HomeMy WebLinkAbout98-158 RESOLUTION NO. 98-158
RESOLUTION PROVIDING FOR THE LONG-TERM LEASE, AS LESSOR, OF
CERTAIN REAL PROPERTY; AUTHORIZING THE PUBLICATION OF THE
STATUTORILY REQUIRED NOTICE; DECLARING THE COUNTY'S INTENTION
TO ENTER INTO A LEASE-PURCHASE AGREEMENT TO REFINANCE EXISTING
LEASES AND ACQUIRE ADDITIONAL PROPERTY; SELECTING THE
UNDERWRITER FOR CERTIFICATES OF PARTICIPATION IN THE LEASE-
PURCHASE AGREEMENT; AUTHORIZING THE COUNTY ADMINISTRATOR TO
DEEM A PRELIMINARY OFFICIAL STATEMENT FINAL AND APPROVE THE
CIRCULATION OF A PRELIMINARY OFFICIAL STATEMENT; AND
AUTHORIZING COUNTY STAFF TO TAKE ALL ACTIONS NECESSARY TO
CARRY OUT THE RESOLUTION.
WHEREAS, Mohave County, Arizona (the "County") is considering ordering the
sale, execution and delivery of its Certificates of Participation, Series 1998 (the "Certificates") in
order to finance the construction of a County Juvenile Detention Facility, a Library and a Court
Facility and related improvements and refinance or prepay other outstanding leases of the
County (the "Project"); and
WHEREAS, in order to facilitate the issuance of the Certificates and the
financing of the Project, the County will need to enter into a ground lease as lessor and a lease-
purchase agreement as lessee with respect to certain of its real property;
WHEREAS, County staff has recommended that Peacock, Hislop, Staley &
Given, Inc. be selected by the Board to serve as underwriter for the proposed Certificates.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPER-
VISORS OF MOHAVE COUNTY, ARIZONA, AS FOLLOWS:
Section 1. Lease and Leaseback. It is advantageous for the County, in
connection with the issuance of the Certificates and the financing and refinancing of the Project,
to lease at public auction the real property described in Exhibit A (the "County Real Property")
for a period not to exceed twenty-five years, and to lease-purchase the County Real Property,
together with other real property and the improvements constituting the Project, in a lease-
purchase arrangement. The staff and consultants are authorized to take all actions necessary to
accomplish the foregoing.
Section 2. Notice of Ground Lease. The Clerk is directed to execute a
Notice of Proposed Lease of Land for the County Real Property in substantially the form of
Exhibit A and such notice shall be published in accordance with applicable law and bids received
for the ground lease of the County Real Property.
Section 3. Cerlificates. It is the intent of the Board, if it enters into the
above-mentioned lease-leaseback agreements, to order the sale of the Certificates.
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Section 4. Underwriter. The finn of Peacock, Hislop, Staley & Given, Inc.
is hereby selected to serve as underwriter with respect to the Certificates.
Section 5. Official Statement. The preparation and circulation of a
preliminary official statement by the County for the Certificates, in such form as may be
approved by the County Manager, is authorized and approved. The County Manager shall deem
as "final" the preliminary official statement for ali purposes of Section 240.15c2-12, General
Rules and Regulations, Securities Exchange Act of 1934.
PASSED AND ADOPTED on April 6, 1998.
erk
APPROVED AS TO FORM:
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CERTIFICATION
I, Pat Chastain, the duly appointed and acting Clerk of the Board of Supervisors
of Mohave County, Arizona, do hereby certify that the above and foregoing resolution was duly
passed by the Board of Supervisors of Mohave County, Arizona, .~t, glfiR~}~~ meeting held on
and the votewas 3 aye's, 0 nay's and ~~.~.;,t~c/~}J 3
April
6,
1998,
Supervisors were present thereat.
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EXHIBIT A
NOTICE OF PROPOSED LEASE OF LAND
BY MOHA VE COUNTY. ARIZONA
NOTICE IS HEREBY GIVEN THAT sealed proposals for the lease (the "Ground
Lease") of approximately acres of land (the "County Property"), from Mohave
County, Arizona (the "County"), will be received by the Board of Supervisors of the County at
the office of the County Manager, 809 E. Beale Street, Kingman, Arizona 86401, until 10:00
a.m., Mountain Standard Time on June I, 1998, pursuant to Section 11-256, Arizona Revised
Statutes, as amended. The Property is composed of two tracts of land owned by the County
located in Mohave County at and 2001 College Drive, Lake
Havasu City, Arizona, and more particularly described by the metes and bounds description set
forth in Exhibit "A" below. The Ground Lease will be for a period of not to exceed twenty-five
years commencing on or about June 30,1998, and will be subject to the terms and conditions the
Board of Supervisors of the County has prescribed herein and in Resolution No. 98-158 adopted
on April 6, 1998, to which reference is hereby made (the "Resolution").
