HomeMy WebLinkAboutRES NO RA005-07
RESOLUTION NO.
R A
005-07
A RESOLUTION OF THE BAKERSFIELD REDEVELOPMENT
AGENCY AUTHORIZING THE SUBMISSION OF THE
APPLICATION TO THE CALIFORNIA INFRASTRUCTURE AND
ECONOMIC DEVELOPMENT BANK FOR FINANCING OF THE
MILLCREEK LINEAR PARK AND CANAL REFURBISHMENT
PROJECT AND APPROVING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH
WHEREAS, the California Infrastructure and Economic Development Bank ("1_
Bank") administers a financing program to assist local governments with the financing of
Public Development Facilities as described in Section 63000 et seq. of the California
Government Code (the "Act"); and
WHEREAS, the I-Bank has instituted an application process for financing under
its Infrastructure State Revolving Fund Program ("ISRF Program"); and
WHEREAS, the Bakersfield Redevelopment Agency ("Applicant") desires to
submit an application ("Financing Application") to the I-Bank from the ISRF Program for
the financing of the Millcreek Linear Park and Canal Refurbishment Project ("Project") in
an amount not to exceed $10,000,000; and
WHEREAS, the Act requires the Applicant to certify by resolution certain findings
prior to a Project being selected for financing by the I-Bank; and
WHEREAS, the ISRF Program requires funding sources, other than the I-Bank
financing, be identified and approved prior to Project financing approval by the I-Bank
Board.
NOW, THEREFORE, the Bakersfield Redevelopment Agency does resolve as
follows:
Section 1. The Bakersfield Redevelopment Agency hereby approves the filing
of an ISRF Program Financing Application with the I-Bank for the Project; and in
connection therewith certifies:
a. that the Project is consistent with the General Plan of both the City of
Bakersfield and the County of Kern;
b. the proposed financing is appropriate for the Project;
c. the Project facilitates effective and efficient use of existing and future
public resources so as to promote both economic development and
conservation of natural resources.
d. the Project develops and enhances public infrastructure in a manner that
will attract, create, and sustain long-term employment opportunities; and
AGENCY
ORIGINAL
c. the Project facilitates effective and efficient use of existing and future
public resources so as to promote both economic development and
conservation of natural resources.
d. the Project develops and enhances public infrastructure in a manner that
will attract, create, and sustain long-term employment opportunities; and
e. the Project is consistent with the I-Bank's Criteria, Priorities and
Guidelines for the ISRF Program.
Section 2. That the Applicant has available and commits $5,000,000 in addition
to the $10,000,000 I-Bank loan to provide for the project.
Section 3. The Executive Director or his designee is hereby authorized and
directed to act on behalf of the Bakersfield Redevelopment Agency in all matters
pertaining to this application.
Section 4. If the application is approved, the Executive Director or his designee
is authorized to enter into and sign the financing documents and any amendments
thereto with the I-Bank for the purposes of this financing.
Section 5. The redevelopment plans for the Old Town Kern-Pioneer and
Southeast Project Areas, which will incur debt to repay the obligation include supporting
documentation on pages 5 through 8 respectfully, which references the blighted
conditions of the project areas.
Section 6. This resolution shall become effective immediately upon adoption.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency at a regular meeting thereof held on
SEP 1 0 2007 by the following vote:
~
ABSTAIN:
~BSENT: ')
V'. v- v- ~ v--
AGENCY MEMBER BENTLEY, COHEN, KOMAN, MISHOE, ORDIZ, PRINCE, TAKII
AGENCY MEMBER
AGENCY MEMBER
AGENCY MEMBER ~ ~
. fficD
SECRETARY of the Bakersfield
Redevelopment Agency
EDERICK P NCE, CHAIRPERSON
BAKERSFIELD REDEVELOPMENT AGENCY
AGENCY
ORIGINAL
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
By: ~ lh. ~t
AGENCY
ORIGINAL