HomeMy WebLinkAboutResolution - - 2002-076 - 3/5/2002 RESOLUTION NO. _2Q42-76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRESNO APPROVING A PROPOSED FINANCING PLAN FOR
CONSTRUCTING A PORTION OF A FORTY-TWO ACRE
SPORTS COMPLEX TO BE LOCATED IN NORTHWEST
FRESNO; AUTHORIZING THE APPOINTMENT OF AN
UNDERWRITER, FINANCIAL ADVISOR, TRUSTEE AND BOND
COUNSEL IN CONNECTION WITH THE PROPOSED
FINANCING.
WHEREAS, the City of Fresno is a municipal corporation and charter city
duly organized and existing under a freeholders' charter pursuant to which the City has
the right and power to make and enforce all laws and regulations in respect to municipal
affairs and certain other matters in accordance with and as more particularly provided in
Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section
200 of the Charter of the City; and,
WHEREAS, the City has determined it is a municipal purpose to
participate in the financing of certain parts of a sports complex to be located in
northwest Fresno (the "Project"); and
WHEREAS, the Project will result in significant public benefits to the
citizens of the City of Fresno described herein;
WHEREAS, the City desires to proceed with developing of a cost-effective
financing structure for parts of the Project as set forth in the Staff report;
NOW THEREFORE, the City Council of the City of Fresno hereby finds,
determines, declares and resolves as follows:
Section 1. The City hereby specifically finds and declares that the
actions authorized hereby constitute and are with respect to municipal affairs of the City
and the statements, findings and determinations of the City set forth in the recitals
above are true and correct.
Section 2. The City hereby finds that the significant public benefits to
the citizens of Fresno of assisting with financing parts of the Project include, but are not
limited to, the following:
1. the maintenance and promotion of economic development
and jobs within the City and the region;
2. the maintenance and generation of increased tax revenues
d ,I to the City;
DOCSF11:592983,I
I the promotion of the general welfare, sense of community
and quality of life within the City and in the region; and
4. the provision of recreational and entertainment attractions
and activities to people in the City and region.
Section 3. The Controller of the City is hereby authorized and directed
to determine and develop a financing structure for a portion of the Project which is in the
best interests of the City and which will provide the most cost-efficient type of financing,
including but not limited to reviewing Mello-Roos, lease-leaseback and nonprofit
corporation financing structures. The Controller is hereby authorized and directed to
return to this Council for final approval of the proposed financing structure for the
Project.
Section 4. The Controller of the City is hereby authorized and directed
to appoint a bond underwriter, financial advisor and bond trustee for the financing part
of the Project.
Section 5. The City Attorney is hereby authorized and directed to
appoint bond counsel for the financing of the part of Project.
Section 7. This Resolution shall take effect upon its final passage.
DOCSS11:592883.1 2
STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, REBECCA E. KLISCH, City Clerk of the City of Fresno, certify that the
foregoing resolution was adopted by the Council of the City of Fresno, at a regular
meeting held on the 5th day of March, 2002.
AYES Boyajian, Calhoun, Castillo, Duncan, Quintero, Ronquillo, Perea
NOES None
ABSENT None
ABSTAIN None
Mayor Approval: N/A ,
Mayor Approval/No Return: N/A
Mayor Veto: N/A
Council Override Vote: N/A
REBECCA E. KLISCH
City Clerk
By: C_ lC
Deputy—
APPROVE 5 TO FOR
CITY ATT EPY'S OFFI E
Y�
IX XSSI 1:502883.1