83-3635 Intent Issue Central Mall IRB1
A RESOLUTION EXPRESSING THE INTENTION OF THE CITY OF SALINA, KANSAS,
TO ISSUE REVENUE BONDS IN AN AMOUNT OF NOT TO EXCEED $24,600,000 FOR THE PURPOSE
OF FINANCING CERTAIN COMMERCIAL AND RETAIL FACILITIES COMPRISING A SHOPPING
CENTER.
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 partnership, (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; (ii) (WFT B Land Co.'s Central Mall Project) Series 1983 in an
amount now estimated not to exceed $1,000,000; (iii) (Penn Land Co.'s Central
Mall Project) Series 1983 in an amount now estimated not to exceed $3,500,000;
(iv) (Dill Land Co.'s Central Mall Project) Series 1983 in an amount now
estimated not to exceed $5,000,000; (v) (Bell Land Co.'s Central Mall Project)
Series 1983 in an amount now estimated not to exceed $2,550,000; and (iv)
(Future Land Co.'s Central Mall Project) Series 1983 in an amount now estimated
not to exceed $2,550,000 (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 derived from the leasing of the Project
from the City to the Companies; and,
NOW THEREFORE, BE IT RESOLVED by the Governing Body of the City of
Salina, Kansas:
Section 1. That the Governing Body of the City hereby finds and
determines that the issuance of its revenue bonds to finance the costs of the
Project will be in furtherance of the public purposes set forth in the Act, and
that the Project will promote the welfare of the City.
Section 2. That the Governing Body of the City hereby approves the
Project for the Companies to be financed out of the proceeds of approximately
$24,600,000 principal amount of Revenue Bonds of the City to be issued pursuant
to the Act.
Section 3. That the City officials are hereby authorized and directed
to proceed with the necessary negotiations relating to said Project and the
preparation of the legal documents relating thereto for final action by the
Governing Body of the City.
1
1
Section 4. Each issue of the Bonds will be issued with the express
condition that the Companies will waive any ad valorem property tax exemption
which would otherwise be available to the Project under K.S.A. 79-201(a) Second,
las amended.
Section -5. In the event the Bonds are not ultimately issued for any
reason, the City of Salina, Kansas, shall not be obligated to have assumed or
incurred any liability or obligation to the Companies or any other party by
virtue of this resolution or by virtue of any proceedings or action taken in
connection therewith, or in reliance thereon.
Passed by the City Commission and signed by the Mayor this 24th day of
I Ma rc h , 1983.
(SEAL)
ATTEST:
D. L. Harrison, City Clerk
3_�r_ -�
Y
Keith G. Duckers, Mayor