HomeMy WebLinkAbout97-019 - ResolutionsRESOLUTION NO. 97-019
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA TO APPROVE THE ISSUANCE BY THE
RANCHO CUCAMONGA REDEVELOPMENT AGENCY OF ITS
REVENUE BOND SERIES 1997A (VILLA PACIFICA SENIOR
COMMUNITY PROJECT)
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency")
is authorized pursuant to Section 33750 and following the California Health and Safety Code (the
"Act") to provide assistance in financing senior housing developments within its territorial
jurisdiction; and
WHEREAS, the City of Rancho Cucamonga (the "City") and the Agency have
determined that it is the best interest of the City to maintain the supply of affordable senior rental
housing within the City through the issuance by the Agency of its Revenue Bond Series 1997A
(Villa Pacifica Senior Community Project)(the "Bond"); and
WHEREAS, the proceeds of the Bond, if any are issued, will be loaned to Pacifica
Community Associates, a California limited partnership (the "Company"), for the purpose of
financing the acquisition, construction and equipping of a 158-unit senior rental housing project
known as Villa Pacifica Senior Community located near the southwest comer of Base Line Road
and Archibald Avenue in the City of Rancho Cucamonga, California (the "Project"); and
WHEREAS, as required by Section 147(f) of the Internal Revenue Code of 1986,
as amended, this City Council has heretofore conducted a duly noted public hearing on February
19, 1997, with respect to the proposed issuance of the Bond and financing of the Project, such
notice being published in the Inland Valley Daily Bulletin.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, as follows:
SECTION 1. Approval of Issuance of Bonds and Making of Loan. The
issuance of the Bond by the Agency pursuant to the Act, the making of the Loan
with the proceeds of Bond on behalf of the Agency to the Company and the
financing of the Project are hereby approved. This approval is made in order to
meet requirements of the Act and the public approval requirements of Section 147(f)
of the Internal Revenue Code, as amended.
SECTION 2. Effective Date. This Resolution shall take effect upon adoption.
Resolution No. 97-019
Page 2
ATTEST:
PASSED, APPROVED, AND ADOPTED this 19th day of February, 1997.
Alexander, Biane, Curatalo, Gutierrez, Williams
AYES:
NOES: None
ABSENT: None
William -'~,le~~er, Mayor
Debra J. Adams, CMC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify
that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the
City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the 19th
day of February, 1997.
Executed this 20th day February, 1997, at Rancho Cucamonga, California.
Debra J. Adams, CMC, City Clerk