22-8043 Cedarhurst Performance Agreement Authorization..
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RESOLUTION NO. 22-8043
Gilmore & Bell, P.C.
04/06/2022
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF SALINA,
KANSAS APPROVING A PERFORMANCE AGREEMENT RELATED TO THE
ISSUANCE OF TAXABLE MULTI-FAMILY HOUSING REVENUE BONDS FOR A
PROJECT TO BE CONSTRUCTED BY CEDARHURST OF SALINA REAL
ESTATE, LLC; AND AUTHORIZING EXECUTION OF RELATED DOCUMENTS
WHEREAS, the City of Salina, Kansas (the "Issuer") desires to promote, stimulate and develop the
general economic welfare and prosperity of the City of Salina, and thereby to further promote, stimulate and
develop the general economic welfare and prosperity of the State of Kansas; and
WHEREAS, pursuant to the provisions of the Kansas Economic Development Revenue Bond Act, as
amended and codified in KS.A. 12-1740 et seq. (the "Act"), the Issuer adopted Resolution No. 21-7997 on
October 25, 2021, expressing its intent to issue revenue bonds of the Issuer in a principal amount not to exceed
$15,000,000 be authorized and issued , in one or more series, to provide funds to pay the costs of the
acquisition, construction and equipping of a commercial facility (the "Project") to be located in the Issuer and to
be leased by the Issuer to Cedarhurst of Salina Real Estate, LLC, a Kansas limited liability company (the
"Tenant"); and
WHEREAS, Resolution No. 21-7997 provides for the negotiation of a performance agreement (the
"Performance Agreement") between the Issuer and the Tenant relating to the exemption from ad valorem
property taxes; and
WHEREAS the Issuer and the Tenant have reached an agreement on the form of the Performance
Agreement associated with the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF
SALINA, KANSAS:
Section 1. Approval and Authorization of Performance Agreement. The governing body of the
Issuer hereby approves the Performance Agreement in the form presented to the governing body with this
Resolution. The Mayor and Clerk are authorized to execute this Resolution and the Performance Agreement.
Section 2. Further Action . The Clerk is hereby authorized to deliver an executed copy of this
Resolution to the Tenant. The Mayor, Clerk and other officials and employees of the Issuer, including the
Issuer 's counsel and Bond Counsel, are hereby further authorized and directed to take such other actions as may
be appropriate or desirable to accomplish the purposes of this Resolution.
Section 3 . Effective Date. This resolution shall become effective upon adoption by the Governing
Body.
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600596 .20223 \IN!TIAL PRO CEE DINGS
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ADOPTED by the governing body of the City of Salina, Kansas on April 11 , 2022.
[SEAL]
CERTIFICATE
I hereby certify that the above and foregoing is a true and correct copy of the Resolution of the Issuer
adopted by the governing body on April 11, 2022, as the same appears of record in my office .
DATED: April 11 , 2022.
600596 .20223 \IN IT!AL PROCEEDfNGS
(Signature Page to Resolution)