HomeMy WebLinkAbout96-032 CC Resolution RESOLUTION NO. 96-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMIECULA
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA FOR THE
PURPOSE OF PROVIDING FINANCING FOR A MULTI--FAMELY RENTAL
HOUSING DEVELOPMENT TO BE OWNED BY THE COACHELLA
VALLEY HOUSING COALITION
WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") is
authorized by Chapter 7.5 of Park 1 of Division 24 of the Health and Safety Code of the State of
Califon-iia, as amended (the "Act"), to issue and sell revenue bonds for the purpose of providing
loans to nonprofit organizations for housing purposes specified in the Act; and
WHEREAS, Coachella Valley Housing Coalition, a California nonprofit public benefit
corporation (the "Borrower") has requested that the Agency issue and sell revenue bonds (the
"Bonds") under the Act for the purpose of making a loan to the Borrower to enable the Borrower
to acquire and rehabilitate a 150-unit multifamily housing rental apartment development known
as Rancho West Apartments located in the City of Temecula (the "Development"); and
AS, a portion of the housing units in the Development will be rented to persons
and families of very low income as required by the Act and the Internal Revenue Code of 1986,
as amended (the "Code"); and
AS, the Bonds will be considered to be "qualified exempt facility bonds" under
Section 142(a) of the Code, and Section 147(f) of the Code requires that the "applicable elected
representative" with respect to the Agency hold a public hearing on the issuance of the Bonds and
approve the issuance of the Bonds following such hearing; and
WHEREAS, the Agency has determined that the City Council of the City is the
"applicable elected representative" to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested persons were
given an opportunity to be heard on all matters relative to the location, operation and financing
of the Development and the Agency's issuance of the Bonds therefore; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purpose of the City that the City approve the issuance of the Bonds by the Agency for the
aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula
as follows:
Resasl96-32
Section 1. The City Council of the City of Temecula hereby approves the issuance of the
Bonds by the Agency under the Act and the Code for the purpose of providing funds to make a
loan to the Boffower to enable the Boffower to finance the Development.
Section 2. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula,
at a regular meeting held on the 26th day of March, 1996.
ndemans, Mayor
ATTEST:
YunVS. Greek, CMC
City Clerk
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ss
CITY OF TEMECULA
1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 96-32 was duly adopted at a regular meeting of the City Council of the
City of Temecula on the 26th day of March, 1996, by the following roll call vote:
AYES: 3 COUNCILMEMBERS: Birdsall, Ford, Lindemans
NOES: 0 COUNCILMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Roberts
ABSTAINED: 1 COUNCILMEMBERS: Stone
Ju@. Greek, City Clerk, CMC
Resosl96-32 3