84-3738 Intent Issue ES Realty IRBRESOLUTION NUMBER' 84-3738
A RESOLUTION INDICATING THE INTENTION OF THE CITY OF SALINA TO
ISSUE $3,600,000 REVENUE BONDS FOR E S REALTY, INCORPORATED
PURSUANT TO KANSAS ECONOMIC DEVELOPMENT REVENUE BOND ACT.
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 12-1.749a, as amended, to issue revenue bonds for
economic development purposes; and,
WHEREAS, E S Realty, Incorporated (the "Applicant"), has requested
the City to finance the construction and equipping of two multi -family
housing projects (the "Project") at a cost of approximately $3,600,000; and,
WHEREAS, The Project will provide a total of 144 new housing units in
the City of Salina, of which 84 units will be located in the Eastgate project in
the 1600 block of Ellsworth and 60 units will be located in the Georgetown
project at 645 Georgetown; and,
WHEREAS, the City and the Applicant desire that the construction of
buildings and improvements for the Project commence immediately;
NOW THEREFORE, BE IT RESOLVED by the Governing Body of the
City of Salina, Kansas as follows:
Section 1. The Governing Body of the City hereby finds and
determines t Tat—tFie issuance of its Multi -family Housing Development 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. The Governing Body of the City hereby approves the
Project for tTTe__,k_pplicant to be financed out of the proceeds of not to exceed
$3,600,000 principal amount of Multi -family Housing Development Revenue Bonds
of the City to be issued pursuant to the Act.
Section 3. The City officials are hereby authorized and directed to
proceed wit�t ie 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. The Multi -family Housing Development Revenue Bonds will
be issued wit t e express understanding that 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! 79-201 (a) Second, as amended.
Section 5. In the event the Multi -Family Housing Development Revenue
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 Applicant or any other party by virtue of any proceedings or action taken
in connection therewith, or in reliance thereon.
Section 6. The issuance of the Multi -Family Housing Development
Revenue Bonds is contingent upon securing the necessary approval required by
the Tax Reform Act of 1983 and the bond issue securing a minimum of an "A"
rating by a recognized rating agency.
Section 7. This resolution shall take effect immediately.
Approved by the Board of Commissioners and signed by the Mayor this
15th day of October, 1984.
[SEAL]
ATTEST:
D. L. Harrison, City .Clerk
mw
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WHEREAS, the City
desires to finance the cost
of constructing
buildings
and. improvements for the Project by the issuance of Multi -Family
Housing
Development Revenue
Bonds under the Act in
the amount of
approximately $3,600,000, said
bonds to be payable solely
out of rentals,
revenues
and receipts derived
from the lease of the Project
by the Applicant
from the
City; and,
WHEREAS, the City and the Applicant desire that the construction of
buildings and improvements for the Project commence immediately;
NOW THEREFORE, BE IT RESOLVED by the Governing Body of the
City of Salina, Kansas as follows:
Section 1. The Governing Body of the City hereby finds and
determines t Tat—tFie issuance of its Multi -family Housing Development 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. The Governing Body of the City hereby approves the
Project for tTTe__,k_pplicant to be financed out of the proceeds of not to exceed
$3,600,000 principal amount of Multi -family Housing Development Revenue Bonds
of the City to be issued pursuant to the Act.
Section 3. The City officials are hereby authorized and directed to
proceed wit�t ie 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. The Multi -family Housing Development Revenue Bonds will
be issued wit t e express understanding that 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! 79-201 (a) Second, as amended.
Section 5. In the event the Multi -Family Housing Development Revenue
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 Applicant or any other party by virtue of any proceedings or action taken
in connection therewith, or in reliance thereon.
Section 6. The issuance of the Multi -Family Housing Development
Revenue Bonds is contingent upon securing the necessary approval required by
the Tax Reform Act of 1983 and the bond issue securing a minimum of an "A"
rating by a recognized rating agency.
Section 7. This resolution shall take effect immediately.
Approved by the Board of Commissioners and signed by the Mayor this
15th day of October, 1984.
[SEAL]
ATTEST:
D. L. Harrison, City .Clerk
mw
'• N •