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HomeMy WebLinkAboutRES 12.11.1984 - Industrial Development Corporationam, CERTIFICATE FOR RESOLUTION APPROVING THE RESOLUTION OF THE GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION PROVIDING FOR THE ISSUANCE OF GEORGETOWN INDUSTRIAL DEVELOP- MENT CORPORATION INDUSTRIAL DEVELOPMENT FEVENUE BONDS (TEXAS BENCHMARK INNS PROJECT), SERIES, 1984 THE STATE OF TEXAS X` COUNTY OF WILLIAMSON I, the undersigned officer of the City Council(the "Governing Body") of the City of Georgetown, Texas (the "Unit"), do hereby execute and deliver this certificate for the benefit of all persons interested in the proceedings of the Governing Body of the Unit and the validity thereof, and do certify as follows: 1. I am the duly chosen,• qualified and acting officer of the Unit for the office shown below my signature; as such I am familiar with the facts herein certified and I am duly authorized to execute and deliver this certif icate. 2. The Governing Body of the Unit convened in session at Gerogetown, Texas, on December 11, 1984, (the "Meeting"), at the designated meeting place, and roll was called of the duly constitued members of this Governing Body, to wit: All of such persons were present, except the following absentees: William R. Connor, thus constituting a quorum. Whereupon a written: RESOLUTION APPROVING THE RESOLUTION OF THE GOERGETONW INDUSTRIAL DEVELOPMENT CORPORATION PROVIDING FOR THE ISSUANCE OF GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS (TEXAS BENCHMARK INNS PROJECT", SERIES, 1984 (the "Resolution") was duly moved and seconded and, after due discussion, said motion, carying with it the adopted of the Resolution, prevailed and carried by the vollowing votes: AYES: 4 NOES: 0 ABSTAIN: 0 2. A true, full and correct copy of the Resolution is attached to and follows this certificate; the Resolution has been duly recorded in the minutes of the Meeting; the above and foregoing paragraph is a true, full and correct excerpt from the minutes of the Meeting pertaining to the adoption of the Resolution; the persons named in the above and foregoing paragraph are duly elected, qualified, and acting members of the Governing Body; each of such members was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the Meeting, and that the Resolution would be introduced and considered for adoption at the Meeting, and each of such members consented, in advance, to the holding of the Meeting for such purpose; and the Meeting was open to the public, and the public notice of the time, place, and purpose of the Meeting wa given, all as required by Article 6252-17, Vernon's Texas Civj&"Ttatps, as amended. SIGNED AND SEALED this December 11, 19'4. City Secretary, Georgetown, Texas (SEAL) RESOLUTION APPROVING THE RESOLUTION OF THE GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORTATION PROVIDING FOR THE ISSUANCE OF GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORA- TION - INDUSTRIAL DEVELOPMENT REVENUE BONDS (TEXAS BENCHMARK INNS PROJECT), SERIES 1984 WHEREAS, the Goergetown Industrial Development Corporation (the "Issuer") was created under the auspices of the City Council (the "Governing Body") of the City of Gerogetown, Texas (the "Unit") pursuant to the Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as amended (the "Act"); WHEREAS, pursuant to Section 103 (K) of the Internal Revenue Code of 1954, as amended (the "Code"), the Issuer has conducted.a public hearing following reasonable public notice (which notice and affidavit of publication thereof is attached hereot as Exhibit A) with respect to that issue of "Georgetown Industrial Development Corporation Industrial Development Revenue Bonds (Texas Benchmark Inns Project), Series 1984", in the original principal amounc of $400,000 (the "Bonds") and the project, which consists of the acquisition of approximately 2.23 acres of land, the construction and equipping of a 50,000 square foot mote (the "Project"). WHEREAS, in order to satisfy the requirements of Section 103 (k) of the Code, it is necessary for the Unit to approve the Bonds and the Project after the public hearing has been held; WHEREAS, by a resolution dated October 22, 1982 (the "EBA Resolution"), the Unit has designated certain Eligible Blighted Areas (the "EBA"), within or adjacent to which certain projects for commercial uses under the Act will contribute significantly to the alleviation of the blighted conditions found to exist in the EBA; WHEREAS, the Act and the regulations (the "Regulations") of the Texas Economic Development Commission (the "Commission") provide that commercial projects may be financed if they are within or adjacent to an EBA as determined by the Unit and if the Unit has approved the Project and made the determinations and findings required by the Regulations; WHEREAS, in accordance with the Regulations, a public hearing was held on this date by the Governing Body of the Unit, after posting notice thereof in accordance with law (which notice and affidavit of posting thereof is attahced hereto as Exhibit B), to take comments from the public regarding the suitability of the Projct; WHEREAS, the board of directors (the "Board") of the Issuer has addopted a "Resolution with Respect to a Public Haring and Authorizing Georgetown Industrial Development Corporation Project), Series 1984; a First Amendatory Loan Agreement; A First Supplemental Trust Indenture; an Acknowledgment of Extension of Guaranty Agreement; a Memorandum of First Supplemental Trust Indenture; Acceptance of Afirst Supplemental Deed of Trust and Security Agreement; and Other Matters in Connection Therewith" (the "Resolution"), on December 3, 1984, a copy of which is attached hereto as Exhibit C and made a part hereof for all purposes; WHEREAS, Section 25(f) of the Act required that the governing body of the Unit approves the Resolution of the Issuer providing for the issuance of the Bodns no more