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Home My WebLink About4136_CCv0001.pdf RESOLUTION NO. 4136 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS INDICATING ITS INTENT TO PROVIDE FOR THE ISSUANCE OF OBLIGATIONS TO PROVIDE ASSISTANCE IN FINANCING A MULTIFAMILY RENTAL HOUSING PROJECT (MASKAN DEVELOPMENT COMPANY) WHEREAS, the City Council of the City of Redlands ( "this City Council" ) 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 of Redlands ( the "City" ) ; and WHEREAS, Maskan Development Company, a California Limited Partnership ( the "Developer" ) has requested assistance in financing the acquisition and construction of an approximately 188-unit multifamily rental housing project proposed to he located at the corner of San Bernardino Avenue and Orange Street in the City ( the "Project" ) ; and WHEREAS, this City Council , 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 , is willing to authorize the issuance of obligations in an amount sufficient to provide financing for the Project subject to the restrictions of the Act and all applicable California and federal laws as they presently exist, provided that the Project receives all necessary local government approvals of the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as follows : Section 1 . Findings. This City Council hereby determines that the undertaking of the financing of the proposed Project by the City will be a substantial factor in the accrual of public benefits to be received from the Project, should the Project be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of the Act . Section 2 . Issuance of Obli ations . Subject to the completion of the proceedings and other matters relating thereto to the full satisfaction of this City Council, and subject to the proposed Project receiving all necessary local governmental approvals, this City Council hereby agrees to provide financing to the Developer and its assigns or such other person or entity approved by the City for the Project through the issuance of obligations as described in Section 3 of this Resolution in an amount not to exceed $7, 500,000 . -2- Section 3 . Nature of Obligations . The obligations to be issued shall be special obligations of the City payable solely from revenues to be received by the City pursuant to all agreements in connection with the financing of the Project , all in a form acceptable to the City, and shall not be a general obligation of the City, the State of California, or any political subdivision thereof . Section 4 . Official Action. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance of indebtedness within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended, and the regulations thereunder . Section 5 . Other Approvals . The adoption of this Resolution shall not bind the City to issue bonds or other obligations until and unless all other necessary actions and approvals are taken or received in accordance with all applicable laws . The adoption of this Resolution does not and shall not limit in any manner whatever the City ' s full discretion to deny any further permit or approval that may be necessary for ultimate completion of the proposed Project . In this connection: -3- (a) All contracts relating to the acquisi- tion, construction, installation and equipping of the Project shall be solicited, negotiated, awarded and executed by the Developer for its own account, subject to applicable federal , state and local laws . (b) The City shall have no pecuniary liability to the Developer for any fees in connection with the Project . (c) The City shall recover any and all costs to City which are incurred in furtherance of or attributable to the issuance of its bonds . If no bonds are issued, all such costs shall be paid by the Developer . (d) The adoption of this Resolution shall not in any manner obligate the City to approve the conversion by the Developer of any portion of the Project at any time to condomium units. Section 6 . Bond Counsel . The law firm of Best , Best & Krieger is hereby retained as Bond Counsel . -4- Section 7. Effective Date. This