The winning bidder must agree to lease the Property under the following terms
and conditions:
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1.
To offer not less than $_ for the right to lease the County Property
pursuant to the Ground Lease, such amount being in excess of the rental
valuation for the Property as determined by an experienced appraiser
heretofore appointed by the County (such amount shall be due on the
effective date of the Ground Lease). No bid for less than $_ will be
considered.
2. To enter into a ground lease of a parcel of land owned by the City of Lake
Havasu City to be determined (the "City Property").
3. To enter into an agency agreement with the County whereby the County,
as agent for the winning bidder, will cause the construction and renovation
of certain improvements which the County desires to have constructed on
the County Property and the City Property (the "Improvements").
4.
The winning bidder must lease the County Property artd the City Property
(collectively referred to herein as the "Property"), together with the
improvements, back to the County (the "Facilities Lease"). The term of
the Facilities Lease will be for not to exceed twenty,five years or such
shorter term as may be requested by the County. The rental under the
Facilities Lease can be no greater than the amount necessary to amortize
the cost of design, construction and financing of the Improvements, the
prepayment of amounts due on certain outstanding leases of the County,
and the payment of administrative expenses with respect to the Certificates
of Participation, Series 1998, evidencing interests of the owners thereof in
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the Facilities Lease (the "Certificates"). The lease payments under the
Facilities Lease will be assigned to a trustee for the benefit of the holders
of the Certificates. The lease payments under the Facilities Lease will be
the sole source of payment of the Certificates. Upon full payment of the
Facilities Lease by the County, (a) all right, title and interest in and to the
Property and the Improvements shall pass to the County free and clear of
all interests of the winning bidder and its successors and assigns but
subject to the rights of the City or its successors in and to the City property
and (b) both the Facilities Lease and the Ground Lease shall be fully and
finally terminated and the ground lease of the City Property will be
transferred to the County, provided, however that a refunding or
refinancing of the Certificates shall not be deemed to be a payment of the
Facilities Lease.
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5.
To cooperate with the County in the sale, execution and delivery of the
Certificates, the proceeds of which will be used to prepay the existing
leases and construct the Improvements. The winning bidder shall not be
entitled to any profit or compensation for acting as lessee under the
Ground Lease or as lessor under the Facilities Lease. To facilitate the
issuance of the Certificates, the winning bidder must assign all right, title
and interest it may have in and to the Ground Lease and the Facilities
Lease to a trustee for the benefit of the owners of the Certificates (unless
the winning bidder is also such trustee, or is nominated by the County to
be such trustee, in which event no such assignment will be required).
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6. To not earn a profit on the payment of the leases or the construction or
development of the Improvements.
7, To agree to make such amendments to the Ground Lease and the Facilities
Lease in the future as shall be necessary should the County determine that
the refunding of the Certificates is in its best interest and agree to forego
or surrender any claim to any differential between the lease payments due
to the winning bidder prior to and after such refunding or refinancing shall
occur.
Each bid for the Lease shall be enclosed in a sealed envelope, marked "Bid for
Lease of Land offered by Mohave County, Arizona" and shall be addressed to the County
Manager, Mohave County, 809 E. Beale Street, Kingman, Arizona 86401. All bids must be
unconditional. The County reserves the right to reject any and all bids and to waive any
irregularity or informality in any bid, except that the time for receiving bids shall be of the
essence, Unless all proposals are rejected, the County, at a meeting of the Board of Supervisors
of the County to be held on June 1,1998, will award the Ground Lease not later than 6:00 p.m.,
Mountain Standard Time, on June 1, 1998, to the responsible bidder offering to lease the County
Property pursuant to the Ground Lease at the highest rental as described above.