than 60 days prior to the delivery of the Bonds; WHEREAS, the Unit finds dand declares that the action of the Board adopting the REsolution should be approved and is in the best interests of the inhabitants of the City of Georgetown, Texas, for the reasons therein set forth; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT: Section 1. The Resolutton, as adopted by the Board, is hereby specifically approved. Section 2. The issue of bonds styled "Georgetown Industrial Development Corporation Industrial Development Revenue Bonds (Texas Benchmark Inns Project), Series 1984" to be issued in the aggregate principal amount of $400,000 is hereby approved pursuant to Section 103 (k) of the Code. The proceeds of the Bonds will be used to provide financing for the completion of the Project. The Project is to be located on a site of approximately 2.23 acres at IH 35, South, Georgetown, Texas, and the initial owner and operator of the Project will be Texas Benchmark Inns, a Texas joint venture. The Project is hereby approved pursuant to Section 103 (k) of the Code. 9// Section3. The City Council of the City of Georgetown, Texas hereby finds, determines, recites and declares that the Project (1) meets the statutory requirements and is in furtherance of the public purposes of the Act, (2) is in compliance with the Regulations, and (3) does not pose a danger to the health, moral sor safety of the community involved. Section 4. The City Council of the City of Georgetown, Texas hereby finds, determines, recites and declares that the Project (1) is located within the EBA, (2) will contribute significantly to the fulfillment of the overall redevelop- ment objectives of the Unit for the EBA, (3) conforms to any and all limitations prescribed by the EBA REsolution and (4) will contribute to the economic growth and stability of the Unit by removing a blighted condition, increasing or stabilizing employment opportunity, significantly increasing or stabilizing the - property tax base, promoting commerce within the Unit and the State of Texas and not causing economic decline or blight in another area of the Unit. Section 5. The approval herein givin is in accordance with the provisions of Section 25 (f) of the Act and Section 103 (k) of teh Code and is not to be construed as any undertaking or pledge of the Unit or the State of Texas, within the meaning of any constitutional or statutory provision, and the owners of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the Issuer, the Unit or the State of Texas except those revenues assigned and pledged by the Resolution. Section 6. The programs and expenditures authorized and contemplated by the aforesaid documents are hereby in all respects approved. Section 7. The Mayor and City Secretary of the Unit and the other officials of the Unit are hereby authorized, jointly and severally, to execute and deliver such endorsements, instruments, certificates, documents, or papers necessary and advisable to carry out the intent and purposes of this Resolution. TRANSCRIPT OF RECORD OF PUBLIC HEARING On Monday, December 3, 1984 at 10:00 a.m. at 1107 Main Street, Georgetown, Texas, the Georgetown Industrial Development Corporation (the "Issuer") convened a public hearing held pursuant to public notice published at least 14 days prior to such hearing concerning the proposed issuance by the Issuer of its $400,000 Industrial Development Revenue Bonds'(Texas Benchamrk Inns Project), Series 1984 to provide financing for the completion of the a;cquisition, con- struction and equipping of a one hundred room mote facility for Texas Bencharmk Inns, a Texas joint venture. This project is to be located on a site approximately' 2.23 acres at the west frontage road of IH 35 South near the Andice exit. President W. H. Connor attended the hearing on behalf of the Issuer. President Connor convened the hearing at 10:00 a.m. and no person appeared to express their views.. The public hearing was concluded at 10:05 a.m. IN WITNESS WHEREOF, the undersigned hereby certifies the truth and accuracy of the foregoing transcript of record of the public hearing. W. H. CONNOR, President DATE: S� TRANSCRIPT OF RECORD OF PUBLIC HEARING On Tuesday, December -11, 1984 at 2 p.m. at City Hall, the City Council of Georgetown, Texas (the "City") convened a public hearing held pursuant to public notice posted at least 72 hours prior to such hearing concerning the .proposed issuance by the Georgetown Industrial Development Corporation of its $400,000 industrial Development Revenue Bonds (Texas Benchmark Inns rrcject), Series 1984 to provide financing for the completion of the acquisition, construction and equipping of a one hundred room motel facility for Texas Benchmark Inns, a Texas joint venture. This project is to be located on a site of approximately 2.32 acres at the west frontage road of IH 35 South near the Andice Exit. The project is a comercial project and is located within an "eligible blighted area" of the city. This hearing is being held in accordance with the rules and regulations of the Texas Economic Development Commission regarding the financing of such projects. ' r , attended the hearing on behalf of the City. convened the hearing at 70 p.m. and no person appeared ro express their views. The public hearing was concluded at '7 1 S p.m. In WITNESS WHEREOF, the undersigned hereby certifies the truth and accuracy of the foregoing transcript of reco d of the public hearing. City Secretary Date 4 AFFIDAVIT OF POSTING STATE OF TEXAS S WILLIAMSON COUNTY § Before me, the undersigned authority, this date personally appeared W.H. Connor and after being by me duly sworn, says that the Notice of Public Hearing, a copy of which is hereto attached, was posted at City Hall,' Georgetown, Texas on Friday, December 14, 1984. Given under my hand and sealed this day of•December, 1:84. [Seal] Notary Public in and for The State of Texas (print name MY Commission Expires: