RESEARCH ON AUTHORITIES - Laserfiche WebLink

Home

~People Serving People ' CITY OF RIVERSIDE INTEROFFICE MEMO TO: Colleen J. Nicol City Clerk DATE: April 22, 1997 FROM: Wendy A. Mispagel Administrative Clerk SUBJECT: RESEARCH ON AUTHORITIES The following research prepared at your request describes when the Parking, Economic Development and Industrial Development Authorities were formed, the purpose of each and the last recorded action. INDUSTRIAL DEVELOPMENT AUTHORITY Ordinance #4870 was adopted 1-20-81, declaring the need for an Industrial Development Authority to function in said city, and declaring the City Council of said city to be said authority. (Attachment 1) Industrial Development Authority Resolution No. 43 was adopted 9-15-92, to provide that regular meetings shall be held on the fourth Tuesday of each month at 3:00 p.m. commencing with October 1992. (Attachment 2) Purpose: The California Industrial Development Financing Act provides cities and counties the authority to issue industrial development revenue bonds under certain terms and conditions. In order to take advantage of this financing technique to attract major employers to our city, the Council created an Industrial Development Authority. By having the Council act as the Authority, considerable time can be saved as some of the required approval steps can be streamlined. In addition, as the financial reputation of the City might be somewhat affected, the Council should be totally involved in all such issues. (From Council Report dated 1-6-81 by Sam Digati, Chair, Economic Development Committee) Last Action: Industrial Development Authority Resolution No. 47 making determinations with respect to the financing of facilities for DASI LINDA, Inc., and of its intent to provide for the issuance of obligations therefor; and Industrial Development Authority Resolution No. 46 approving the transfer of an inducement resolution for DASI L1NDA, Inc. to the Industrial Development Authority of the County of Riverside; were presented and adopted on 7-26-94. (Attachment 3) ECONOMIC DEVELOPMENT AUTHORITY Emergency Ordinance No. 4976 was adopted 12-22-81 - An Emergency Ordinance Providing for the City of Riverside Economic Development Revenue Bond Law Including the Creation of the Economic Development Authority of the City of Riverside, the Ratification and Adoption of Certain Resolutions and Other Actions by Said Authority, the Enumeration of Authority Powers and Procedures to Issue Industrial Development Revenue Bonds for the Public Purposes Set Forth Herein, and Certain Other Supplemental Provisions. (Attachment 4)