HomeMy WebLinkAbout4019_CCv0001.pdf RESOLUTION NO. 4019
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS APPROVING THE FINANCING
OF A MULTIFAMILY RENTAL HOUSING PROJECT
WHEREAS , the City of Redlands (the "City„) is
authorized pursuant to Chapter 7 (commencing with Section
52075) of Part 5 of Division 31 of the California Health
and Safety Code (the "Act") to provide assistance in financ-
ing multifamily residential rental housing developments
within the City; and
WHEREAS , Redlands Consultants , a California
limited partnership (the "Developer") , has requested
assistance in financing the construction of an approximately
179-unit multifamily rental housing project proposed to be
located at 1220 Tribune Street in the City (the "Project") ;
and
WHEREAS , the City, in order to encourage and
foster the construction of multifamily rental housing
development within the City and as an aid and inducement
to the Developer, evidenced its intention by its resolution
adopted January 17 , 1954 , to issue its obligations to
provide financing for the Project subject to the restrictions
of said resolution, the Act and all applicable California
and federal laws as they presently exist ; and
WHEREAS , notice of a public hearing to be conducted
by this City Council with respect to the proposed financing
of the Project by the City was duly published at least 14
days prior to December 4 , 1984 , in a newspaper of general
circulation in the City, which notice set 7 : 00 p .m. on
December 4 , 1984 , and the City Council chambers as the
time and place for said hearing; and
WHEREAS , this City Council is the applicable
governmental unit to conduct said public hearing for pur-
poses of Section 103 (k) of the Internal Revenue Code of
1954 , as amended (the "Code") ; and
WHEREAS , this City Council has duly held said
public meeting and hearing with respect to the Project and
its proposed financing, all in accordance with Section
103 (k) of the Code , at which public hearing interested
individuals were given a reasonable opportunity to express
their views on the Project and its proposed financing by
the City;
NOW, THEREFORE , BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS
FOLLOWS:
Section 1 . Approval of Project and Financing.
This City Council hereby approves the Project and its financ-
ing by means of an issue of the City ' s multifamily housing
revenue bonds pursuant to provisions of the Act , all subject
to the requirements of the Act and further subject to the
condition that the Developer will reimburse the City for any
expenses incurred in connection with this transaction in the
event bonds are not issued. This approval is intended to
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satisfy the requirements of Section 103 (k) of the Code.
Section 2 . Effective Date. This Resolution shall
take effect immediately upon adoption.
ADOPTED this 4th day of December, 1984 .
Mayor ofthe City of Redlands ,
California
ATTEST:
17Z=4 J
City- ler of t it - of
Redl�ds, Calif iia
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I , LORRIE POYZER, City Clerk of the City of
Redlands , 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 4th day of December ,
1984 , by the following vote of the City Council:
AYES: Council.members DeMirjyn, Martinez, Larsen;
Mayor Beswick
NOES: None
ABSENT : Councilman Johnson
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the official seal of the City of Redlands ,
California, this Ath day of December , 1984 .
i
City Cler o /, City of
Red nds , Calf rnia
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" BEST,
LAIN OFFICES Cr
ARTHUR L-LITTLEWORTH A GEORGE M.REYES BEST, BES ET & KR I EG ER PALM SPRINGS OFFICE
GLEN E STEPHEN$• WILLIAM W F'LOY D,JR. •I-N-00—INCLUDING PNOrtsalok� COKtV1 TIONS
WILLIAM R CWWOLFE♦ MICHAEL A.CRISTE 4200 ORANGE STREET 600 EAST TAHOUITZ-MQCALLUM WAY
BARTON C GAUT s RICHARD CROSS
PALM SPRINGS,CALIFORNIA 92?62
GAUL T.SEL2EGREGORY V.MOSER A
CHARLES D FIELD i ELI ETH L P, 0.BOX 1028 (619)325-7264
t OSER
DALLAS HOLMES It IRWIN L.GOLDS
C.ReSTOPHER CARPENTER II ANTONIA G.WEINER RIVERSIDE,CALIFORNIA 82502 TELEX 752735
RICHARD T ANOERSON A JOYCE W.WHEELER
JOHN O.WAHLIN s MARLEY L.BJELL&N0 TELEPHONE(714)686-1450 —
MICHAEL O HARRIS■ JEFFREY M.RICHARD
W.CURT EALY s DAVID L.BARON JAMES B,CORt80N,OF COUNSEL
THOMAS S.SLOVAK• LOU ANN MERRITT —
JOHN E.BROWN♦ VIRGINIA A.ETTINGER
RONALD J KOHUT VICTOR L-WOLF November 8 1984 RAYMOND •E5T(166®-1257)
MICHAEL T.RIDDELL• DANIEL E.OLIVIER JAMES H.KR tEGER(1913-1275;
MEREDITH A.JVRY• AWEL PIERRE CALONNE EUGENE •EST(1593-129t)
MICHAEL GRANT DANIEL J.MSHUGH
FRANC IS J.SAUM CARL F.HERBOLD.JR.
ANNE T.TMOMAS GREGORY L.HARDKE
0.MARTIN NETHERY KEVIN S.MILLS
•A PROCESSIONAL CORPORATION
Mr. John Holmes
City Manager
City Hall
30 Cajon Street
P . 0. Box 280
Redlands , CA 92373
Re: $6 ,500 , 000 City of Redlands
Multifamily Housing Revenue
Bonds , Series 1984 (Federal
National Mortgage Association/
North View Apartments Project)
Dear John:
Enclosed is the TEFRA notice that should be
published in the local newspaper in connection with the
hearing on the above financing. In order to satisfy
federal tax requirements , it is necessary that this
notice be published at least 14 days prior to the
hearing, which is scheduled for December 4 , 1984 .
