HomeMy WebLinkAboutResolution No. 4202 RESOLUTION NO. 4202
A RESOLUTION GIVING PUBLIC APPROVAL TO THE ENTERING INTO
OF AN INSTALLMENT SALE AGREEMENT BY THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF DOWNEY FOR THE PURPOSE OF PROVIDING
FINANCING TO C & E DEVELOPERS
RESOLVED, by the City Council of the City of Downey, California, as
follows:
WHEREAS, the Community Development Commission of the City of Downey
(the "Commission ") proposes to enter into an installment sale agreement (the
"Agreement ") for the purpose of acquiring certain land located at 8403 East
Florence Avenue in the City and facilities and real and personal property
located thereon for the purpose of selling said properties by an Office
Building Sale Agreement to C & E Developers (the "Company ") and thereby to
provide financing to the Company for the acquisition and renovation of
office building facilities;
WHEREAS, it is intended that the interest component of purchase payments
made by the Commission under the Agreement be excludable from gross income for
the purposes of federal income taxes;
WHEREAS, Section 103(k) of the Internal Revenue Service of 1954, as
amended, requires that the applicable elected representative of the Commission
shall approve, after public hearing following reasonable public notice, the
entering into by the Commission of the Agreement;
WHEREAS, this Council is the applicable elected representative of the
Commission and this Council has held on the date hereof a public hearing
following reasonable public notice on the question of whether this Council shall
approve the entering into of the Agreement by the Commission, and all persons
requesting to be heard have been heard;
NOW, THEREFORE, it is hereby FOUND, ORDERED, and DETERMINED that the City
Council does hereby approve the entering into of the Agreement by the Commission
in the principal amount of $400,000 for the purpose of providing financing to
C & E Developers for the acquisition and construction of certain office building
facilities to be located at 8403 East Florence Avenue in the City of Downey,
California.
APPROVED AND ADOPTED this 22nd , day of February, 1983.
•sue
James T. Q Mayor
ATTEST:
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Robert. Shand, 6i ty Clerk
I HEREBY CERTIFY that the foregoing resolution was adopted by the City
Council of the City of Downey at a regular meeting thereof held on the 22nd day
of February, 1983, by the following vote:
AYES: 4 Council Members: Cormack, Jackman, Barb, Davila
NOES: 1 Council Members: Quinn
ABSENT: 0 Council Members: None
/1,A
Robert L. Shand, City Clerk
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