RES-ORA-0290 Participation Agreement by and between Redevelopment Agency and Global Van Lines, Inc.RESOLUTION NO. ORA-
0290 A RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING
THE EXECUTION OF A PARTICIPATION AGREEMENT BY
AND BETWEEN THE ORANGE REDEVELOPMENT AGENCY
AND GLOBAL VAN LINES, INC.; DETERMINING THAT
THE CONSTRUCTION OF CERTAIN IMPROVEMENTS,
A PORTION OF THE COST OF WHICH IS TO BE LOANED
BY THE AGENCY, IS OF BENEFIT TO THE
NORTHWEST REDEVELOPMENT PROJECT AREA AND THE
IMMEDIATE NEIGHBORHOOD IN WHICH THE PROJECT IS
LOCATED;DETERMINING THAT THERE ARE NO
OTHER REASONABLE MEANS OF FINANCING
SAID IMPROVEMENTS; AND AUTHORIZING THE
EXECUTION AND DELIVERY OF SAID PARTICIPATION
AGREEMENT MAXIMUM $200,000, 810 WEST TAFT AVENUE IN
THE NORTHWEST PROJECT
AREA)VVHEREAS, the Orange Redevelopment Agency ("Agency") is authorized to carry
out the redevelopment of the Northwest Redevelopment Project Area ("Project Area");
and VVHEREAS, the Redevelopment Plan for the Project Area allows the Agency to pay
all or part of the value of the construction of certain improvements;
and VVHEREAS, the Agency desires to enter into a Participation Agreement ("PA")
with Global Van Lines, Inc. a Texas corporation (the "Participant"), in the form presented to
the Agency at the meeting at which this resolution was adopted;
and VVHEREAS, pursuant to the PA, the Agency is to loan Global Van Lines an
amount not to exceed TWO HUNDRED THOUSAND DOLLARS ($200,000) (the "
Maximum Assistance Amount") in connection with improvements which the Participant desires
to undertake on certain property within the Project Area and commonly known as 810 West
Taft Avenue, Orange, California (the "Site");
and VHEREAS, the Participant has indicated that but for the agreement of the
Agency pursuant to the P A as proposed, the cost of proceeding with the improvement of the Site
would be infeasible;
and VHEREAS, the monies loaned by the Agency pursuant to the P A will be applied
only for property improvements which are provided for in the Redevelopment Plan for the
Project Area;
WHEREAS, California Health and Safety Code Section 33444.6(a) provides that a
redevelopment agency may, with the consent of the legislative body, assist with the financing
of facilities or capital equipment upon a finding that such assistance is necessary for the
economic feasibility of the development and that there are no other reasonable means of
financing such improvements; and
WHEREAS, the use of monies loaned by the Agency to Global Van Lines pursuant to
the PA for improvements within the Project Area will be of benefit to the Project Area.
NOW, THEREFORE, the Orange Redevelopment Agency does hereby resolve as
follows:
Section 1: The Agency hereby approves the form of the P A with the Participant
presented at the meeting at which this resolution was adopted.
Section 2: The Agency hereby determines that the construction, and installation of
improvements to be paid for using monies loaned by the Agency pursuant to the PAis of
benefit to the Project Area and the surrounding neighborhood in which the project is located.
Section 3: The Agency hereby determines that it is appropriate to construct and install
or cause the construction and installation of improvements to be paid for using monies loaned
by the Agency pursuant to the PA and that the assistance cannot be obtained on economically
feasibk terms in the private market.
Section 4: The Agency approves the P A and authorizes and directs the Executive
Director and the Agency Clerk to execute the P A and such other documents as may be
necessary or convenient to the implementation of the P A.
PASSED, APPROVED, AND ADOPTED this 23rddayof May 1995.
ORANGE REDEVELOPMENT AGENCY,
a public b~y,~ corporate and politic
1' .J I' '.'.$./
By: ,//,. ",' cc.;-r2.-J/
o~;n~ Co~n~: Ch~m~ ' (?j I
ATTEST:
MARIL
YN J. JENSEN Marilyn
Jensen, Agency Clerk BY:
tJ~~Cw~Assistant
C e k
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Orange Redevelopment Agency at a regular meeting thereof held on the 23rd day of
May , 1995, by the following vote:
AYES: DIRECTORS: MURPHY, BARRERA, COONTZ, SPURGEON, SLATER
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN: DIRECTORS: NONE
MARILYN ~J. JENSEN
Marilyn Jensen, Agency Cll":rk
Ic/052395a/reso-l/
0290
BY:~~~Assistant