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HomeMy WebLinkAboutRES 82-329 s R E S O L U T I O N WHEREAS , by resolution of the City Council (the "Governing Body" ) of the City of Beaumont , Texas ( the "City " ) , authorized and approved the creation of the Beaumont Industrial Development Corporation ( the "Corporation ") as a nonprofit industrial development corporation under the provisions of the Development Corporation Act of 1979 , Article 5190 . 6 , Vernon ' s Annotated Texas Civil Statutes , as amended ( the "Act ") : and WHEREAS, the Corporation is authorized by the Act to issue bonds on behalf of the City for the purpose of paying all or a part of the costs of a "project " as defined in the Act , and to lease or sell the project or to loan the proceeds of the bonds to finance all or part of the costs of a project ; and WHEREAS , the definition of "project " in the Act includes the land , buildings , equipment , facilities and improvements (one or more) found by the Board of Directors of the Corporation to be required or suitable for the promotion of commercial development and expansion and in furtherance of the public purposes of the Act , or for use by commercial enterprises , all as defined in the Rules of the Texas Industrial Commission ( the "Commission " ) , irrespective of whether in existence or required to be acquired or constructed thereafter, if such project is located in blighted or economically depressed areas ; and WHEREAS , on August 28 , 1982 , Relay Development Company ( User ) made written application to the Governing Body for approval of a specific project to be constructed within such area consisting of a Relay Station Motel with approximately 152 rooms and related improvements ( the "Project ") ; and WHEREAS, the Governing Body of the City has , by separate Resolution (the "EBA Resolution ") adopted on August 24 , 19829 after required notice and public hearing , established an eligible blighted area as identified in such Resolution in compliance with the requirements of the Act and the Rules ; and WHEREAS , Section 107 . 2 ( b ) ( 9) of the Rules provides that after final acceptance of the resolution establishing the eligible blighted area, the Commission will approve projects for ` ,Pa q --�, 9 z'i- ?_ P Aje-- commercial uses in and adjacent to the eligible blighted area only after the applicant demonstrates to the satisfaction of the Commission that , among other things , the City has , after posting notice and holding a public hearing , approved the proposed project , has made the determinations and findings required by the Rules , and has found that the proposed project to be financed will contribute significantly to the fulfillment of the redevelopment objectives of the City for the blighted or economically depressed area and is in furtherance of the public purposes of the Act ; and WHEREAS , the City, on September 3 , 1982 , posted notice of a public hearing with respect to the proposed Project at the City Hall and has also given notice thereof as required by the Open Meetings Law, Article 5252-17 , Vernon ' s Annotated Texas Civil Statutes , as amended , and , pursuant to such notice , has on this date held a public hearing for the purpose of considering the approval of the proposed Project ; and WHEREAS , Section 25 (f) of the Act provides that no issue of bonds shall be delivered by the Corporation without a resolution of the governing Body adopted specifically approving the resolution of the Corporation providing for the issuance of such bonds ; and WHEREAS , the proposed resolution of the Corporation with respect to such project and the proposed agreement to issue bonds between the Corporation and the User has been presented to the Governing Body; NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, THAT : Section 1 . The Governing Body hereby finds and determines that the Project proposed by User conforms with the overall objectives , authorizations , and limitations specified in the EBA Resolution as required by such Resolution and the Rules . Section 2 . The Governing Body finds that the proposed Project to be financed for commercial use will significantly contribute to the fulfillment of the overall redevelopment objectives of the City for such eligible blighted area , that it is in furtherance of the public purposes of the Act , that it is located within the designated blighted area established in the EBA Resolution , and that it conforms to the project approval standards specified in the Rules and in the EBA Resolution . Section 3 . The City hereby approves such Project , having made the determinations and findings required by the EBA Resolution , the Rules and the Act . Section 4 . The Resolution of the Corporation and agreement to issue bonds , substantially in the form attached hereto , which the User proposes to present to the Corporation , pursuant to which , if adopted , approved and executed , the Corporation will agree subject to the conditions stated therein to authorize and issue its Industrial Development Revenue Bonds in the aggregate principal amount now estimated not to exceed $3 ,000 ,000, to provide funds to defray all or part of the cost of the acquisition and construction of the Project , are hereby approved as required by Section 25 (f) of the Act . Section 5 . This Resolution is adopted for the purpose of satisfying the conditions and requirements of the Act , the Rules , and EBA Resolution with respect to this Project . This Resolution is also adopted for the purpose of satisfying the conditions and requirements of Section 103 of the Internal Revenue Code of 1954 , as amended , and the regulations promulgated thereunder , and any requirements for a public hearing and approval by an elected official or legislature which may be imposed by applicable law prior to the issuance of the bonds , and for the benefit of the Corporation , the City, and the owners or holders from time to time of the obligations of the Corporation and all other interested persons . Section 6 . The Mayor of the City is hereby directed to provide a certified copy of this Resolution to the Executive Director of the Commission to confirm the findings made and approvals granted by the City with respect to this Project . Section 7 . The Governing Body has condsidered evidence of the posting of notice of this meeting and hearing and officially finds , determines , recites and declares that a sufficient written 3-Z 9 notice of the date , hour and place of this meeting and hearing and of the subject of this Resolution was posted on the bulletin board at a place convenient to the public in the City Hall for at least 72 hours preceding the scheduled time of such meeting and hearing ; such place of posting was readily accessible to the general public at all times from such time of posting until the scheduled time of such meeting and hearing ; and such meeting and hearing were opened to the public as required by law at all times during which this Resolution and the subject matter thereof were discussed , considered and formally acted upon , all as required by the Open Meetings Law , Article 6252-17 , Vernon ' s Annotated Texas Civil Statutues , as amended , and the Act . PASSED AND APPROVED this ;7, day of /,.P.r/{ , 1982 . Mayor -