HomeMy WebLinkAbout142-94RESOLUTION NO. 142 - 94
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF DANVILLE
MAKING CERTAIN FINDINGS WITH RESPECT TO THE USE OF TAX
INCREMENT REVENUES AND TAX ALLOCATION BOND PROCEEDS BY
THE COMMUNITY DEVELOPMENT AGENCY OF THE TOWN OF
DANVILLE TO PAY THE COSTS OF CERTAIN PUBLIC FACILITIES, AND
APPROVING AND AUTHORIZING THE EXECUTION OF A REPAYMENT
CONTRACT BETWEEN THE AGENCY AND THE TOWN
WHEREAS, the Community Development Agency of the Town of Danville (the
"Agency") is currently proceeding to issue its Tax Allocation Bonds in the maximum principal
amount of $3,000,000 (the "Bonds") for the purpose of providing funds to finance a library,
community center and related off-site improvements (the "Library/Community Center Project")
which will be publicly owned and which will be located in the Downtown Redevelopment
Project in the Town of Danville (the "Redevelopment Project"); and
WHEREAS, the Town of Danville (the "Town") has previously participated in a
certificate of participation financing for the purpose of raising funds necessary to acquire
various parcels of land in the Town and construct related improvements which are publicly-
owned, consisting generally of facilities used for public rights of way, public parking,
community theater, town meeting hall and related purposes (collectively,' the "Prior Projects")
and which are located in the Redevelopment Project and which are provided for in the related
Redevelopment Plan; and
WHEREAS, the Agency has proposed to reimburse the Town for lease payments made
with respect to the Prior Projects, pursuant to a Repayment Contract between the Town and the
Agency in the form presented to the Town and entitled "Repayment Contract", dated for
convenience as of December 1, 1994 (the "Repayment Contract"); and
WHEREAS, the Town Council and the Agency have conducted a public hearing on the
use of the Agency's tax increment revenues to pay the cost of the Library/Community Center
Project and to reimburse the Town for its lease payments with respect to the Prior Projects, all
as required by Section 33679 of the Health and Safety Code of the State of California; and
WHEREAS, the Agency has duly considered the report prepared pursuant to Section
33679 of the Health and Safety Code with respect to the use of the Agency's tax increment
revenues to pay the cost of the Library/Community Center Project and to reimburse the Town
for its lease payments with respect to the Prior Projects, and has duly considered all testimony
and other materials submitted in connection with such public hearing, and the Agency wishes at
this time to take its formal action with respect thereto;
NOW, THEREFORE, be it resolved, determined, and ordered by the Town Council of
the Town of Danville as follows:
Section 1. Findings and Determinations. Pursuant to Section 33445 of the Health and
Safety Code, the Town Council hereby finds and determines as follows:
(a) The Town Council hereby determines that the Library/Community
Center Project and the Prior Projects are of benefit to the Downtown
Redevelopment Project of the Agency.
(b) The Town Council hereby determines that no other means of
financing the Library/Community Center Project and the Prior Projects, other
than from the proceeds of the Bonds (in the case of the Library/Community
Center Project) and pursuant to the Repayment Contract (in the case of the Prior
Projects), are available to the Town or the Agency.
(c) The Town Council hereby determines that the payment of funds for
the Library/Community Center Project and the Prior Projects will assist in the
elimination of one or more blighting conditions inside the Downtown
Redevelopment Project Area.
Section 2. Approval of Repayment Contract. The form of Repayment Contract
presented to the Town is hereby approved. The City Clerk is directed to file a copy of said
form of Repayment Contract with the records of the Town, and the Mayor is hereby authorized
to execute and the Town Clerk is hereby directed to affix the seal of the Town and to attest the
Repayment Contract in substantially the form hereby approved or with any changes that
hereafter become necessary in the interests of the Town which changes do not materially affect
the substance thereof.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
APPROVED by the Town Council of the Town of Danville at a Regular Meeting held on
Tuesday, November 15, 1994, by the following vote:
AYES: Rit chey,
NOES: None
ABSTAINED: None
ABSENT: None
Greenberg, Doyle, Shimansky, Waldo
Mayor
ATTEST:
Town Clerk