83-3634 Auth Central Mall IRB1
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RESOLUTION NO. 83-363..4
REVENUE BOND RESOLUTION
WHEREAS, The City of Salina, Kansas (the "City"), a
body politic and corporate and a political subdivision of
the State of Kansas is authorized and empowered by the
provisions of the Kansas Statutes Annotated, Sections
12-1740 et seq., as amended (the "Act"), to finance a
project, as that term is defined in the Act, and to issue
its revenue bonds for the purpose of paying the cost of
financing a project; and
WHEREAS, (i) WFT A Land Co., a Kansas general partner-
ship, (ii) WFT B Land Co., a Kansas limited partnership,
(iii) Penn Land Co.., a Kansas limited partnership, (iv)
Dill Land Co., a Kansas limited partnership, (v) Bell Land
Co., a Kansas limited partnership, and (vi) Future Land Co.,
a Kansas limited partnership (the "Companies"), have
requested the City to issue its revenue bonds pursuant to
provisions of the Act for the purpose of financing certain
commercial and retail facilities comprising a shopping
center (the "Project"), for the Companies at an aggregate
cost now estimated not to exceed $24,600,000; and
WHEREAS, under the Act the City has been requested to
finance the cost of the Project by the issuance of the
City's Revenue Bonds (i) (WFT A Land Co.'s Central Mall
Project) Series 1983 in an amount now estimated not to
exceed, $10,000,000.00; (ii) (WFT B Land Co.'s Central Mall
Project) Series 1983 in an amount now estimated not to
exceed $1,000,000.00; (iii) (Penn Land Co.'s Central Mall
Project) Series 1983 in an amount now estimated not to
exceed $3,500,000.00; (iv) (Dill Land Co.'s Central Mall
Project) Series 1983 in an amount now estimated not to
exceed $5,000,000.00; (v) (Bell Land Co.'s Central Niall
Project) Series 1983 in an amount now estimated not to
exceed.$2,550,000.00; and (vi) (Future Land Co.'s Central
Mall Project) Series 1983 in an amount now estimated not to
exceed $2,.550,000.00 (.collectively, the "Bonds"); and
WHEREAS, it is intended that the Project will be leased
to and operated by the Companies under separate Lease
Agreements; and
WHEREAS, the Bonds, if issued by the City, would be
payable solely out of the rentals, revenues and receipts
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derived from the leasing of the Project from the City to the
Companies; and
WHEREAS, before the Bonds may be issued, it is neces-
sary to conduct a public hearing on the proposal to issue
the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF SALINA, KANSAS:
Section 1. A public hearing shall be conducted at a
special meeting on March 24, 1983 at 1:30 P.M., before the
City Commission in the Salina Community Theater, 303 East
Iron Avenue, in the City of Salina, Kansas, on the proposal
to issue the Bonds, pursuant to the provisions of the Act,
for the purpose of defraying all or a portion of the cost of
acquiring, construction, installing and equipping the
Project including necessary expenses incidental thereto, and
all local residents who appear at such hearing shall be
given an opportunity to express their views for or against
the proposal to issue the Bonds; and at said hearing, or any
adjournment thereof, this City Commission shall adopt a
resolution determining whether or not to proceed with the
issuance of the Bonds.
Section 2. The City Clerk of the City is hereby
directed to publish one-time, not less than fifteen (15)
days prior to the date fixed for such hearing, in The Salina
Journal, a legal newspaper published and having a general
circulation within the City, a Notice of Intention to Issue
the Bonds in substantially the following form:
NOTICE OF INTENTION TO ISSUE
REVENUE BONDS
(CENTRAL MALL PROJECT)
Notice.is hereby given that a special public hearing
will be conducted before the City Commission of the City of
Salina, Kansas, in the Salina Community Theater, 303 East
Iron Avenue, in the City of Salina, Kansas, a 1:30 P.M.
o'clock on March 24, 1983, on the proposal to issue (i) not
more than $10,000,000.00 aggregate principal amount of the
City's Revenue Bonds (WFT A Land Co.'s Central Mall Pro-
ject); (ii)- not more than $1,000,000.00 aggregate principal
amount of the City's Revenue Bonds (WFT B Land Co.'s Central
Mall Project); (iii) not more than $3,500,000.00 aggregate
principal amount of the City's Revenue Bonds (Penn Land
Co.'s Central Mall Project); (iv) not more than
$5,000,000.00 aggregate principal amount of the City's
Revenue Bonds (Dili Land Co.'s Central Mall Project); (v)
not more than $2,550,000.00 aggregate principal amount of
the City's Revenue Bonds (Bell Land Co.'s Central Mall
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Project); and (vi) not more than $2,550,000.00 aggregate
principal amount of the City's Revenue Bonds (Future Land
Co.'s Central Mall Project), pursuant to the provisions of
the Kansas Statutes Annotated, Sections 12-1740 et seq., as
amended, for the purpose of providing funds for the cost of
a commercial development project located at the northeastern
corner of 9th and Magnolia Streets consisting of the acqui-
sition, construction, installing and equipping certain
commercial and retail facilities comprising the parts of a
shopping center. Each separate facility will be leased and
operated by (i) WFT A Land Co., a Kansas general partner-
ship; (ii) tiJFT B Land Co., a Kansas limited partnership;
(iii) Penn Land Co., a Kansas limited partnership; (iv)
Dill Land Co., a Kansas limited partnership; (v) Bell Land
Co., a Kansas.limited partnership; and (vi) Future Land Co.,
a Kansas limited partnership. It is contemplated that
separate Lease Agreements will be entered into between the
City and each of the respective general and limited partner-
ships, pursuant to which the City would agree to finance the
facility from the proceeds of the sale of the Bonds in
return for rental payments from each of the respective
general and limited partnerships sufficient to pay the
principal of and interest and premium, if any, on the bonds
as the same fall due.
The Bonds, if issued, and the interest thereon will be
payable solely out of the rentals, revenues and receipts
derived from the Lease Agreements and shall never constitute
an indebtedness of the City of Salina, Kansas, within the
meaning of any State constitutional provision or statutory
limitation, and shall not constitute nor give rise to a
pecuniary liability of the City of Salina, Kansas, or a
charge against its general credit or taxing powers.
Each issue of Bonds will be issued with the express
condition that the applicant will waive any ad valorem
property tax exemption which would otherwise be available to
the project under K.S.A. 79-201(a) Second, as amended.
All local residents who appear at this hearing shall be
given.an opportunity to express their views for or against
the Project and the proposal to issue the Bonds, and at such
hearing, or any adjournment thereof, the City Commission of
the City of Salina, Kansas shall adopt a resolution determ-
ine whether or not to proceed with the issuance of the
bonds.
Clerk of the City of Salina, Kansas
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Section 3. The Mayor and City Clerk are hereby
authorized and directed to execute this resolution and to
cause a copy of the same to be delivered to the respective
general and limited partnerships, the Mayor and City Clerk.
Passes by the City Commission and signed by the Mayor
this 28th day of February , 1983.
( SEAL)
ATTEST;.
City Clerk
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