HomeMy WebLinkAbout5593_CCv0001.pdf RESOLUTION NO. 5593
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE REFUNDING 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, among other things, of
making a loan to Evans Withycombe Residential, L.P., a Delaware limited partnership, (the
"Developer"), a portion of the proceeds of which shall be used by the Developer to refinance the
acquisition, construction and development of a 496-unit multifamily housing facility located at 1400
Barton Avenue in the City of Redlands, California commonly known as the Redlands Lawn & Tennis
Apartments(the "Project"); and
WHEREAS, the Authority is authorized by Chapter 7 of Part 5 of Division 31 of the Health and
Safety Code of the State of California (the "Law") to issue and sell revenue refunding bonds for the
purpose of refinancing 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, the Obligations will be considered to be "qualified exempt facility bonds" under
Section 142(a)of the Internal Revenue Code of 1986,as amended(the "Code"), and Section 147(f) of the
Code requires that the "applicable elected representative" with respect to the geographical area in which
the Project is to be located hold a public hearing on and approve the issuance of the Obligations; and
WHEREAS,this City Council 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 City Council on January 19, 1999,
regarding the issuance of the Obligations by the Authority and the nature and location of the Project; and
WHEREAS, this City Council 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 City Council of the City of Redlands, as follows:
Section 1. The City acknowledges that the Authority intends to issue the Obligations for the
purpose of paying the costs of refinancing the acquisition,construction and development of the Project.
Section 2. The Developer 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 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 Developer. The Obligations shall not constitute a debt or obligation of the
City.
Section 3. This City Council hereby further determines that it is appropriate for the Authority to
issue the Obligations to finance the acquisition, construction and development 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 refinancing 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 City Council, (i) the City to provide
financing to the Developer for the refinancing of the acquisition, construction and development of the
Project or to issue the Obligations for purposes of such refinancing; 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.
ilam . Cunningh ,Mayo
Attest:
Lorrie P yzer, Ci k
I, Lorrie Poyzer, City Clerk of the City of Redlands, hereby certify that the foregoing resolution was
adopted by the City Council of the City of Redlands at its regular meeting held on the 2nd day of
February , 1999,by the following vote:
AYES: Counciimembers Banda, Gilbreath, George, Freedman;
Mayor Cunningham
NOES: None
ABSENT: None
Lome P zer,City 16V