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HomeMy WebLinkAboutR-5860 Entering into Financing Agreements with Gottschalk & Co29026 -7 JHHW:JLN:cr`11 /27/85 N2658 CITY OF SAN LUIS OBISPO Resolution No. 5860 A RESOLUTION GIVING PUBLIC APPROVAL TO THE ENTERING INTO OF FINANCING AGREEMENTS BY THE CITY OF SAN LUIS OBISPO FOR THE PURPOSE OF PROVIDING FINANCING TO E. GOTTSCHALK & CO., INC. AND THE ISSUANCE OF BONDS .IN THE AMOUNT OF NOT TO EXCEED $6,000,000 (E. Gottschalk & Co., Inc. Project) WHEREAS, the City of San Luis Obispo (the "City ") proposes to enter into financing agreements with E. Gottschalk & Co.,.Inc., a California corporation (the "Company "), and to issue its tax - exempt revenue bonds in an amount not to exceed. for the purpose of providing financing for the acqu.i.sition of land and construction of an approximately 80,000 square foot building for use as a department store, including related buildings, facilities and improvements (the "Project "), to be owned and operated by the Company and to be located on an approximately two acre parcel at the southeast corner of Madonna Road and Mercado Road in the City of San Luis Obispo; and WHEREAS, in accordance with .Section 103(k) of the Internal Revenue Code of 1954, as amended, a public hearing has been duly,called and conducted before the City Council of the City of San Luis Obispo, as the applicable elected representative of the City,.on the financing of the Project and the proposal that the City issue its tax - exempt bonds for such purpose, ,notice of which hearing has been .given in accordance with said Section 103(k); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO AS FOLLOWS: Section 1. The City Council hereby approves the Project, the issuance of its tax - exempt revenue bonds pursuant to the City Charter of the City and. the procedures contained in Chapter 3.40 of the San Luis Obispo Municipal Code, added by Ordinance No. 1047 (1985 Series), in the principal amount of not to exceed $6,000,000 for the purpose of providing financing to E. Gottschalk & Co.', Inc. for the acquisition and construction of the Project, and the entering into by the City financing agreements for such purpose. Section 2. This resolution shall take effect immediately. * * * * * * * * ** -1- R 5860 On motion of Councilman_ Settle ,seconded by Councilman Griffin, and on the following roll call vote: AYES: Councilmembers Settle, Griffin, Dovey, Rappa and Mayor Dunin NOES: None ABSENT: None the foregoing Resolution was passed and adopted this 17th day ©f--December, 1985. MAY RON DUNIN ATTESTjr� CITYI,CLERK PAMELA * * * * * * * * * * * * * * * ** 'Approved: �Q�City Administrative 0 five 12e,A—A City Att rney Finance DicVIr 1-��ss .�. ,�: ,, �� /� ��-,� � v���/ �� %� �- �1