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HomeMy WebLinkAbout4373_CCv0001.pdf RESOLUTION NO. 4373 RESOLUTION OF THE CITY COUNCIL OF THE. CITY OF REDLANDS, APPROVING THE TRANSFER OF AN INDUCEMENT RESOLUTION TO THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO AND APPROVING A COOPERATIVE AGREEMENT BETWEEN THE CITY AND SAID AOTHORITY (MASKAN DEVELOPMENT COMPANY PROJECT) WHEREAS, pursuant to Chapter 7, Part 5, Division 31 of the California Health and Safety Code (commencing with Section 52075) ( the "Law" ) , the City of Redlands ( the "City" ) on December 17, 1985, adopted Resolution No. 4136 ( the "Inducement Resolution" ) expressing the intention of the City to finance a 188-unit apartment complex named Orange Village Apartments to be located at the corner of San Bernardino Avenue and Orange Street in the City ( the "Proj- ect" ) ; and WHEREAS, the City has taken proceedings leading toward the issuance and sale of its multifamily housing revenue bonds to obtain moneys tG `iiai`c . ^rrvjcCL , all under and in accordance with said Law, and the Constitution and laws of the State of California; and WHEREAS, the Housing Authority of the County of San Bernardino ( the "Authority" ) is authorized, pursuant to the provisions of Chapter 1 , Part 2 of Division 24 (commencing with Section 34200 ) of the California Health and Safety Code ( the "Act" ) to issue its bonds to finance the Project ; and WHEREAS, the City by this Resolution desires to authorize the Authority to operate within the City and to transfer the Inducement Resolution to the Authority. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS FOL- LOWS: Section 1 . Findings. The abaove recitals are true and correct in all respects. All actions heretofore taken by or at the direction of the City and its officers directed toward the financing of the Project are hereby approved and ratified. Section 2. Cooperative Agreement . The Cooperative Agreement between the City and the Authority, a copy of which agreement is attached hereto and incorporated herein by this reference, is hereby approved and the Mayor or her designee and the City Clerk are hereby authorized and directed to execute and attest such Cooperative Agreement in the name of and on behalf of the City and deliver to the Authority such executed Cooperative Agreement . Section, 3. Transfer of Inducement Resolution. The City hereby transfers the Inducement Resolution to the Authority for adoption thereby. I, Morrie Poyzer, City Clerk of the City of Red- lands, California, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of Redlands, California, at a regular meeting thereof held on the day of May, 1988, by the following vote of the City Council: AYES: NOES: ABSENT: ABSTAINED: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands, Califor- nia, this day of May, 1988. City Clerk of the City o Redlands, California -4- JRR0566 Section 4 . Effective Date. This Resolution shall take effect immediately upon adoption. ADOPTED this day of May, 1988 . Mayor of the City of Redlands, California ATTEST: Deputy City Clerk -3- JRRO566 JONES HALL HILI. & WHITE, A PROFESSIONAL LAW CORPORATION ATTORNEYS AT LAW CHARLES F.ADAMS FOUR EMBARCADERO CENTER STEPHEN R. CASALEGGIO SUITE 1950 ANDREW G. HALL,JR. SAN FRANCISCO 94111 KENNETH L JONES f (415) 391--5780 PHILIP NELSON LEE f WILLIAM H. MADISON �"Lw BRIAN D.QUINT PAUL J.THIMMIG j SHARON STANTON WHITE Darrell Cozen - Planning Department �- City of Redlands 30 Cajon Street Redlands, CA 92373 Re: Cooperative Al Authority of the Cou .pan Bernardino rel Apartments Project for . Askan Development C Dear Mr. Cozen: Enclosed please find two copies of the above referenced Cooperative Agreement with the final changes requested by your counsel John Rottschaffer of Best, Best and Kreiger. I understand that the Housing Commission of the City of Redlands has approved this form of the Cooperative Agreement. Therefore, I am forwarding you two execution copies. Once they are executed would you please return them to me and I will arrange for you to receive a copy executed by the Housing Authority of the County of San Bernardino. If you have any questions, please give me a call. I appreciate your assistance in this matter. Very t�#yours. hilip Nelso Lee Enclosure cc: Albert A. Harkins Thelma Moore � �}2 131 PNL:hsh:L3942 1 v (0 MAY 1988 RECEIVED C PLANNING DEPT. REDS ANDS �,' COOPERATIVE AGREEMENT BETWEEN THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO AND THE CITY OF REDLANDS THIS COOPERATIVE AGREEMENT the ("Cooperative Agreement") is hereby made and entered into as of May 1988 by and between the Housing Authority of the County of San Bernardino, a housing authority and public corporation of the State of California (the 'Authority'), and the City of Redlands, a general law city and municipal corporation of the State of California, located within the County of San Bernardino (the "city"). WITNESSETH WHEREAS, the Authority has determined to engage in a multifamily rental housing mortgage finance program (the "Program") pursuant to Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the"Act") to finance construction and/or permanent mortgage loans for the development of a multifamily rental housing project to be constructed by Maskan Development Company (the "Developer") or its successor in interest, all as provided for in the Act; and WHEREAS, on December 17, 1985 the City Council of the City adopted Resolution No. 4136 (the "Inducement Resolution) indicating its intent to provide for the issuance of $7,500,000 in obligations to provide assistance in financing a 188-unit multifamily rental housing project named Orange Village Apartments to be located at the corner of San Bernardino Avenue and Orange Street in the City of Redlands (the "Project") for the Developer; and WHEREAS, pursuant to this Cooperative Agreement, the City will transfer its Inducement Resolution to the Authority and the Authority will thereby accept such transfer; and WHEREAS, due to intervening causes not under the sole control of the Developer, the cost of the Project has increased and the Developer has requested the Authority to increase the amount of the bond issue by $1,000,000 and issue bonds in the amount of $8,500,000; and WHEREAS, the City desires to consent to the increased financing of the Project at the level of$8,500,000; and WHEREAS, the Authority has determined to borrow money to finance the Program by the issuance of revenue bonds (the "Bonds") as authorized by the Act; and WHEREAS, the City is willing to cooperate with the Authority and permit the implementation of the Program within its corporate boundaries, provided that, (i) such cooperation and implementation shall in no way limit the City's ability to exercise its own powers and develop its own similar program for other developers and (ii) the City shall retain all normal planning and building approval processes and authority over the Program within the City's corporate limits; and (6) Ten percent (10%) of the units in the Project shall be set aside for tenants whose income does not exceed eighty percent (80%) of the area median gross income based upon family size for the San Bernardino-Riverside-Ontario Primary Metropolitan Statistical Area and such tenants' rent shall not exceed thirty percent (30%) of such 80% of the area median gross income. In addition, ten percent (10%) of the units in the Project shall be set aside for tenants whose income does not exceed fifty percent (50°l) of the area median gross income based upon family size for the San Bernardino-Riverside- Ontario Primary Metropolitan Statistical Area and such tenants' rent shall not exceed thirty percent (30%) of such 50%G of the area median gross income. (7) The Authority shall pay or cause to be paid to the City, the City's administrative expenses relating to the issuance of the Bonds; provided, however, such payment shall be payable solely from the proceeds of the Bonds or from moneys otherwise paid by the Developer. SECTION 5. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Cooperative Agreement; and, further, the City agrees to refrain from taking any action which would, to its knowledge, tend to adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds to be issued by the Authority pursuant hereto; provided that nothing in this Cooperative Agreement shall in any way or manner be construed to restrain, or in any way limit, the exercise by the City of its Planning, Land Use, Building Permit, or other authority, over any aspect of the Project herein proposed. SECTION 6. Nothing in this Cooperative Agreement shall prevent the Authority or the City from entering into one or more agreements with other political subdivisions within their respective areas of operations, if deemed necessary and advisable to do so by the Authority or the City, nor shall anything in this Cooperative Agreement be construed as limiting the exercise by the Authority or the City of any of their respective applicable powers or authorities. SECTION 7. This Cooperative Agreement may be amended by one or more supplemental agreements executed by the Authority and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of the Bonds issued by the Authority in connection with the Project. SECTION S. The term of this Cooperative Agreement shall commence on the date first above written and terminate, (i) if the Authority determines not to issue Bonds for the Project the date of such determination, or (ii) if the Authority issues the Bonds, on such date as all outstanding Bonds have been paid in full. -3- IN WITNESS WHEREOF, the parties hereto have caused this Cooperative Agreement to be executed and attested by their proper officers duly authorized, and their official seals to be hereto affixed, all as of the date first above written. HOUSING AUTHORITY" OF THE COUNTY OF SAN BERNARDINO By: Chairman of the Board of Commissioners (SEAL) ATTEST: By Executive Director and Secretary APPROVED AS TO LEGAL FORM: By: Deputy County Counsel CITY OF REDLANDS By: Mayor (SEAL) ATTEST: By: City Clerk of the City of Redlands, California APPROVED AS TO LEGAL FORM: By: City Attorney L3902 -4-