Loading...
HomeMy WebLinkAboutResolution No. 85480 0 RESOLUTION NO. 8548 A RESOLUTION OF THE CITY OF AZUSA, CALIFORNIA INDICATING ITS INTENT TO ISSUE OBLIGATIONS TO PROVIDE FINANCING IN CONNECTION WITH THE MULTIFAMILY HOUSING PROJECT PROPOSED BY COASTFED PROPERTIES THE CITY OF AZUSA, CALIFORNIA MAKES THE FOLLOWING FINDINGS: A. The City of Azusa, California (the "City"), is authorized pursuant to the Health and Safety Code of the State of California (the "Law") to provide financial assistance for multifamily residential rental developments located within the City. B. CoastFed Properties (the "Developer"), or an affiliate, successor -in -interest, nominee, assignee, or designee of the Developer, whether acting alone or in conjunction with another developer or developers, has requested the City provide financial assistance in connection with the construction by the Developer of a multifamily rental housing project consisting of approximately 135 multifamily apartment units (the "Project"). C. The City has reviewed material submitted by the Developer, including a proposed Project description and other matters, has determined that the construction of the Project will serve the interests of the City in ensuring the availability of safe, decent and sanitary housing and that the Project as described will meet the requirements of the Bond Program of the City. D. The City desires to induce the Developer to locate the Project within the City by expressing its intention to issue tax- exempt multifamily housing revenue bonds (the "Bonds") in an amount related to the costs of constructing the Project; subject to the requirements of the Law, conformance with other applicable federal and State of California laws and regulations, including, without limitation, the provisions of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, and compliance with all necessary governmental permits and approvals. NOW THEREFORE, THE CITY OF AZUSA, CALIFORNIA RESOLVES AS FOLLOWS: Section 1. The City hereby determines that the providing of financing for the Project through the issuance of its Bonds will be a substantial factor in the accrual of public benefits to be received by the City from the Project and that the proposed issuance of Bonds would be in accordance with the purposes and requirements of the Law. Section 2. The City hereby expresses its intent to issue bonds for the Project in an amount not to exceed $12,500,000 determined by Bond Counsel for the City and the Developer, to be necessary to complete its construction and to provide for certain other expenses, all conditional upon the obtaining of required governmental permits, approvals, and declarations respecting the Project, and subject to the requirements of, inter alia, the Law and the Internal Revenue Code of 1986, as amended. Section 3. The Bonds to be issued to finance the Project shall be special, limited obligations of the City payable solely from the revenues to be received by the City or a corporate trustee on its behalf, under a loan or other financing agreement by and between the City and the Developer, and shall not constitute a general obligation of the City, Redevelopment Agency, the State of California, or any political subdivision of the State. The Bonds shall be secured by such pledges, deeds of trust, guarantees or forms of credit enhancement as may be acceptable to the City, its Bond Counsel, and the City Attorney. Section 49 The Mayor of the City, or his designee, is hereby authorized and directed to provide to the Developer evidence of the City's intention to proceed with the within - described financing and to take all necessary action to prepare for the issuance and sale of the Bonds. Section 5. with the Develop Project. It is shall constitute issuance of the B 1.103-8(a)(5). The City is hereby authorized to cooperate :r, in its discretion, in connection with the the intention of the City that this resolution "Some other similar official action" toward the Dnds, within the meaning of Treasury Regulation Section 6. This resolution does not constitute a legally binding agreement or contract with the Developer nor a binding promise by the City to issue the Bonds. This resolution further does not constitute a waiver by the City, of any building or permitting codes or requirements generally applicable to projects of the same type as the Project. Section 7. The Mayor of the City, or his designee, is hereby authorized and directed to set the date for a public hearing respecting the Project and to arrange for the publication of a notice respecting the Project which complies with the provision of the Internal Revenue Code of 1986, as amended, governing such notices. Publication shall be made not less than fourteen days prior to such meeting. Section 8. The Mayor of the City and other officers of the City are hereby authorized and directed, for and in the name and on the behalf of the City, to take all actions and to sign all documents necessary or desirable to effectuate the purposes of this resolution. Section 9. Nothing herein contained shall be deemed to create any liability on the part of the City if the City, in its sole discretion, determines at any time and for any reason not to issue such Bonds or to finance the Project. This resolution shall take effect immediately upon its passage and adoption. PASSED AND ADOPTED this 19th day of December , 1988. --944Z, X L-�a Eugee F. Moses, Mayor I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Azusa at a regular meeting thereof held on the 19th day of December 1988, by the following vote of the Council: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILME�IBERS: ABSTAIN: COUNCILN3 MBERS: City Clerk 1, AVILA, NARANJO, LATTA MOSES NONE STEMRICH