The notice should be dated and forwarded to
the local newspaper for publication. Following publi-
cation, we would appreciate a proof of publication for
use in the transcript we will compile for this financing.
If you have any questions , please call .
Very truly yours ,
6�p a- 9 dqA
Francis J . Baum of
Best , Best & Krieger
Encls .
FJB :jr
G
NOTICE OF PUBLIC HEARING REGARDING ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS BY THE
CITY OF REDLANDS , CALIFORNIA (NORTH VIEW
APARTMENTS PROJECT)
NOTICE IS HEREBY GIVEN that , at its meeting to
be held December 4 , 1984 , at 7 : 00 p .m. , in its Council
Chambers at 30 Cajon Street , Redlands , California , the
City Council of the City of Redlands will conduct a public
hearing at which it will hear and consider information
concerning the possible issuance of multifamily housing
revenue bonds by the City in an amount not to exceed
$6 ,500 ,000 pursuant to the provisions of Section 52075 ,
and following , of the California Health and Safety Code .
The proceeds from the sale of such bonds (if any are
issued) are intended to be used to provide financing for
the construction or development of an approximately 179-
unit multifamily rental housing project to be located at
1220 Tribune Street , in the City, and owned by Redlands
Consultants , a California limited partnership.
At least 20 percent of the rental units will
be required to be rented to low- or moderate-income
families as defined in Internal Revenue Code Section
103 (b) (12) (c) .
This Notice is intended to comply with the Public
Notice requirements of Section 103 (k) of the Internal
Revenue Code of 1954 , as amended.
ALL PERSONS HAVING ANY INFORMATION RELEVANT
THERETO ARE HEREBY INVITED TO APPEAR AT THE TIME AND
PLACE MENTIONED ABOVE TO PRESENT SUCH INFORMATION TO THE
CITY COUNCIL OR TO SUBMIT WRITTEN COMMENTS ON OR BEFORE
SAID DATE TO THE CITY CLERK AT THE ADDRESS MENTIONED
ABOVE .
DATED : November 12 1984 .
Beatrice Sanchez
Deputy Citv Clerk
To be published no later than 11-20-84.
AGENDA ITEM NO.
LAW QFFJCES OF COUNCIL MEETING OF 12/4/84
BEST. BEST & KRIEGER
MAYOR' S AGENDA
FOR PUBLIC HEARING
CITY OF REDLANDS , CALIFORNIA
MULTIFAMILY HOUSING REVENUE BONDS SERIES
1984 (FEDERAL NATIONAL MORTGAGE ASSOCIATION/
NORTH VIEW APARTMENTS PROJECT)
December 4 , 1984
1. Mayor opens public hearing.
2. Mayor calls upon Staff for a summary of the project
and its proposed financing.
3 . Summary of financing by Staff.
(a) Summary of project (location, size , developer,
etc . )
(b) Summary of proposed financing (Multifamily
housing revenue bonds in an amount not to
exceed $6 ,500 ,000 to be issued by the City
pursuant to A.B. 665) .
(c) Federal tax requirements with respect to the
project (at least 20% of the rental units must
be made available on a continuous basis to
law and moderate income renters) .
4 . Mayor calls for any comments or questions from the
public .
5 . Mayor closes the public hearing.
6 . City Council proceeds to consideration of adoption of
Resolution approving financing.
LAW OFFICES OF
BEST, BEST & KRIEGER November 27 , 1954
M E M O R A N D U M
TO: MAYOR, CITY COUNCIL AND CITY MANAGER
FROM. BOND COUNSEL
RE: PUBLIC HEARING ON MULTIFAMILY RENTAL HOUSING PROJECT
The City Council has previously evidenced its
intention to assist in financing the acquisition and cons-
truction of a 179-unit multifamily rental housing project
(the "Project") proposed to be constructed in the City by
Redlands Consultants , a California limited partnership
(the "Developer") . The financing is being undertaken pur-
suant to the provisions of A.B. 665 (Section 52075 , and
following, of the Health and Safety Cade) . It will involve
the issuance of residential rental mortgage revenue bonds
by the City that will be repaid by payments made by or on
behalf of the Developer . Any such bonds would be repayable
solely from such sources .
In order to satisfy the federal tax requirements
established by the Tax Equity and Fiscal Responsibility
Act of 1982 with respect to the tax exempt status of the
bonds to be issued in this financing, it is necessary that
the City Council , acting as the applicable elected govern-
mental body, conduct a public hearing (the "TEFRA Hearing„)
on the Project and its proposed financing. At this hearing,
comments of interested citizens with respect to the Project
9 t
LAW OFFICES OF
BEST. BEST & KRIEGER November 27 , 1934
Page two
and its financing should be taken. A short agenda for
this hearing is attached. At the conclusion of the hearing,
the City Council would then consider adoption of the
attached Resolution indicating its approval of the Project
and its financing.
The structure and the basic legal documents for
this financing currently are being prepared. When they are
finalized, the basic legal documents will be presented to
the City Council for its consideration. Thus , the action
to be taken by the City Council at the conclusion of the
TEFRA hearing does not obligate the City to proceed with
the issuance of bonds for the financing of the Project if
the City should choose not to do so at some future time.
Francis J. Baum