HomeMy WebLinkAboutRES 2576 1
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RESOLUTION NO. 2576
A RESOLUTION. OF THE COUNCIL OF THE CITY OF
RENTON, 'WASHINGTON, approving the issuance
of revenue bonds of the King County Economic
Enterprise Corporation pursuant to RCW 39. 84. 060.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by munici-
palities, including counties, pursuant to Chapter 300, Laws
of Washington, 1981 CRegular SessionZ codified as Chapter
39. 84 RCW, as amended (the "Act" ). , for the purpose of faci-
litating economic development and employment opportunities
in the State of Washington; and
WHEREAS, pursuant to the Act, King County (the "County" )
has by Ordinance No. 6628 (the "Ordinance") created and
approved the charter of a public corporation, designated as
"King County Economic Enterprise Corporation" (herein the
"Corporation" ) in order to carry out the purposes of the
Act; and
WHEREAS, the Corporation has received an application
from Franck/Thomas Partnership (the "Partnership") for the
i
i he acquisition f land and the construction
financing of t acqu o a
and installation of a warehouse facility and service area of
approximately 20 ,000 square feet for the warehousing of
industrial equipment and materials at a location which is
within the boundaries of the City of Renton (the "Project") ;
and
r
WHEREAS, the Corporation has reviewed the application
of the Partnership, has determined that the Project qualifies
as an "industrial development facility" within the meaning
of the Act and has approved the issuance of its revenue
bonds to finance all or a portion of the costs of the Project
by its Resolution No. 84-12 adopted on September 7, 1984;
and
WHEREAS, the Act provides. that each- city within whose
planning jurisdiction the Project i.s to be located must
approve the issuance of revenue bonds by the Corporation for
such Project; and
. WHEREAS, ,the Corporation, as the issuer of the revenue
bonds for the Project, has requested the approval of the
City pursuant to the .Act• and
WHEREAS, the Council of the City of Renton 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 Corporation to proceed with the issuance of
such revenue bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO RESOLV4 as follows;
Section 1. The City Council of the City of Renton,
Washington, pursuant to RCW 39 . 84 . 060 does hereby approve
the issuance of revenue bonds (the "Bonds") by the King
County Economic Enterprise Corporation, King County, Wash-
ington for the purposes of financing -the above-described
Project under the Act.
The Bonds are to be issued by the Corporation in the
aggregate principal amount of not to exceed $800, 000 pursuant
to a resolution of. .the. Board of Directors of .the Corporation,
and approved by the King County Council. The Bonds shall be
entitled "King County Economic Enterprise Corporation, King
County, Washington, Revenue Bonds (Franck/Thomas. Partnership
Project) . " The proceeds of the Bonds are to be used to loan
money to Franck/Thomas Partnership to acquire and build the
Project pursuant to a Loan Agreement (the "Loan Agreement") .
The Bonds shall be payable solely from the. Partnership' s
obligations, to repay under the Loan Agreement. The Bonds
shall not constitute an. obli.gation 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 i.ntere.st on the Bonds.
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 the interest on the Bonds.
This Council hereby approves the issuance of the Bonds
under the Act by the Corporation for the purpose of financing
the Project.
Section 2 . This resolution is intended solely to
constitute approval of the issuance. of revenue bonds within
1
the meaning of RCW 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 this 19th day of November, 1984 .
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 19th day of November, 2984 .
Barbara Y. Sh' npoch, M yor
Approved as to form:
L rence 3._ W re6, City Attorney