HomeMy WebLinkAboutResolution - - COFCAP 5 - 5/25/2017 ,t 0 rRFs
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RESOLUTION NO. COFCAP 5
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CALIFORNIA, AUTHORIZING THE
DISSOLUTION OF THE CITY OF FRESNO CULTURAL
ARTS PROPERTIES CORPORATION AND THE
DISTRIBUTION OF ANY REMAINING ASSETS TO THE
CITY OF FRESNO
WHEREAS, the City of Fresno Cultural Arts Properties Corporation (COFCAP)
was created to assist the City of Fresno in participating in a New Market Tax Credit
transaction, in which COFCAP purchased the property located at 1515 Van Ness
Avenue, Fresno, commonly referred to as the Fresno Bee Building, from the City of
Fresno and operated the building during the seven year New Market Tax Credit
compliance period; and
WHEREAS, the New Market Tax Credit compliance period has expired and
COFCAP intends to convey the Fresno Bee Building to the City of Fresno in exchange
for the cancellation of certain outstanding indebtedness; and
WHEREAS, the Board of Directors has determined it is no longer necessary to
maintain COFCAP's corporate existence; and
WHEREAS, the Articles of Incorporation of COFCAP provide that upon
dissolution of COFCAP, any remaining assets of COFCAP shall be distributed to the
City of Fresno.
Date Adopted: 05/25/2017
Date Approved: 05/25/2017
Effective Date: 05/25/2017
1 Resolution: COFCAP 5
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NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Fresno as
follows:
1. That the Board of Directors authorizes the dissolution of COFCAP.
2. That the President of COFCAP is directed to wind-up all of COFCAP's
obligations and liabilities and is directed to distribute any assets remaining after the
satisfaction of all of COFCAP's obligations and liabilities to the City of Fresno.
3. That Bruce Rudd, President of COFCAP, Yvonne Spence, Secretary of
COFCAP, or any officer of COFCAP, shall be authorized and directed to execute the
Certificate of Dissolution and any and all other necessary documents, and to take all
other actions contemplated in this resolution.
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STATE OF CALIFORNIA )
COUNTY OF FRESNOss.
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 Ma , 2017.
AYES Baines, Olivier
NOES None
ABSENT Brand
ABSTAIN None
YVONNE SPENCE, CMC
City Clerk
By:
APPROVED AS TO FORM: ?2!D-eput
DOUGLAS T. SLOAN
City Attorney
By: 13 l`l
RAJ S. BAbHESHX Date
Deputy City Attorney
RSB:nd (75022nd rsb)
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