HomeMy WebLinkAboutResolution No. 00-R370 •
RESOLUTION NO. 00-R37
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") intends to issue tax-exempt obligations (the "Obligations") for the purpose of
making a loan to Senior Care Partners, L.P., a Califomia limited partnership (the general
partners and limited partners of which are 501(c)(3) corporations) (the "Borrower"), a portion
of the proceeds of which shall be used by the Borrower to finance the acquisition of a 147 -
unit multifamily housing senior facility located at 201 E. Gladstone Street in the City of Azusa,
California commonly known as the Villa Azusa Apartments (the 'Project'); and
WHEREAS, the Authority is authorized by the Government Code of the State of
California in accordance with the Health and Safety Code of the State of California (the
"Law") to issue and sell revenue bonds for the purpose of financing the acquisition,
construction, rehabilitation and development of multifamily rental housing facilities to be
occupied in part by low and very low income tenants; and
WHEREAS, this Redevelopment Agency is the elected legislative body of the City;
and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City
has been published, to the effect that a public hearing would be held by this Redevelopment
Agency regarding the issuance of the Obligations by the Authority and the nature and
location of the Project; and
WHEREAS, this Redevelopment Agency Board held said public hearing on such date,
at which time an opportunity was provided to present arguments both for and against the
issuance of such Obligations and the nature and location of the Project; and
NOW, THEREFORE, be it resolved by the Redevelopment Agency of the City of
Azusa. as follows:
Section 1. Th Agency acknowledges that the Authority intends to issue the
Obligations for the purpose of paying the costs of financing the acquisition of the Project.
Section 2. The Borrower shall be responsible for the payment of all present and
future costs in connection with the issuance of the Obligations, including, but not limited to,
any fees and expenses incurred by the Agency/City in anticipation of the issuance of the
Obligations. The payment of the principal, redemption premium, if any, and purchase price
of and interest on the Obligations shall be solely the responsibility of the Borrower. The
Obligations shall not constitute a debt or obligation of the City or Agency.
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Section 3. This Agency hereby further determines that it is appropriate for the
Authority to issue the Obligations to finance the acquisition of the Project and hereby
approves the issuance of the Obligations by the Authority.
Section 4. The adoption of this Resolution Is solely for the purpose of meeting the
requirements of the Code and shall not be construed in any other manner, the City nor its
staff having fully reviewed or considered the financial feasibility of the financing of the project
or the expected operation of the Project with regards to any State of California statutory
requirements, and such adoption shall not obligate, without further formal action to be taken
by this Agency Board, (i) the City to provide financing to the Borrower for the financing of the
acquisition of the Project or to issue the Obligations for purposes of such financing; or (ii) the
City, of or any department of the City, to approve any application or request for, or take any
other action in connection with the ownership or operation of the Project.
Section 5. This Resolution shall take effect from and after the date of its passage
and adoption.
The foregoing resolution was adopted by the Redevelopment Agency of the City of
Azusa at its regular meeting held on the 18' day of December, 2000, by the following vote:
AYES:HARDISON, STANFORD, ROCHA, BEEBE, MADRID
Candace Toscano
Assistant Agency Secretary