HomeMy WebLinkAbout86-350 - Resolutions RESOLUTION NO. 86-3 50
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RAMCliO
CUCANONGA, CALIFORNIA, APPROVING ISSUAMCE BY THE RAMCHO
CUCANONGA-PALMDALE-PORTHRVILLE-COLTON HOUSING FINAMCE
AGENCY OF NOT TO EXCEED $38,000,000 PRINCIPAL AMOUNT OF
SINGLE FAMILY MORTGAGE REVENUE BOND8
RESOLVED, by the City Council of Ehe City of Rancho CucamonSa, as
follows:
WHEREAS, the Rancho CucamonSa-Palmdale-porterville-Colton HousinS
Finance ASency (the "ASshEy") proposes to issue its Rancho
CucamonSa-Palmdale-Porterville-Colton HousinS Finance A~ency SinSle Family
MortBaSe Revenue Bonds (Ehe 'bonds"), in Ehe aSgreSate principal amount of noE
to exceed $38,000,000 under and pursuant Eo Pare 5 of Division 32 of the
California Health and Safety Code, of which $10,000,000 of the proceeds will be
allocated in order to provide financing Home MortSages to be made to buyers of
(i) approximately 34 Homes to be constructed by The William Lyon Company in
VicEoria Village locaEed along Victoria SEreeE and Route 15 within Ehe City;
(ii) approximaEely 3 5 Homes Eo be construcEed by Houck DevelopmanE Inc. in
Villa Paloma located aE the inEersection of Vineyard Avenue and Foothill
Boulevard within Ehe City; (iii) approximaEely 37 Homes Eo be constructed by
The Artden Group in Cimmaron Oaks locaEed at the intersection of Turner Avenue
and Arrow HiShway; and (iv) approximaEely 30 Homes Eo be constructed by Lewis
Homes of California located along FooLhill Boulevard and Haven Avenue within
the City. If for reasons beyond Ehe control of the participanEs Ehe loreSsinS
proceeds are not applied to Ehe described projecEs then, to Ehe extent
permitted by stale and federal law, such moneys may be applied to Ehe following
described projecEs.
(a) (i) approximately 15 Homes to be constructed by Emblem
DevelopmanE Corporation in Tract No. 10048 located aE Rosedale Avenue and
La Lama Avenue; (ii) 40 Homes Eo be consEructed by Forecast Corporation in
Meadowsod Homes located north of Citrus Avenue, south of Johnson Avenue and
wesE of Grand Avenue; (iii) 30 Homes Eo be consErucEed by Jenel Company in Iron
Horse Ranch located west of Pepper Avenue and north of San Bernardins Avenue;
and (iv) 80 Homes to be consEructed by Presley of Southern California in its
project known as Cedarbrook Homes locsEed north of San Bernardins Avenue and
ease of Sycamore Avenue, all viEhim Ehe City of ColEon.
(b) (i) approximately 52 Homes Eo be consEructed by Sherwood Homes
in Sherwood Park Units ~4 located at Henderson Avenue (one-quarter mile east of
West~ood StreeE) and Sherwood Park UniEs ~5 (one-quarter mile east of Westwood
StreeE); (ii) approximately 20 Homes to be constructed by Phyllis Carlin in
Sierra Woods located aC the norEhwesE corner of MorEonAvenue and LegSerE
Drive; (iii) approximately 20 Homes to be constructed by Delay Enterprise,
Inc. in Hillside Estates located at the northeasE corner of Morton Avenue and
LeggaLE Drive within Ehe City and 19 uniEs in Glenn Grove EsEates located at
the southeast corner of Westfield Avenue and Lowsty SEteat; and (iv)
approximately 75 Homes Eo be consEructed by Cuarancy ConsEruction Co. in
LoanOak Estate located aE Poplar Avenue west of Jays Street within the CiEy of
Portervilla.
(c) (i) approximately 34 Homes Eo be constructed by Tiffany
DevelopmanE Co. in Quail Meadows locaEed aE 30th SEreet Fast and Avenue Q2;
(ii) 20 Homes to be construELed by Toby Ranch in its Ehree projecEs known as
Sandpiper and Robin's Court locaEed at 25th and R4 and VicEoria Meadows locaEed
at 16th and R4; and (iii) 62 Homes to be consErucEed by MarlborouKh
Development Corporation in Marlborough Country Palmdale locaEed aE 20th Street
W and Avenue P within Ehe City of Palmhie.
WHEREAS, the CiEy COuncil of the City of Rancho CucamonSa has
heretofore called and conducted a public hearinS on the issuance of Ehe Bonds
for the purpose of financing the projecEs as required by SacLion 103(k) of the
InEernal Revenue Code of 1986, as amended; and
Resolution No. 86-350
Page 2
lillIitP,~k$, the City Council approves of said transactions in the public
interests of ~he City.
N(N, THEREFORN, BB IT R~D by ~he City Council of ~he City
hncho Cucaaon~s as foll~s:
Section 1. Findinns and ~clsra~i~ns. ~e Ci~ Council hereby ~inds
and declares ~ha~ ~be finsncin2 of ~he projects ~rm the proceeds o~ ~he Bonds
as herein described sexes ~he public purposes of assistin2 persons and
f~ilies o~ 1~ and moders~e incme vi~hin ~he ~ency ~o afford ~he costs
decent, safe and ssnitsry housing.
Sec~i~ ~. A~ur~sl of Issuance snd Sale o[ ~dS ~e City Council
hereby auchorises ~he iss~nce of the Bonds by ~be ~ency as hereinshore
con~mpla~ed.
Sec~i~ 3e E~fec~ive DaCe~ ~is resoluCion shall take e~ecC frm
and after i~s adoption.
P~SED, ~D, end ~P~D ~his 3rd ~y of ~cuber,
A~9: Br~, ~que~, S~ou~, King, Wrighc
NO~: None
~8~T: None
~nnis L. SCou~yor
A~ST:
~erly ~ ~chelet, Ci~ Clerk
I, B~Y A. ~ET, CI~ CL~ o~ Che City o~ ~ncho CucamouBa,
C81i~nis, do hereby certify ~hat ~he ~oregoin2 ReeoluCiou was duly passed,
ap~ed, and adopted by the CiCy Co~cil of Che City of ~ncho CucamonBa,
~li~ornia, 8C s regular usetin2 o~ said City ~cil held on Che 3rd day
~caber,
hecuCed Chis ~h ~y o~ ~ca~r, 19M st ~ncbo CucamonSa,
California.
B~erly A/~hele~, CiCy Clerk