Resolution No. 83-47 CITY OF TIGARD, OREGON
RESOLUTION NO. 83- L"7
A RESOLUTION OF THE TIGARD CITY COUNCIL MAKING FINDINGS AND DECLINING TO
PROCEED WITH LID #38.
WHEREAS, JB Bishop, the cont-act buyer of the majority of the property
within the boundaries of proposed LID 9x38, petitioned for the formation of the
LID, and
WHEREAS, by RESOLUTION NO. 83-26, March 7, 1983, the City Council declared
its intent to construct certain public improvements, and
WHEREAS, the City Council on May 16, 1983 and May 23, 1983 held hearings
on the proposed LID #38; and
WHEREAS, the City Council finds that although the proposed project to be
served by the improvemerits is desirable and the developer is willing to make
certain assurances to the City, the risk to the City outweighs the benefits of
f this particular proposal; and
£.. specifically the Council finds:
1. The developer is in Chapter 11, business reorganization
bankruptcy,
2. A reserve fund from the bond sale which would provide some
additional security is not possible under the Bancroft Act,
3. The assurances proposed by the developer cannot t_
satisfactorily reduce the risk to the City,
4. The City's Special Assesment Fund is inadequate to carry the
bond payments if there is a default.
RESOLUTION 83- 14-2
(0483A)
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NOW, THEREFORE BE IT RESOLVED THAT:
SECTION 1: Based on the findings above, the City Council of the city of
Tigard declines to proceed with LID #38 at this time.
PASSED: This day of 1983.
Mayo r
ATTEST:
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City
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RESOLUTION NO. 83- 7
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(0483A)