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Bidders are to take note that, pursuant to Arizona law, if within three years from
the award of the Lease, any person who was significantly involved in initiating, negotiating,
securing, drafting or creating the Ground Lease on behalf of the County becomes an employee or
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agent of the winning bidder in any capacity or a consultant to the winning bidder with respect to
the Ground Lease, the County may cancel the award of contract without penalty or further
obligation by the County and refuse to continue to lease the Property to the winning bidder. In
addition to such cancellation, if such person becomes an employee or agent of the winning
bidder with respect to the Ground Lease, the County may recoup any fees or commissions paid
or due to said winning bidder with respect to the award to said bidder and the actual lease of the
Property pursuant to the Ground Lease.
Further information may be obtained from the undersigned at Mohave County,
809 E. Beale Street, Kingman, Arizona 86401.
Dated: April 6, 1998.
Clerk of the Board of Supervisors ofMohave
County, Arizona
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Publish in the Kingman Dailv Miner once a week for four weeks between April 6, 1998 and
May I, 1998,
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EXHIBIT A
MOHA VE COUNTY JUVENILE DETENTION FACILITY
LEGAL DESCRIPTION
MOHA VE COUNTY OFFICE/COURT FACILITY
LEGAL DESCRIPTION
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LEGAL DESCRIPTION
Juvenile Detention Center Site
That portion of the Southeast quarter (SE 1/4) of Section 23, Township 21 North, Range 17 West
of the Gila and Salt River Meridian, Mohave County, Arizona, shown on the Record of Survey
recorded March 30, 1998 in Book 16 of Record Surveys, Page 42, at Fee # 98-17623, being more
particularly described as follows:
Beginning at the Southeast section corner of said Section 23, being a found City of Kingman brass
diskinahandhole, CK251, thence North 47-57-40 West a distance of 1451.l7"feetto a found 5/8".
rebar w/YPC LS 10343 and the True Point of Beginning;
Thence North 06-19-06 East a distance of 475.44 feet to a point on the southerly right-of- way line
of U.S. Highway 66, being a found 5/8", rebar wNPC LS 10343;
Thence northeasterly along a curve right, and along said southerly right-of-way line, a distance of
of 34.28 feet, a radius of 902.41 feet, and a delta of2-1O-36 to a found RR. rail";
Thence continuing northeast along a curve right along said right-of-way line, a distance of 63,62
feet, a radius of910.15 feet, and a delta of 4-19-06 to a found mag nail in-washer RLS 10343;
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Thence South 83,40-54 East a distance of223, 12 feet to a found concrete nail in washer RLS 10343;
Thence South 06-19-06 West a distance of53,23 feet to a found 5/8" rebar w/YPC LS 10343;
Thence South 83,40-54 East a distance of 20.00 feet to a found 1" ODlP;
Thence South 06-19-06 West a distance of 244.37 feet to a point on the northerly line of the
Atchison, Topeka, and Santa Fe (AT&SF) Railroad Right-of-Way, being a found 5/8" rebar w/YPC
LS 10343;
Thence southwesterly along said AT&SF Railroad right-of-way line a distance of 401.49 feet, a,
radius of 1055.37 feet, and a delta of21-47-48 returning to the True Point of Beginning, being a
found 5/8" rebar wNPC LS 10343.
Parcel described herein contains 2,886 acres, or 125,695 square feet.
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NOTES: Bearings (e.g. 48-19-39) are degrees-minutes-seconds
G&SRM =Gila & Salt River Meridian
wNPC = with a yellow plastic cap
ODIP = outside diameter iron pipe
All distances noted on this plat are in feet and hundredths thereof.
Basis of Bearing is the WEST line of subject property (R).
The field survey was conducted using Trimble GPS Technology
MCR = Mohave County Records
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EXHIBIT" A"
LEGAL DESCRIPTION
2001 College Avenue Site
LOT One (1), TRACT 2343, LAKE HAVASU CITY, ARIZONA, according to the plat thereof
recorded May 20, 1937, as Fee No. 87-20527 in the Office of the County Recorder of Mohave
County, State of Arizona.
EXCEPT all oil, gas, coal and minerals whatsoever already found or which may hereafter be found
in or under said land and all underground water in, under or flowing through said land and water
rights appurtenant thereto, as reserved by mesne Deeds of record.
EXCEPT an undivided 1I16th of all oil, gases and other hydrocarbon substances, coal or stone,
metals, minerals, fossils, and fertilizer of every name and description, together with all uranium,
thorium or any other material which is or may be determined by the laws of the United States, the
State of Arizona or decisions of courts to be peculiarly essential to the production of fissionable
materials, whether or not of commercial value, as reserved by the State of Arizona in 37-231, C"
A.R.S. and in Patent of record.
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