Laserfiche WebLink
<br />RESOLUTION NO. 820 <br /> <br />REIMBURSEMENT RESOLUTION OF THE BOARD OF <br />DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE <br />CITY OF RIVERSIDE REGARDING REIMBURSEMENT OF <br />QUALIFIED EXPENDITURES FROM BOND PROCEEDS ON <br />MAGNOLIA CENTER PROJECT AREA FINANCED PROJECTS. <br /> <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the <br />"Agency") desires and intends to develop the following projects: Relocation of <br />businesses located on 3645 and 3631 Merrill Avenue (Audio Shoppe, Alta <br />Dena Dairy and Soft Touch Auto Detailing) (the "Project"). <br /> <br />WHEREAS, the Agency intends to make capital expenditures from the <br />Magnolia Center Project Area Fund 474, in the maximum principal amount <br />("MPA") of Nine Hundred Fifty Thousand Dollars ($950,000) in anticipation of <br />issuance of bonds and receipt of bond funds; and <br /> <br />WHEREAS, the Agency expects to issue debt to finance the costs of <br />the Project on a permanent basis (the "Debt"); and <br /> <br />WHEREAS, the Agency reasonably expects to reimburse MPA with the <br />proceeds of the Debt; and <br /> <br />WHEREAS, at the time of reimbursement, the Agency will evidence the <br />reimbursement in a writing which identifies the allocation of the proceeds of <br />the Debt to the Agency for the purpose of reimbursing the Agency for the <br />capital expenditures made prior to the issuance of the Debt; and <br /> <br />WHEREAS, the Agency expects to make the reimbursement allocation <br />no later than eighteen (18) months after the later of (i) the date on which the <br />earliest original expenditure is paid, or (ii) the date the Project is placed in <br />service (or abandoned), but in no event later than three (3) years after the <br />date on which the earliest original expenditure is paid; and <br /> <br />WHEREAS, the Agency will not, within one (1) year of the <br />reimbursement allocation, use the proceeds of the Debt received in the <br />reimbursement allocation in a manner that will result in the creation of <br />replacement proceeds of the Debt or another issue (e.g., the Agency will not <br />pledge or use the proceeds received for the payment of debt service on the <br />Debt of another issue, except that the proceeds of the Debt can be deposited <br />in a bona fide debt service fund); and <br />