HomeMy WebLinkAboutCC Reso No 1983-25RESOLUTION N0. g3-25
A RESOLUTION OF THE GITY COUNCIL OF THE
CITY OE LAKE ELSINORE, CALIFORNIA, APPROV-
ING A LEASE-PURCHASE AGREEMENT BY AND
BETWEEN TAE ELSINORE UNION SCHOOL DISTRICT,
AS SUBLESSEE, AND THE CITY OF LAKE ELSINORE
AND THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE, AS SUBLESSORS, AUTHORIZING
EXECUTION OF THE LEASE-PURCHASE AGREEMENT,
A GROUND LEASE AGREEMENT, AN AGREEMENT FOR
COMPLETION -0F CONSTRUCTION AND AN AGREEMENT
PROVIDING FOR ASSIGNMENT OF CONTRACT FOR
CONSTRUCTION AND RELATED MATTERS AND RELATED
AGREEMENTS AND INSTRUMENTS, ALL RELATING TO
THE LEASE-PURCHASE AGREEMENT
BE IT RESOLVED by the City Council of the City of
Lake Elsinore (the "City"), as follows:
Section 1. It is hereby found, determined and
declared as follows:
(a) It is in the best interests of
the residents of the City that the
Elsinore Union School District ("Dis-
trict") acquire the use of public school
buildings (the "Project Building"),
which-Project Building has been par-
tially completed by the District and is
located on ce=tain real'property pre-
sently owned by the District (the "Pro-
ject Site").
(b)~ It is in the ~est interests
and for the common benefit of the resi-
dents of the City and the District that
the District: (i) lease the Project
Site and the. Project Building as com-
pleted to date by the District to City
pursuant to a certain Ground Lease
Agreement dated as of April 26 , 1983
~(the "Ground Lease") by and between the
District, as lessor, and the City of
Lake Elsinore ("City") and Redevelopment
Agency of the City of Lake Elsinore
("Agency"), as lessee; (ii) cause con-
struction of the Project Building to be
completed on the Project Site; (iii)
enter into a certain Sublease-Purchase
Agreement dated as of April 26 ,
1983 (the "Sublease");by and between the
City and Agency, as sublessors, and the
District, as sublessee, relating to the
lease-purchase of the Project Building
and the lease-back of the Project Site
for the Lease Term (as defined therein);
(iv} enter into- an Agreement for Com-
pletion of Construction and and Related
Matters (the '"Construction Agreement")
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payment of the Base Payments, Additional
- Payments, any other payments due under
the Sublease.
Section 2. The Sublease, the Ground Lease, the
Construction Agreement, the Assignment Agreement, copies of
which have been presented to this City Council and which
have been reviewed to the extent deemed necessary, are
hereby made a part of this Resolution as fully as though set
forth in full herein and are hereby approved in the form
_ submitted to this meeting, and the Mayor is hereby autho-
rized and directed to execute, acknowledge, as applicable,
and deliver the Sublease, the Ground Lease, the Construction
Agreement and the Assignment Agreement, on behalf of the
City, with such changes, insertions and omissions therein as
do not change the substance of the Sublease, the Ground
Lease, the Construction Agreement or the Assignment Agreement
and as may be approved by' the Mayor, such approval to be
evidenced conclusively by his execution of the Sublease, the
Ground Lease, the Construction Agreement and the Assignment
i
~ Agreement; and the City Clerk is hereby authorized and
; •
directed to aff'ix to the Subleas~, the Ground~I.ease, the
Construction Agreement and the Assignment Agreement, the
corporate seal of the City and to attest thereto.
Section 3. ~'he Mayor and City Clerk of the City .
and the City Manager are hereby authorized and direet:eci to
execute and deliver all other documents which may be re-
quired under the terms of the Sublease, the Ground Lease,
the Construction Agreement or the Assignment Agreement, and
to execute such instruments and take such other action as
' may be required or appropriate for the performance of the
duties imposed thereby or to carry out the purposes thereof.
~ Section 4. The City hereby elects to 'have the
- provisions of Section 103(b)(6) of the Internal Revenue Code