HomeMy WebLinkAbout90 of 1977 - A resolution authorizing the issuance of Industrial Revenue Bonds in the amount of $2,000,000 to Bro Resolution Ito. 90
BY genni g* '�hfllips, Jr.
COMMISSIONER
Authorizing the issuance of Industrial '
Revenue Bonds in the amount of
$2,000,000.00 to Broadbent Develop-
ment Company.
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Intestedallkherdeft ssimett
AND PASSED
SEP 1 1977
Nwidr,
• -� CITY RKO
f
September 1. 1977
Broadbent Development Company
do Simons &Company
3616 West 2100 South Street
Salt Lake City. Utah $4120
Gentleauun:
The Board of City Commissioners. at its meeting today. passed
Reaeiution No.90 of 1977, authorizing the issuance of Wustrial
Revenue Bonds in the amount of$2,000.000.00 to Broadbent
Development Company.
Yours truly.
2 * ,1��x!
City Reaserdar
ma
CC:
Auditor
Finance
Attorney
Files
NOTICE
NOTICE OF THE AGENDA
OF EXECUTIVE
IHG OTBOAD OF
COMMISSIONERS OF SALT
LAKE CITY,UTAH,TO BE
HELD IN ROOM MO,CITY
COMMENCING BUILDING,
TIL 10 00
O'CLOCK A.M.,ON MONDAY,
AUGUST 29,19T/.
PUBLIC NOTICE IS
HEREBY GIVEN of ISRIOIlow-
inY Agenda Item to be Ms-
cussed:
Consideration of omaosetl In-
dustrlal Band Issue to finance
turing
enwarrNaase and office cfacility
d consisting of land,building,
Improvements,cost of marhlnery a oralenauhly Two a o Million Milers
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6‘71
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RESOLUT- N &L%_. .__
WHEREAS, SALT LAKE Ch1'r C6RPORATION (the CITY) , a muni-
cipal corporation of the State of Utah, is authorized and empowered
under the provisions of Title 11, Chapter 17, Utah Code Annotated
1953,as amended (the Act) , for the purposes stated therein, to
issue revenue bonds for industrial development purposes; and
WHEREAS, BROADBENT DEVELOPMENT COMPANY (the COMPANY) , a
Delaware corporation authorized to and doing business in Salt
Lake County, State of Utah, has requested that the CITY issue
industrial revenue bonds to finance the cost of a manufacturing,
warehouse and office facility for the COMPANY consisting of land,
building, improvements, machinery and equipment (the Project)
at a cost of approximately Two Million Dollars ($2,000,000.00) ;
and
WHEREAS, the CITY desires pursuant to the COMPANY'S repre-
sentations and request to issue such bonds to finance the cost of
purchasing the land and purchasing and constructing the buildings,
improvements, machinery, and equipment for the Project by the
issuance of revenue bonds under the Act in the amount of approxi-
mately $2,000,000.00; and
WHEREAS, such bonds would be payable solely from the
rentals, revenues and receipts delivered to the CITY from the
lease of the Project to the COMPANY and would not constitute nor
give rise to any general obligation or liability of the CITY
against its general credit or taxing powers and from which, among
other things, the COMPANY agrees to hold the CITY harmless; and
WHEREAS, the payment of the principal of, and interest
on, said bonds would be guaranteed by the COMPANY; and
WHEREAS, the COMPANY has agreed to negotiate the sale of
she 'pond_ and nunoino a Trus ce, all w-'_-- uproval of the
CITY and in accordance with the laws of the State of Utah; and
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WHEREAS, the COMPANY desires that the purchase of the land
and the purchase and construction of the building, improvements,
machinery and equipment commence immediately.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commis-
sioners of Salt Lake City, as follows:
1. That the Board of Commissioners of Salt Lake City
hereby finds and determines that the issuance of its revenue
bonds to finance the cost of the Project will be in furtherance
of the public purposes set forth in the said State Act, and that
the Project will promote the welfare of the CITY.
2. That the Board of Commissioners of Salt Lake City
hereby tentatively approves the Project to be financed out of the
proceeds of approximately $2,000,000.00 principal amount of the
industrial revenue bonds, Series 1977, of the Salt Lake City
Corporation to be issued pursuant to the provisions of the Act.
3. That CITY officials are hereby authorized and directed
to proceed with the necessary negotiations relating to the Project
and the preparation of the legal documents relating thereto for
final action by the governing body of the CITY, provided the
COMPANY meets all city, state and federal statutory requirements
for the Project and issuance of the bonds.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this .r day of ',,../ , 1977.
."L " •
ROLL CALL CO_ SZ!I� R
VOTING Aye Nay
C MMISSION
W.Chairman
Agraz' .
Gre�q6r CO S 1ISSI0 ER
HogensenLL
Phillips 6J� )?VA PAIN Lmissio Ft
Result