HomeMy WebLinkAbout3972_CCv0001.pdf RESOLUTION NO. 3972
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS APPROVING THE FINANCING
OF A MULTIFAMILY RENTAL HOUSING PROJECT
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 , Redlands Northview II , Ltd. , 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 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, evidenced its intention. by Resolution No. 3942
adopted January 17, 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 on the Project
by this City Council was duly published on June 5 , 1984 in
the Redlands Daily Facts , a newspaper of general circulation
in the City, which notice set 7 : 00 p .m. on June 19 , 1984
and the City Council chambers as the time and place for said
hearing; and
WHEREAS , this City Council has duly held said public
meeting and hearing with respect to the Project and its
financing by the City, all in accordance with Section 103(k)
of the Internal Revenue Code of 1954, as amended (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 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 transaction in the event bonds
are not issued. This approval is intended to satisfy the
requirements. of Section 103(k) of the Code .
(2)
Section 2 . EffectiveDate. This Resolution shall
take effect immediately upon adoption.
ADOPTED this 19th day of June, 1984.
Mayor ot the City- of Redlands
California
ATTEST.
City erk o City o
Redla ds , Cal' rnia
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 19th day of June , 1984, by the
following vote of the City Council :
AYES : Councilmembers Johnson, DeMirjyn, Larsen;
Mayor Beswick
NOES : None
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 19th day of June, 1984.
City---C)lerk o ;' City of Redlands ,
California
l
LAW OFFICES OF
ARTHUR L.LITTLEWOPTN. MICHAEL GRANT BEST, BEST & KRIEGER PALM SPRINGS OFFICE
GLEN E STEPHENS` FRANCIS J BAUM ••wRTwL•f•s IH CLV61N0 RI10+ � rOHwi co•rowArlo.s
WILLIAM R.DEWOLFE• ANNE T.THOMAS 600 EAST TAHOUTZ-M$GALLUM WAY
BARTON C.GAUT• GEORGE M.REYES 4200 ORANGE STREET PALM SPRINGS,CALIFORNIA 92262
CHARLES D.FIELO• WILLIAM W.FLOYD.JA.
PAUL T.SEL Z ER• MICHAEL A.CPISTE P. O.BOX 1028 ';619;325-726•
CMwRtES O WHITE RICHARD CROSS
DALLAS HOLMES• D,. 'TSN NETHER.T
CH RISTOPMER CARPENTER• EUZABCTH L.HANNA RIVERSIDE,CALIFORNIA 92502
RICHARD T.ANOCRSON. GREGORY V.MOSEA
JOHN O-WAHLIN• IRWIN L.GOLDS TELEPHONE-'714)6&6-145Q JAMES B.CORIS ON,OF COUNSEL
MICHAEL HARRIS• ANTONIA G WEINER —
W.CURT EALY JOYCE W.WHEELER RAYMOND LEST(1668-1957;
THOMAS $.SIOVAN• HARLEY L.B3CLLAND JAMES H.If EGER(1913.1975'
JONN E.BPO%N• JEFFREY N.RICHARD June 12 1984 EUGENE BgiEST!1893-1961r
RONALD J'KOHUT DAVID L.BAPON l
MICHAEL T.RIDDELL• LOU ANN MERRITT
M CREDITH A.JURY• VIRGINIA A.ETTINGER
ROBERT r.SSPE !CARL H.ENICNMEYER,JR.
•A PROFESSIONAL CORPORATION
Honorable Mayor and Members
of the City Council
City of Redlands
30 Cajon Street
Redlands , California 92373
Re : Proposal for Bond Counsel Services
City of Redlands Proposed Multifamily
Housing Revenue Bonds Series 1984A
(North View Apartments Project)
Gentlemen:
We are pleased to submit the following proposal
for bond counsel services in connection with the City of
Redland' s proposed issuance and sale of bonds in order to
finance multifamily rental housing, under Chapter 7 , Part
5 of Division 31 of the California Health and Safety Code .
The firm of Best, Best & Krieger would be happy to serve as
bond counsel on this financing and proposes to perform the
following services on the basis set forth in this letter.
We will confer and consult with City staff and the
City' s consultants and underwriters on all matters relating
to the financing including participation in the review and
selection of appropriate financing methods . We will assist
the City in identifying the most advantageous method of
financing based upon our experience and we will attend all
meetings of the City' s staff and consultants at which
financing methods are to be discussed and analyzed for
successful completion of the financing.
Our services will include the preparation of all
ordinances , resolutions , notices , bond forms and other
documents required in the proceedings . We will also review
any official statement prepared on behalf of the City, and
attend all meetings in which any action in connection with
the proceedings is to be taken.
LAW OFFICES OF
BEST, BEST & KRIEGER
Honorable Mayor and Members
of the City Council
June 12 , 1984
Page 2
Subject to completion of the financing to our
satisfaction, Best , Best & Krieger will issue its approving
legal opinion to the purchasers of the bonds to the effect
that all proceedings have been legally undertaken for the
authorization, issuance, sale and delivery of the bonds , and
that the bonds are exempt from Federal and State personal
income tax. We will also issue appropriate supplemental
opinions and certificates as may be necessary or appropriate.
Finally, we will confer and consult with City officials
with respect to problems which may arise during the period of
servicing and payment of the bonds , and provide any and all
other services commonly expected of bond counsel.
The fee for the foregoing legal services with respect
to the issuance of the bonds will be based on the amount of
bonds authorized and sold. Our present fee schedule for
this work is as follows : 1/2% of the first $5 ,000 , 000 of
bonds sold with a minimum of $25 , 000 , 1/4% thereafter up to
$15 ,000 ,000 and 2/10% thereafter, up to $20, 000, 000 and
1/10% of any amount of bonds sold over $20 ,000 , 000 .
The fee for the foregoing services will be payable
upon completion and sale of the bonds from the proceeds of
the financing. If other services are requested by the City
which are not within the scope of those outlined above, they
will be performed on a time basis at the hourly rate of the
attorneys involved.
In the event that bonds are not issued, we will be
paid a reasonable fee, to be mutually agreed upon based upon
the applicable hourly rates of the attorneys in our firm
undertaking the work prior to abandonment , and to be paid
or reimbursed to the City by the participating developer.
In addition to the above bond counsel fees , we would
expect to be reimbursed by the City for out-of-pocket expenses
incurred by us on behalf of the City, such as long distance
telephone calls , telegrams , messenger and courier services ,
travel at the request of appropriate City officials ,
duplicating, computer time sharing and the like. We will
bill the City for these expenses from time to time and all
of these expenses would, of course, be repaid to the City
from bond sale proceeds .
LAW OFFICES OF
BEST, BEST & KRIEGER
Honorable Mayor and Members
of the City Council
June 12, 1984
Page 3
If this arrangement is satisfactory to you, please
return to us a copy of this letter executed by an authorized
officer of the City.
Respectfully submitted,
Glen E. Stephens of
Best , Best & Krieger
TERMS OF BOND COUNSEL EMPLOYMENT
APPROVED THIS 19th DAY OF June 1984
Authorized Officer of t
City of Redlands , California
GES/cs