Resolution shall take effect immediately upon adoption. PASSED, APPROVED AND ADOPTED this 17th day of December, 1985. Mayor of the City of Redlands, California ATTEST: City -Plerk off- City of Redlands, California ZPF0053A CERTIFICATION I , LORRIE POYZER, City Clerk of the City of Redlands , California, do hereby certify that the foregoing Resolution No. 4136 was regularly introduced and adopted by the City Council of the City of Redlands , California, at a regular meeting thereof held on the 17th day of December, 1985 , by the following vote of the City Council : AYES : Councilmembers Larsen , Johnson, Wormser ; Mayor Beswick NOES : Councilmember DeMirjyn ABSENT: None ABSTAINED: None IN WITNESS WHEREOF I have hereunto set my hand and affixed the official seal of the City of Redlands , California, this 17th day of December , 1985 . City Flerk of City of Redlands , Cal" nia CERTIFICATION I , Lorrie Poyzer, City Clerk of the City of Redlands , California, do hereby certify that the foregoing Resolution No. 4136 was regularly introduced and adopted by the City Council of the City of Redlands , California, at a regular meeting thereof held on the 17th day of December, 1985 , by the following vote of the City Council : AYES : Councilmembers Larsen , Johnson , Wormser; Mayor Beswick NOES : Councilmember DeMirjyn ABSENT: None ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Redlands , California, this 10th day of August, 1988 . City Clerk City of Redlands , California I f FROM THE OFF ICF OF T IfF - J CITY CLERK Tv Kau } AN[ srcF at_er PHONE(714) 798-7531 "roI. rJs. 9.13 73 CITY OF REDLANDS, CALIFORNIA. December 19 , 1985 Mr, Francis i. Baum Best, Best & Krieger Post. Office Box 1028 Riverside, California , 92502 Dear Mr , Baum: Enclosed is a certified copy of Resolution No. 4136 , a resolution of the City Council of the City of Redlands indicating its intent to provide for the issuance of obligations to provide assistance in financing a multifamily rental housing project (Maskan Development Company) . This resolution was adopted at a regular meeting held on December 17, 1985 . Sincerely, Lorrie Poyzgr- City Clerk LP :ms Enclosure xc: D. Cozen Planning Department LAW OFFICES OF ARTHUR L.LITTLEWORTH x GREGORY L.HAROKE BEST, BEST & K R 1 E G E R PALM SPRINGS OFFICE GLEN E.STEPHENS- RICHARD CROSS A--EAS-.I..cw Ore+(; r+ao vEss:crvAt CORPORAI.ONS 600 EAST TAHOUITZ-MCWAY WILLIAM R.DeWOLFE x IRWIN L.GOLDS BARTON C.GAUTx ANTONIA G.WEINER 4200 ORANGE STREET P.0-BOX 2710 CHARLES D'FIELD x HARLEY L.BJELLAND PAUL T.SELZER- DAVID L.BARON P. O.BOX 1028 PALM SPRINGS,CALIFORNIA 92263 DALLAS 110 LM ES* VIRGINIA A.ETTINGER (619)325-7264 CH R4STOPHER CARPENTER* VICTOR L.WOLF RIVERSIDE,CALIFORNIA 9250;2 RICHARD T.ANDERSON x DANIEL E.OLIVIERTELEX 752735 JOHN D.WAHLINx ARiCL PIERRE CALONNE TELEPHONE(714)686-1450 MICHAEL D.HARRIS• DANIEL J.MSHUGH RANCHO MIRAGE OFFICE W.CVRT EALY- CARL F.HER80LD.JR. THOMAS S.SLOVAK* KEVIN S.MILLS (� y (�p[ HOPE SOUARE PROFESSIONAL CENTRE JOHN E.BROWN x STEPHANIE K.HARLAN December 10 1985 39700 BOB HOPE DRIVE,SUITE 312 RONALD J.KOHUTRIDDE MARC E.EMPEY 1 MICHAEL T.RiDDELL* JOHN R.ROTTS CkAEF ER P.O.BOX 5056 MEREDITH A.JURYx VIRGINIA A.JOHNSON RANCHO MIRAGE,CALIFORNIA 92270 MICHAEL GRANT LETITIA E.PEPPER FRANCIS J.BAUM MARTIN A.MUELLER (619)340-2445 ANNE T.THOMAS* J.MICHAEL SUMMEROUR _ D.MARTIN NETHERY* HOWARD B.GOLD$ JAMES B.CORISON,OF COUNSEL GEORGE M.REYES KENDALL H.MAcVEY WILLIAM W.FLOP D,JR, MICHAEL P.DURKEE MICHAEL A.CRISTE CLARK H.ALSOP RAYMOND REST(1868-1957) JAMES H.KRIEGER(1913-1975) xA PROFESSIONAL CORPORATION EUGENE BEST(1$93-4981) MESSENGER Darrell Cozen Assistant Administrator Community Development Department 30 Cajon Street Redlands , CA 92373 Re : Maskan Development Company Inducement Resolution Dear Darrell: Enclosed please find 19 packets containing our covering Memorandum and an Inducement Resolution for the above project for consideration by the City Council next week. The original of the Resolution is separately enclosed. Very truly yours , t �a� Francis J. Baum of Best , Best & Krieger FJB/cs Encs . ' `��h G vb V/ �