HomeMy WebLinkAboutResolution No. 7593RESOLUTION NO. 7593
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE
OF PROVIDING FINANCING FOR MULTIFAMILY RENTAL HOUSING
DEVELOPMENT BY LINCOLN PACIFIC A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS, the City of Azusa (the "City") is authorized by Chapter 7 (commencing
with Section 52075) of Part 5 of Division 31 of the Health and Safety Code of the State of
California (the "Act") to issue and sell revenue bonds for the purpose of providing financing
for the construction and development of multifamily housing facilities located within the
City; and
WHEREAS, Lincoln Pacific A California Limited Partnership, (the "Developer") has
applied to the City to issue and sell revenue bonds for the purpose of providing financing for
the acquisition of land and construction of an approximately 320 -unit multifamily rental
housing development to be located within the City at the northwest corner of Citrus and
Alosta in the City (the "Project"); and
WHEREAS, the City wishes to induce the Developer to construct the Project and, in
particular, to do so at such location; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purposes of the City that the City authorize revenue bonds for the aforesaid purposes;
and
WHEREAS, the City adopted Resolution No. 7538 on August 6, 1984 authorizing the
issuance and sale of bonds of the City pursuant to the Act in a principal amount of not to
exceed Twenty Million Dollars ($20,000,000) for the Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azuas, as
follows:
Section 1. The City Council of the City of Azusa hereby authorizes the issuance and
sale of bonds the "Bonds") of the City pursuant to the Act in a principal amount of not to
exceed Twenty-two Million Dollars ($22,000,000) for the purpose of providing construction
and permanent financing to the Developer, its successors and assigns, for the acquisition,
construction and development of the Project.
Section 2. The issuance and sale of the Bonds shall be upon such terms and conditions
as may be mutually agreed upon by the City, the Developer and the purchaser of the Bonds
and subject to completion of proceedings for the issuance, sale and delivery by the City.
Section 3. The proceeds of the Bonds shall include such related and necessary issuance
expenses, administrative costs, debt service reserves and interest payments as may be
required successfully to accomplish the financing of the Project.
Section 4. The City Council hereby finds that the issuance of the Bonds is a
substantial inducement to the Developer to acquire, construct and develop the Project and
that the Project will further the public purposes of the City.
Section 5. The Developer shall be responsible for the payment of all costs in
connection with the issuance of the Bonds, including but not limited to printing of any
official statement, rating agency costs, bond counsel fees and expenese, underwriting
discount and costs, trustee fees and expenses, financial advisor fees, and the cost of
printing the Bonds.
Section 6: This Resolution supersedes Resolution No. 7538.
PASSED AND ADOPTED this 5th day of November , 1984, by the following vote:
AYES: COUNCH.MEMBERS: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: COUNCH.MEMBERS: NONE
ABSENT: COUNCH.MEMBERS: NONE
4;_ Mayor
City C k
Rev. 10-31-84