RDA Reso 2005-025 - Laserfiche WebLink

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IN THE REDEVELOPMENT AGENCY OF SAN LEANDRO RESOLUTION NO. 2005-025 RDA (3059) RESOLUTION DECLARING INTENT TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF INDEBTEDNESS TO BE ISSUED TO FINANCE THE ACQUISITION AND IMPROVEMENT OF THE ISLANDER MOTEL WHEREAS, the Redevelopment Agency of the City of San Leandro ("Agency") purchased the Islander Lodge Motel property located at 2398 East 14th Street within the Joint City of San Leandro/Alameda County redevelopment project area (the "Agency Property"); and WHEREAS, the Agency proposes to undertake and/or to assist in the financing of improvements to the Agency Property which may include the rehabilitation of the existing building and/or new construction of multi-family rental housing and related improvements; and WHEREAS, the Agency proposes to issue debt for the purpose of fmancing the acquisition of the Agency Property and the rehabilitation or new construction of improvements thereon (the acquisition of the Agency Property and the rehabilitation and/or new construction of multi-family rental housing and related improvements thereon are referred to collectively hereinafter as the "Project") and to use a portion of the proceeds of such debt to reimburse expenditures made by the City, the Agency, and Mercy Housing California, a California nonprofit public benefit corporation or affiliates thereof (collectively "Mercy Housing") for the Project prior to the issuance of the debt; and WHEREAS, the City and the Agency reasonably expect that debt obligations in an amount of approximately $15,000,000 (the "Bonds") will be issued and that certain of the proceeds of the Bonds will be used to reimburse the Agency, the City and Mercy Housing for their respective prior expenditures for the Project; and WHEREAS, pursuant to Section 1.150-2 of the United States Treasury Regulations, the Agency must declare its reasonable official intent to reimburse prior expenditures for the Project with the proceeds of a subsequent borrowing; and WHEREAS, it is in the public interest and for the public benefit that the Agency declare its official intent to reimburse the expenditures referenced herein; NOW, THEREFORE, the Redevelopment Agency of the City of San Leandro does RESOLVE as follows: 1. The Agency finds and determines that the foregoing recitals are true and correct. 2. The Agency hereby declares that it reasonably expects: