RESOLUTION NUMBER 93-05 FOR PROVIDING DEFEASANCE AND OR REDEMPTION
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RESOLUTION NO. 93-5
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, FLORIDA, PROVIDING FOR THE
DEFEASANCE AND/OR REDEMPTION OF THE OUTSTANDING
PRINCIPAL AMOUNT OF THE COMMUNITY REDEVELOPMENT AGENCY I S
TAX INCREMENT AND LEASE REVENUE BONDS, SERIES 1986;
PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, FLORIDA:
Section 1. Authority for this Resolution. This resolution is adopted
pursuant to the provisions of Chapter 163, Part III, Florida Statutes, and other
applicable provisions of law.
Section 2. Authorization for Redemption. The Community Redevelopment
Agency (the "Agency") has authorized the execution of a Memorandum of
Understanding with Atrium at Clearwater, Limited, a Florida limited partnership
(the "Buyer") regarding the acquisition by the Buyer of the Sun Bank/Atrium
Building from the Agency. In conjunction with the sale, the Agency has granted
the Buyer an option to acquire land together with the first two stories of a
public parking facility located thereon which is currently leased to the City of
Clearwater, Florida, pursuant to a Lease Agreement dated as of August 28, 1986.
In order to transfer title to the parking facility to the Buyer upon the exercise
of the option, the Agency will have to provide for the redemption or defeasance
of the remaining outstanding principal amount of its Tax Increment and Lease
Revenue Bonds, Series 1986 (the "Bonds"). The Agency hereby commits that upon
the exercise of the option to purchase the parking facility by the Buyer the
Agency will use the sale proceeds thereof to redeem and/or defease the Bonds, all
in accordance with the provisions of Resolution No. 86-1 (CRA) adopted by the
Agency on February 20, 1986.
Section 3. Effective Date. This resolution shall take effect immediately
upon adoption.
PASSED AND ADOPTED this 13th day of December, 1993.
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