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HomeMy WebLinkAbout95-074 - ResolutionsRESOLUTION NO. 95-074 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 SYCAMORE SPRINGS 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 240- unit apartment project on approximately 11.4 acres located at 7101 Archibald Avenue in Rancho Cucamonga, California, and known as the Sycamore Springs 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. 95-074 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. AYES: Alexander, Biane, Curatalo, Gutierrez, Williams NOES: None ABSENT: None William J. Alimet, Mayo Resolution No. 95-074 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. Debra J. Adams,L~MC, City Clerk