AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 44 On October 17, 2000, the City, for and on behalf of the District, issued the Prior Bonds in an uzitial principal amount of $21,000,000. The net proceeds of the Prior Bonds, $16,206,294, were deposited to an Improvement Fund established under the Prior Fiscal Agent Agreement and were used to pay costs of the Improvements. The Improvements have been completed, and excess funds in the Improvement Fund were used to redeem a portion of the Prior Bonds. On January 9, 2012, the City Council of the City, acting in the capacity as the legislative body of the District, adopted a resolution authorizi�zg the issuance of the Bonds, and approving and authorizing the execution of the Fiscal Agent Agreement, escrow instructions relating to the redemption of the Prior Bonds, the Continuing Disclosure Agreement 1nd other related documents and actions. Development in the District The Pacific Shores Center (the "Center"), which includes all of the Taxable Parcels in the District and a number of other parcels with parking facilities and other related improvements, was constructed following the issuance of the Prior Bonds. The Center consists of a 106-acre waterfront campus with 1 50-acre public access parl<, 1 full-featured, 38,000 square foot fitness center, a cafe and other amenities. The Center is curreiltly managed by Cushman & Wakefield of Califomia, Inc. pursuant to a contract that commenced on December 7, 2006, but which can be terminated upon 30 days notice. For a more complete description of the Center see the website for the Center at http://www.pacificshores.com. The City has not reviewed the website and cannot make any representation regarding the accuracy or the completeness of the information thereon. The following page contains an lerial photo of the Center. -20-