CC RESOLUTION 4426RESOLUTION NO 4426
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO AUTHORIZING THE EXECUTION AND DELIVERY OF THE
FACILITY LEASE AND THE SITE LEASE BY AND BETWEEN THE CITY
OF EL SEGUNDO AND THE CALIFORNIA INFRASTRUCTURE AND
ECONOMIC DEVELOPMENT BANK AND APPROVING CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the City of El Segundo (the "City ") has accumulated approximately
$10 million to finance the Douglas Street Gap Closure Project (the "Project"), and
WHEREAS, the total projected cost of the Project is approximately $19 4 million,
and
WHEREAS, the City has applied for a Federal appropriation in the amount of $4
million to be used for the Protect, in the event that the City does not obtain the
appropriation in full, the City has available and commits to funding an amount not to
exceed $5 million in addition to the amounts already committed to the Project by the
City in Resolution No 4425 adopted on June 7, 2005, and
WHEREAS, at a previous meeting, the City Council of the City adopted its
Resolution authorizing the submission of an application to the California Infrastructure
and Economic Development Bank for financing the Project, and
WHEREAS, the City Council of the City has determined that in order to provide
the balance of the necessary funds to complete the Project the City is proposing to
enter into a Facility Lease, dated as of June 21, 2005, by and between the California
Infrastructure and Economic Development Bank, as lessor and the City, as lessee (the
"Facility Lease'), and
WHEREAS, the City is also proposing to enter into a Site Lease, dated as of
June 21, 2005, by and between the City, as Site Lessor and the California Infrastructure
and Economic Development Bank, as Site Lessee (the "Site Lease "), and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO AS FOLLOWS
SECTION 1 Recitals The City Council of the City finds and declares that the above
recitals are true and correct and incorporates them herein.
SECTION 2 Ai3oroval of Facility Lease The City Council hereby approves the Facility
Lease in substantially the form thereof on file with the City Clerk together with any
additions thereto or changes therein deemed necessary or advisable by the City
Manager, and execution of the Facility Lease shall be deemed conclusive evidence of
the City Manager's approval of such additions or changes The City Manager and City
Clerk of the City or any Deputy City Clerk of the City are hereby authorized and directed
to execute, attest and affix the seal of the City to the Facility Lease for and in the name
and on behalf of the City The City Council hereby authorizes the delivery and
performance of the Facility Lease.
SECTION 3 Approval of Site Lease. The City Council hereby approves the Site Lease
in substantially the form thereof on file with the City Clerk together with any additions
thereto or changes therein deemed necessary or advisable by the City Manager, and
execution of the Site Lease shall be deemed conclusive evidence of the City Manager's
approval of such additions or changes The City Manager and City Clerk of the City or
any Deputy City Clerk of the City are hereby authorized and directed to execute, attest
and affix the seal of the City to the Site Lease for and in the name and on behalf of the
City The City Council hereby authorizes the delivery and performance of the Site Lease
SECTION 4 Funding Commitment. In the event the City does not obtain funding from
other sources, including any Federal appropriation, to fully pay the cost of the Protect,
the City commits to funding an amount not to exceed $5 million in addition to the
amount already committed to the Project by the City in Resolution No 4425 adopted on
June 7, 2005
SECTION 5 Official Action All actions heretofore taken by the officers and agents of
the City with respect to the Facility Lease, the Site Lease and the transactions
contemplated thereby are hereby approved, confirmed and ratified The Mayor, the City
Manager, the Administrative Services Director, the City Attorney, the City Clerk and any
and all other officers of the City are hereby authorized and directed, for and in the name
and on behalf of the City, to do any and all things and take any and all actions, including
execution and delivery of any and all assignments, certificates, requisitions, agreements,
notices, consents, instruments of conveyance, warrants and other documents, which
they, or any of them, may deem necessary or advisable in order to consummate the
transactions contemplated under this Resolution
SECTION 6 County General Plan Consistency The City certifies that the Protect is
consistent with the General Plan of the County of Los Angeles
SECTION 7 Effective Date This Resolution shall take effect from and after the date of
approval and adoption thereof.
SECTION S Certification The Secretary of the Agency shall certify the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED thiS Zest day of June, 2005
ATTEST
CINDY MORTESEN, CITY CLERK
MARK D HENSLEYXITY ATTORNEY
STATE OF CALIFORNIA }
COUNTY OF LOS ANGELES } ss
CITY OF EL SEGUNDO }
I, Cindy Mortesen, City Clerk of the City of El Segundo, do hereby certify
that the foregoing Resolution No 4426 was adopted at a regular
meeting of the City Council of the City of El Segundo held on June 21,
2005, by the following vote
AYES COUNCILMEMBERS McDowell, Gaines, Boulgarides, Busch, Jacobson
NOES COUNCILMEMBERS None
ABSENT COUNCILMEMBERS None
ABSTAIN. COUNCILMEMBERS None
VNDY MORT5SEtr
CITY CLERK