HomeMy WebLinkAbout95-075 - ResolutionsRESOLUTION NO. 95-075
A RESOLUTION OF THE RANCHO CUCAMONGA
REDEVELOPMENT AGENCY DECLARING ITS INTENTION
TO PROVIDE FOR THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR
THE MONTEREY VILLAGE APARTMENTS
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency"), hereby
determines and finds that a serious shortage of decent, safe and sanitary housing for persons of low
and moderate income exists within the City of Rancho Cucamonga (the "City") and the Agency
desires to cause to be provided decent, safe and sanitary housing for persons of low and moderate
income within the City; and
WHEREAS, the Agency is authorized by Chapter 7.5 (commencing with Section
33740) of Part 1 of Division 24 of the California Health and Safety Code (the "Act") to issue and sell
revenue bonds for the purpose of providing financing for the construction of multifamily rental
housing and for the provision of capital improvements in connection therewith, and to make, or
undertake, commitments to make, construction and permanent loans to housing sponsors to finance
the development of such multifamily rental housing projects; and
WHEREAS, The Southern California Housing Development Corporation, a nonprofit
public benefit corporation (the "Company") or its successors or assigns has requested the Agency to
issue and sell revenue bonds for the purpose of providing for the financing of the acquisition of a 220-
unit apartment project on approximately 10.32 acres located at 10244 Arrow Route in Rancho
Cucamonga, California, and known as the Monterey Village Apartments (the "Project"); and
WHEREAS, the financing of the Project will assist in increasing the number of
affordable rental units and provide needed decent, safe and sanitary housing for persons of low and
moderate income in the City; and
WHEREAS, the financing of the Project through the issuance of multifamily housing
revenue bonds of the Agency in an aggregate amount not to exceed $17,500,000 (the "Bonds") will
provide for and promote the public health, safety, morals and welfare, and otherwise will be in the
public interest and for the public benefit of the inhabitants of the City; and
WHEREAS, the Agency reasonably expects to use a portion of the proceeds of the
Bonds to reimburse the Agency and/or the City and/or the Company for certain expenditures eligible
for reimbursement (the "Reimbursement Expenditures") made prior to the date the Bonds are issued;
Resolution No. 95-075
Page 2
NOW, THEREFORE, THE RANCHO CUCAMONGA REDEVELOPMENT
AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Declaration of Official Intent. The Agency hereby declares its official
intent, subject to the City's approval of the issuance of the Bonds, to use approximately $17,500,000
of the proceeds of the Bonds to reimburse itself and/or the City and/or the Company for the
Reimbursement Expenditures. It is intended that this Resolution shall constitute a declaration of
"official intent" within the meaning of Section 1.103-8(a)(5) of the Treasury Regulations promulgated
under Section 103 of the Internal Revenue Code of 1954, as amended, and Section 1.150-2 of the
Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of 1986, as
amended.
Section 2. Bond Counsel. The law firm of Best, Best & Krieger, Riverside,
California, is appointed as bond counsel to the Agency with respect to the issuance of the Bonds.
Section 3. Nature of Obligations. The obligations to be issued shall be special
obligations of the Agency payable solely from revenues to be received by the Agency, pursuant to the
agreements in connection with the financing of the Project, and shall not be a general obligation of
the Agency, the City, the State of California, or any political subdivision thereof. Any expenses to
be paid in connection with the issuance of the Bonds to refinance the Project shall be paid by the
Company.
Section 4. Other Approvals. The adoption of this Resolution shall not bind the
Agency to issue bonds or other obligations until and unless all other necessary actions and approvals
are taken or received in accordance with all applicable laws. The adoption of this Resolution does
not and shall not limit in any manner whatever the Agency's or the City's full discretion to deny any
further permit or approval that may be necessary for ultimate completion of the proposed Project.
PASSED, APPROVED, AND ADOPTED this 17th day of May, 1995.
Alexander, Biane, Curatalo, Gutierrez, Williams
None
None
AYES:
NOES:
ABSENT:
'William J. Alexa.'Vder, Mayor
Resolution No. 95-075
Page 3
ATTEST:
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 17th
day of May, 1995.
Executed this 18th day of May, 1995, at Rancho Cucamonga, California.
"ebra~J Ada~MC, City Clerk