Loading...
HomeMy WebLinkAbout91-218 - Resolutions RESOI/3TION NO. 91-218 A RESOI33TION OF THE CITY (/)UNCIL OF THE CITY OF ~ CJCAMONGA, CALIFORNIA, INDICATING ITS ~ TO PROVIDE FOR THE ISSUANCE OF OBLIGATIONS I~' AN A~DL~Tf NOT TO EXCk~D $20,000,000.00 FOR THE VI~ WOODS AP~ WHEREAS, the City of Rancho Cucamonga (the ,'.City") is authorized pursuant to California Health and Safety Code Section .52075 et. seq. (the "Act") to provide assistance in financing multi-family rest_dential rental housing developments within the City; and WHEREAS, Victoria Woods Limited Partnership, a California Limited Partnership (the "Developer") has requested s~istance 'in financ~ the acquisition and rehabilitation of an existing 328-unit multi-family'J rental housing project (the "Project") which will be owned by the Developer .or its successor or assignee and which is located on an approximately 27.7 acre parcel of property located at 8493 Etiwanda Ave~_e in the City; and WHEREAS, this City Council, in order to enoourage and foster the construction of nulti-family rental housing develc~ within the City and as an aid and inducement to the Developer, is willing to authorize the issuanoe of obligations by the City in an amount sufficient to provide financing for the Project subject to the restrictions of the Act .and all applicable California and federal laws as they presently exist, an~..~D~vided that t/he Project receives all neoessary local gove~'iment approvals of 't~e City. NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby resolve, detelmir~ and order as follc~s: SECTION 1: Recitals. The above recitals, and each of tb~mm, are true SECTION 2: Findinqs. ~nis City Council hereby determines that the undertaking of the financing of the Project by the City will be a ~!__h~ntial factor in the accrual of public benefits to be received from the Project, and that the proposed financing is in accord with the purposes ar~ requirements of the Act. SECTION 3: Issuance of Obligations. Subject to the completion of the proceedings and other matters relating thereto to the full satisfaction of the City, and subject to the Project receiving all necessary local govern- mental approvals, the City hereby agrees to provide financing to the Developer or such other person or entity approved by the City for the Project through the issuance of obligations as described in Section 4 of this Resolution in an amount not to exceed $20,000,000.00. SECTION 4: Nature of ObliqatioDs." The obligations to be issued shall be special obligations of the City payable solely from revenues to be received by the City pursuant to all agreements in connection with the financing of the Project, all in a form aOC~-_?t_~ble to the City, and shall not Resolution No. 91-218 Page2 be a general obligation of the City, the State of California, and shall not be a general obligation of the City, tb~ State of California, or any political subdivision thereof. S~CTION 5: Official Action. It is intended that this Resolution also shall constitute "some other similar official action" toward the issuance of indebt~ within the meaning of Section 103 of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. S~CTION 6: Other Approvals. The adoption of this Resolution shall not bind the City to issue bonds or other obligations until and unless all other necessary actions and approvals are tak~_n or received in acoo~dance with all applicable laws. The adoption of this Resolution does not and shall not limit in any manner whatever the City's full discretion to deny any further permit or approval that may be necessary in connection with the Project. In a. All contracts relating to the acquisition, construction, rehabilitation, installation and equipping of the Project shall be solicited, negotiated, awarded and executed by the Developer, for its own account, subject to applicable federal, state and local laws. b. ~he City shall have no pecuniary liability to the Developer for a~y fees in oo-n~ection with the Project. c. ~he City shall recover any and all costs to the City which are incurred in f~rthel-~r~ of or attribut_m_ble to the issuance of bonds for the Project. If no bo~ds are issued, all such costs shall be paid by the d. The adoption of this Resolution shall not in any manner obligate the City to grant any other approvals that may be required in connection with the Project, including but not limited to the g~-anting of approval of a conversion by the Developer of any portion of the Project at any SEC~ 7: Effective Date. ~ Resolution shall take effect immediately upon adoption. PAS~D, ~, and ADOPTED this 17th day of July, 1991. AYES: Alexander, Buquet, Stout, Williams NOES: None ~: Wright Resolution No. 91-218 Page 3 ~bra J. ~ms, City Clerk I, DEBRA J. ADAMS, CITY c~.WRK of the City of Rancho Cucamor~a, California, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho C~camonga, California, at a regular meeting of said City Council held on the 17th day of July, 1991. Executed this 18th day of July, 1991 at Rancho Cucamonga, California.