HomeMy WebLinkAboutResolution - - COFCAP 4 - 5/25/2017 n .
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RESOLUTION NO. COFCAP 4
A RESOLUTION OF THE BOARD OF CITY OF FRESNO
CULTURAL ARTS PROPERTIES CORPORATION
AUTHORIZING THE CONVEYANCE OF 1515 VAN NESS
AVENUE IN FRESNO, CALIFORNIA TO THE CITY OF
FRESNO AS REPAYMENT OF THE LOAN FROM THE
CITY OF FRESNO IN THE AMOUNT OF SIXTEEN
MILLION, SIX HUNDRED SIXTY THOUSAND DOLLARS
($16,660,000)
WHEREAS, City of Fresno Cultural Arts Properties Corporation (COFCAP) owns
certain property located at 1515 Van Ness Avenue, Fresno, commonly referred to as
the Fresno Bee Building, and more particularly described in Exhibit A hereto (the
Property); and
WHEREAS, COFCAP borrowed Sixteen Million, Six Hundred Sixty Thousand
Dollars ($16,660,000) from Clearinghouse NMTC (Sub 18), LLC., (the Acquisition Loan)
to enable COFCAP to purchase the Property from the City of Fresno; and
WHEREAS, through a series of assignments, the City of Fresno is the holder of
promissory notes evidencing the Acquisition Loan; and
WHEREAS, COFCAP now wishes to grant deed the Property to the City of
Fresno as full repayment of the Acquisition Loan; and
WHEREAS, the City of Fresno is willing to accept a grant deed of the Property
from COFCAP as full repayment of the Acquisition Loan.
NOW, THEREFORE, BE IT RESOLVED by the Board of the City of
Fresno Cultural Arts Properties Corporation, as follows:
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Date Adopted: 05/25/2017
Date Approved: 05/25/2017
Effective Date: 05/25/2017
Resolution No. COFCAP 4
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1. That the COFCAP shall convey the Property by grant deed to the City al
Fresno as consideration for the full repayment of the Acquisition Loan.
2. That Bruce Rudd, President of COFCAP, Yvonne Spence, Secretary of
COFCAP, or any officer of COFCAP, shall be authorized and directed to execute any
and all necessary documents, and to take all other actions contemplated in this
resolution.
* * * * * * * * * * * * * *
STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, YVONNE SPENCE, 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 25th day of May , 2017.
AYES Baines, Olivier,
NOES Brand
ABSENT None
ABSTAIN None
YVONNE SPENCE, CMC
City Clerk
By: -
APPROVED AS TO FORM: Deputy
DOUGLAS T. SLOAN
City Attorney
By: 3 �7
Raj S. Badhesha Date
Deputy City Attorney
RSB:nd (75023nd/rsb)
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