83-3671 Auth Santa Fe Office Plaza IRB11
• •� : Will 1,
WHEREAS, the City of Salina, Kansas (the "City"), is authorized and
empowered under the provisions of Kansas Economic Development Revenue Bond
Act, K.S.A. 12-1740 to 12-1749a, as amended, to issue revenue bonds for
economic development purposes; and
WHEREAS, Santa Fe Office Plaza, a partnership (the "Applicant"), has
requested the City to finance the acquisition and remodeling of the building
located at 227 North Santa Fe Avenue, Salina, Kansas, for private parking and
office facilities to be used for commercial purposes (the "Project") at a cost
of approximately $450,000.00; and
WHEREAS, the City desires to finance the cost of acquisition and
remodeling of the building and improvements for the Project by the issuance
of revenue bonds under the Act in the maximum aggregate face amount of
$450,000.00, said bonds to be payable solely out of rentals, revenues and
receipts derived from the lease of the Project by the City (as owner) to the
Applicant (as tenant and operator); and
WHEREAS, the City and the Applicant desire that acquisition and
remodeling of the building and improvements for the Project commence
immediately; SO 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 a portion of 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 owe Applicant to be financed out of the proceeds of $450,000.00
maximum aggregate face (principal) amount of Revenue Bonds of the City to be
issued with respect to the Project 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.
Section 4. That said Revenue Bonds will be issued with the express
understan ind g t� the Applicant will waive any ad valorem property tax
exemption which would otherwise be available to the Project under the provisions
of K.S.A. 78-201(a) Second, as amended.
Section 5. That in the event the Revenue Bonds are not ultimately
issued for any reason, the City of Salina, Kansas shall not be obligated or have
assumed or incurred any liability or obligation to the Applicant 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.
Section 6. That this resolution shall take effect immediately.
Adopted by the Board of Commissioners and signed by the Mayor this
7th day of November, 1983.
(SEAL)
ATTEST:
Harrison, City Clerk
7 Xeaoll)
o n . Burgess, 17
yor