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HomeMy WebLinkAbout4054_CCv0001.pdf RESOLUTION NO. 4054 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING THE FINANCING OF A MULTIFAMILY RENTAL HOUSING PROJECT (GIBRALTAR COMMUNITY BUILDERS 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 financing multifamily residential rental housing developments within the City; and WHEREAS, Gibraltar Community Builders, a California general partnership ( the "Developer" ) , has requested assistance in financing the construction of an approximately 630-unit multifamily rental housing project proposed to be located on a 36-acre parcel between Terracina Boulevard, Brookside Avenue, Barton Road and Bellevue 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 December 4 , 1984 , 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 April 2 , 1985 , in a newspaper of general circulation in the City, which notice set 7 ; 00 P.M. on April 2 , 1985 , 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 purposes 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 . AP2roval of Project and Financing. This City Council hereby approves the Project and its financing 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 trans- action in the event bonds are not issued. This approval is intended to satisfy the requirements of Sectionn 103(k) of the Code. Section 2. Effective Date. This Resolution shall take effect immediately upon adoption. ADOPTED this 2nd day of April, 1985. Mayor of the City of Redlands, California ATTEST: City , lerk of Caty of Rdlands, ifornia -2- 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 2nd day of April, 19895, by the following vote of the City Council : AYES: Councilmembers Johnson, Larsen; Mayor Beswick NOES: Councilman DeMirjyn ABSENT: Councilman Martinez ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands, California, this 2nd day of April , 1985 . Citylerk of � ity of Redia ds , Cali is ZPF0043 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 2nd day of April , 1985 , by the following vote of the City Council : AYES : Councilmen Johnson, Larsen; Mayor Beswick NOES : Councilman DeMirjyn ABSENT: Councilman Martinez ABSTAIN: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands , California , this 11th day of October, 1985 , City Clerk City ofRe4 nds , CV ifornia Resolution No . 4054 Page three LAW OFFICES OF ARTHUR L.LITTLEWORTH x MICHAEL GRANT BEST, BEST & KRIEGER PALM SPRINGS OFFICE GLEN E.STEPHENS x FRANCIS J.BAUM A PARTNERSHIP INCtVDING PROFtBSIONAL CORPORATIONS 600 EAST TAHOUITZ-M5CALLUM WAY WILLIAM R.O£WOLFE+ ANNE T.THOMAS BARTON C.GAUT• GEORGE M.REYES 4200 ORANGE STREET PALM SPRINGS,CALIFORNIA 92262 CHARLES O.FIELD• WILLTAM W.FLOYD-JR. PAUL T.SELZER+ M4CHAEL A.CRISTE P. O.BOX 102$ (619)325'7264 CHARLES O.WHITE+ RICHARD CROSS DALLAS HOLMES• D.MARTIN NETHERY .-- CHRISTOPHER CARPENTER- ELIZABETH L.HANNA RIVERSIDE,CALIFORNIA 92502 RICHARD T.ANDERSON. GREGORY V.MOSER JAMES B.CORISONIOF COUNSEL JOHN D,WAHUN- IRWIN L.GOLDS TELEPHONE(7t4)686^1450 _ MICHAEL D.HARRIS r ANTONIA G.WEINER W.CURT CAI.Y* JOYCE W.WHEELER RAYMOND H. REST Rfi g-3-197} THOMAS S.SLOVAK* HARLEY L.BJELLAND JAMES H.KRIEG ER(I<_+!3-1 t) JOHN E.BROWN+ JEFFREY M.RICHARD EUGENE BEST�IB93-19BIj RONALD J.KOHUT DAVID L.BARON March 1 , 1985 MICHAEL T.RIDDELL• LOU ANN MERRITT MEREDITH A.-JURY. VIRGINIA A.ETTINGER ROBERT J-SEPE KARL H.KNICKMEYER,JR. TSI T]�,7 EXPRESS+A PROFESSIONAL CORPORATION FEDERAL EXPRESS Ms. Lorrie Poyzer Clerk, of the City of Redlands 30 Cajon Street Redlands , CA 92373 Re : $25 ,000, 000 City of Redlands Multifamily Revenue Bonds 1985 Series A (Gibraltar Community Builders Project) Dear Lorrie : The above apartment project bond financing is at a point where it would be appropriate to set the public hearing required by the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") . Accordingly, enclosed is the TEFRA notice to be published in the local newspaper in connection with the hearing. In order to satisfy federal tax require- ments , it is necessary that this notice be published at least 14 days prior to the hearing, which is scheduled for April 2 , 1985. The notice should be dated and forwarded to the local newspaper for publication. Following publication , we would appregjae a proof of'-__.publication for use in the transcript which we will. compile for this financing. If you have any questions , please call. Very truly yours , 1 cu m rr Francis J. Baum of Best , Best & Krieger FJB: ec % A ;.�. Encls . k> ` CC : John Holmes ;- '!