Item 5B - City Declaring Itself to be Board of Directors of Industrial Development Authority
AGENDA REPORT SUMMARY
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TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~ A
INITIATED BY: John D. Fitch, Assistant City Manager~\ ~
Warren H. Shafer, Director of Redevelo ent Service ~
Ross D. Spalding, Economic Development Manager R.p. ,
DATE: September 19, 1995
SUBJECT: A Resolution of the City Council of the City of Poway Declaring Itself
to be the Board of Directors of the Industrial Development Authority of
the City of Poway
ABSTRACT
This report recommends the adoption of a resolution by the City declaring itself to be
the Board of Directors of the Industrial Development Authority of the City of Poway.
ENVIRONMENTAL REVIEW
- This action is not subject to CEQA review.
FISCAL IMPACT
None.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
A copy of this report will be sent to Fred Day, Acting Executive Director of the
Chamber of Commerce, Neville Bothwell of Poway Corporate Center, Sam Craig of CF
Pomerado, and George Codling of ADI Properties.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution declaring itself
to be the Board of Directors of the Industrial Development Authority of the City of
Poway.
ACTION
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SEP 1 9 1995 ITEM 58
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- AGENDA REPORT
CITY OF POW A Y
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Ma~ -t
INITIATED BY: John D. Fitch, Assistant City Manager~\~ ~
Warren H. Shafer, Director of Redevelopment Services ~~
Ross D. Spalding, Economic Development ManagerK.v,b'
DATE: September 19, 1995
SUBJECT: A Resolution of the City Council of the City of Poway
Declaring Itsel f to be the Board of Directors of the
Industrial Development Authority of the City of Poway
BACKGROUND
On September 5, 1995, the City Council held the first reading of an Ordinance
creating an Industrial Development Bond (IDB) Authority for Poway. Upon final
approval of the ordinance to activate the City's IDB Authority, it is necessary
to appoi nt a Board for the Authori ty. Accordi ng to Section 91523 of the
California Industrial Development Financing Act (the "Act"), the City Council may
appoint itself to serve in this capacity.
FINDINGS
The Redevelopment Services Department contacted the legal firm advising us on
establishing the IDB Authority for the City of Poway. They advised us that the
most common approach to this issue is to have the City Council designate itself
to act as the Authority Board in accordance with the Act. This action will allow
the City Council to be the Board Authority necessary to issue revenue bonds to
finance economic development activities with the City of Poway.
ENVIRONMENTAL REVIEW
This action is not subject to CEQA review.
FISCAL IMPACT
None.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
A copy of this report will be sent to Fred Day, Acting Executive Director of the
Chamber of Commerce, Neville Bothwell of Poway Corporate Center, Sam Craig of CF
Pomerado, and George Codling of ADI Properties.
ACTION:
2 of 4 SEP 1 9 1995 ITEM 5S
- A Resolution of the City Council of the City of Poway Declaring Itself to be the
Board of Directors for the Industrial Development Authority of the City of Poway
September 19, 1995
Page 2
RECOMMENDATION
In order to issue revenue bonds for use in industrial financing, it is
recommended that the City Council adopt the attached resolution (Attachment 1)
declaring itself to be the Board of Directors of the Industrial Development
Authority of the City of Poway.
Attachment: (1) Resolution
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SEP 1 9 1995 ITEM 58
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RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA
DECLARING ITSELF TO BE THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF POWAY
WHEREAS, pursuant to the California Industrial Development Financing Act
(the "Act"), there is in each city of the State a public, corporate
instrumentality known as the industrial development authority of such city; and
WHEREAS, Section 91520 of the Act provides that an authority shall not
transact any business unless, by ordinance, the City Council declares there is
a need for the authority and that the authority shall function, and there has
been introduced Ordinance No. of the City making such declaration in
accordance with Section 91520; and
WHEREAS, pursuant to Section 91523 of the Act, the City Council may, at its
sole discretion and at any time, by resolution, declare itself to be the board,
in which case all the rights, powers, pri v il eges, duties, li abil it i es,
disabilities and immunities vested in a board of directors shall be vested in the
. City Council as such board, and the City Council deems it appropriate at this
time to so declare itself to be the board.
NOW, THEREFORE, the City Council of the City of Poway does hereby resolve
as follows:
Sect i on 1. The City Council hereby declares itself to ee the Board of
Directors of the Industrial Development Authority of the City of Poway in
accordance with Section 91523 of the Act.
Section 2. This Resolution shall be effective upon the effective date of
Ordinance No. of the City, in which the City Council has declared the
need for the Authority and that the Authority shall function.
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California at a regular meeting thereof this 19th day of September 1995.
Don Higginson, Mayor
ATTEST:
Marjorie K. Wahlsten, City Clerk
SEP 1 9 1995 ITEM 53
ATTACHMENT "["
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