HomeMy WebLinkAboutRes 1301 - Issuance of Tax Exempt Nonrecourse Revenue BondCity of Tukwila
Washington
Resolution No. 1301
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, APPROVING THE ISSUANCE OF
A TAX EXEMPT NONRECOURSE REVENUE BOND OF THE
KING COUNTY ECONOMIC ENTERPRISE CORPORATION
FOR THE BENEFIT OF G.T. DEVELOPMENT CORPORATION
PURSUANT TO RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has provided for the creation of
public corporations by municipalities, including counties, pursuant to Chapter 300, Laws of
Washington, 1981 (Regular Session) codified as Chapter 39.84 RCW, as amended (the "Act for
the purpose of facilitating economic development and employment opportunities in the State of
Washington; and
WHEREAS, pursuant to the Act, the King County Economic Enterprise Corporation (the
"Enterprise Corporation") was formed in order to carry out the purposes of the Act; and
WHEREAS, the Enterprise Corporation has received an application from G.T. Development
Corporation (the "Company for the purpose of providing for the construction of additional
manufacturing facilities at 6437 South 144th Street, Tukwila, Washington (the "Project which is
within the boundaries of the City of Tukwila, Washington (the "City"); and
WHEREAS, the Enterprise Corporation and its bond counsel have reviewed the application of
the Company and have determined that the Project qualifies as an "industrial development
facility" within the meaning of the Act; and
WHEREAS, the Enterprise Corporation scheduled a special meeting and approved the
issuance of a nonrecourse revenue bond in an amount not to exceed $2,800,000 (the "Bond on
June 15, 1994; and
WHEREAS, the Act provides that each county, city or town within whose planning
jurisdiction the Project is to be located must approve the issuance of revenue bonds by the
Enterprise Corporation for such Project; and
WHEREAS, the City finds that planning permits for the Project are substantially complete
and will be completed prior to issuance of buildings permits; and the Project is expected to meet
all Tukwila code requirements prior to issuance of a certificate of occupancy; and
WHEREAS, the Enterprise Corporation, as the issuer of the Bond for the Project, has
requested the approval of the City pursuant to the Act; and
WHEREAS, the City has been assured that there will be no financial liability accruing to
the City as a result of such approval and that this approval shall constitute approval solely for the
purpose of permitting the Enterprise Corporation to proceed with the issuance of the Bond;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The City, pursuant to Chapter 39.8412CW, does hereby approve the issuance of
the Bond by the Enterprise Corporation for the purposes of financing the Project under the Act.
The Bond is anticipated to be issued by the Enterprise Corporation in the aggregate
principal amount of not to exceed $2,800,000 pursuant to a resolution of the Board of Directors of
the Enterprise Corporation for the purposes of financing the Project under the Act.
The proceeds of the Bond will be loaned to the Company, pursuant to a loan agreement
with the Enterprise Corporation, and used for the purposes of paying all or a part of the costs of
the Project within the boundaries of the City. The Bond shall be payable solely from the
Company's repayments of the loan under the loan agreement. The Bond shall not constitute an
obligation of the City, and no tax funds or other revenues of the City shall be used to pay the
principal of, premium, if any, or interest on the Bond. Neither the faith and credit nor any taxing
power or revenues of the City shall ever be pledged to pay the principal of, premium, if any, or
interest on the Bond.
Section 2. This resolution is intended solely to constitute approval of the issuance of the
Bond within the meaning of I:CW 39.84.060. This approval shall not in any way be deemed to be
a review or final approval of any development permit for the Project which may be in process, or
may be submitted at a future date.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a
regular meeting thereof this 18th day of July 1994.
rvn
Steve Mullet, Council President
ATTEST AUTHENTICATED:
e_ r...t...
J n e E. Cantu, City Clerk
APPROVED AS TO FORM:
Office of the City Attorney
Filed with the City Clerk: 7 /Y- 1
Passed by the City Council: 7 25'
Resolution Number l