Loading...
HomeMy WebLinkAbout0111_0109RESOLUTION 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.