by Ordinance adopted by the City Council of the
City of Temecula (the "City") to accept applications for industrial development bond financing
for qualified projects and to issue bonds in connection therewith; and
WHEREAS, on March 8, 1994, the City Council, on behalf of the Authority, accepted
the application from Tension Envelope Corporation, a Delaware corporation (the "Borrower:),
for the provision of tax exempt financing pursuant to the California Industrial Development
Financing Act for acquisition of a parcel of land of approximately 6.81 acres located at 40750
County Center Drive, Temecula, the existing industrial building located thereon consisting of
approximately 117,000 square feet, the rehabilitation and renovation thereof an acquisition and
installation therein of machinery and equipment (the "Project") to be used for the manufacture of
envelopes through the issuance if industrial development revenue bonds in an approximate amount
of $6,500,000 (the "Bonds"), and
WHEREAS, the City Clerk of the City has filed with the City said application and caused
a notice of acceptance of said application by the City Council, acting on behalf of the Authority,
to be published in accordance with Government Code Section 91530(e); and
WBEREAS, Government Code Section 91530(0 requires the City Council of the City to
approve the Project, including the issuance of bonds therefore, following the filing of the
application with the City; and
WHEREAS, a duly noticed public hearing has been held thereon and testimony from
interested persons invited and received in accordance with Section 147(0 of the Internal Revenue
Code of 1986, as amended; and
WHEREAS, the City Council of the City has considered the testimony,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TI~IECULA DOES
I-IEREBY RESOLVE AS FOLLOWS:
Rresos 94-31 1
SECTION 1. The City Council of the City hereby acknowledges the filing of the
application from the Borrower for the issuance of bonds by the Authority for the Project. Subject
to compliance with all legal requirements prerequisite to the issuance of such bonds on a tax
exempt basis, the City Council of the city hereby approves the Project and the issuance of the
Bonds in an amount of not to exceed $6,500,000 in accordance with the terms of the Borrower's
application and the City Council's Resolution adopted on March 8, 1994.
SECTION ~. Following consideration of all testimony presented at the public hearing
thereon, the City Council of the City finds and determines that the issuance of the Bonds is in the
best interest of the City of Temecula, will promote the continued and expanded employment of
residents of the City, the expansion and retention of the industrial base of the City and will serve
legitimate public purposes of the City.
SECTION 3. The City Clerk shall certify to the adoption of the Resolution and shall cause
this Resolution and the certification to be filed in the office of the City Clerk.
Adopted by the City Council of the City of Temecula, California this 22nd day of March,
1994.
Ron Roberts, Mayor
ATTEST:
reek, C~ty
[SEAL]
94-31 2
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS.
CITY OF TEMECULA )
I, JUNE S. GREEK, City Clerk of the City of Temecula do hereby certify that Resolution
No. 94-31 was duly and regularly adopted by the City Council of the City of Temecula at a
regular meeting thereof held on the 22nd day of March, 1994, by the following vote:
AYES: 5
COUNCILMEMBERS:
Birdsall, Mufioz, Parks, Stone
Roberts
NOES: 0
COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
Greek, City Clerg
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