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Last modified
6/26/2008 3:58:15 PM
Creation date
6/28/2005 6:05:43 PM
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General
General - Type
Resolutions
General 2 - Date
6/13/2005
Number
R-02
Description
Authorizing execution and delivery of lease and right of entry agreement, site and second parking
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RESOLUTION NO. 2 <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />CITY OF RIVERSIDE MUNICIPAL IMPROVEMENTS <br />CORPORATION AUTHORIZING EXECUTION AND <br />DELIVERY BY THE CORPORATION OF A LEASE <br />AGREEMENT, A TRUST AGREEMENT, A LEASE AND <br />RIGHT OF ENTRY AGREEMENT, A SITE AND SECOND <br />PARKING STRUCTURE LEASE AGREEMENT, AN AGENCY <br />AGREEMENT AND AN ASSIGNMENT AGREEMENT, <br />APPROVING A PURCHASE CONTRACT AND OFFICIAL <br />STATEMENT AND MAKING OTHER FINDINGS RELATING <br />THERETO <br /> <br /> WHEREAS, the City of Riverside (the "City") and the City of Riverside Municipal <br />Improvements Corporation (the "Corporation") have heretofore entered into a Facilities Lease <br />dated as of April 1, 1990, as amended by Amendment Number One to Facilities Lease dated as <br />of September 1, 1999 (collectively, the "Existing Parking Structure Lease"), whereby the <br />Corporation leased a parking structure (the "Existing Parking Structure") to the City; and <br /> <br /> WHEREAS, for the purpose of obtaining moneys required to finance and refinance the <br />Existing Parking Structure, the City, the Corporation and U.S. Bank Trust National Association <br />entered into a Trust Agreement dated as of Apfil 1, 1990, as amended by Amendment Number <br />One dated as of September 1, 1999, and pursuant to which Certificates of Participation were <br />issued and are outstanding, evidencing undivided interests in the lease payments being made by <br />the City under the Existing Parking Structure Lease; and <br /> <br /> WHEREAS, the City and the Corporation wish to provide for the financing of <br />approximately 645 additional parking spaces for the Existing Parking Structure (the "Parking <br />Structure Addition") and additional public improvements on the vicinity of the Galleria at Tyler <br />(the "Other Public Improvements" and together with the Parking Structure Addition referred to <br />herein as the "Project"); and <br /> <br /> WHEREAS, the City wishes to acquire a leasehold interest in (i) the land uponlwhich the <br />Parking Structure Addition is to be located (the "Parking Structure Addition Site") and the land <br />upon which the Other Public Improvements are to be located (the "Other Public Improvements <br />Site"); (ii) a second parking structure (the "Second Parking Structure") located at the Galleria at <br />Tyler and the land upon which the Second Parking Structure is located (the "Second Parking <br />Structure Site") all pursuant to (a) a Land and Parking Structure Lease Agreement (lhe "Land <br />and Parking Structure Lease") between Tyler Mall Limited Partnership and the City; (b) a Land <br />Lease Agreement (the "J.C. Penney Lease") between J.C. Penney Properties, Inc.; and {c) a Land <br />Lease Agreement (the "Robinsons-May Lease") between Robinsons-May Company and the <br />City; and <br /> <br /> WHEREAS, the City owns certain property fight-of-way and improvements thereto <br />consisting of certain streets located in the City in the vicinity of the Project consisting lgenerally <br />of a portion of Tyler Street and a portion of Magnolia Avenue (the "Streets"); and <br /> <br />RVPUB\FJB\694632.1 1 <br /> <br /> <br />
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