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HomeMy WebLinkAbout98-022 CC ResolutionRESOLUTION NO. 98-22 A ~LUTION OF THE CITY COUNCIL OF THE CITY OF ~ APPROVING THE ISSUANCE OF BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA FOR THE PURPOSE OF PROVIDING FINANCING FOR A MULTIFAMILY RESIDENTIAL RENTAL HOUSING DEVELOPMENT TO BE CONSTRUCTED BY TEMECULA GARDENS, L.P. WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") is authorized by the Health and Safety Code of the State of California, as amended (the "Act"), to issue and sell revenue bonds for housing purposes specified in the Act; and WHEREAS, Temecula Gardens, L.P., a California limited parmership (of which Affirmed Housing Group, a California corporation is the general partner), or an assignee thereof (the "Developer") has requested that the Agency issue and sell revenue bonds in the maximum principal amount of $6,300,000 (the "Bonds") for the purpose of maldng a loan to the Developer to enable the Developer to finance the costs of the acquisition and development of: (I) a 24 unit atntrtment complex known as Sherwood Apartments, located at 28485 and 28497 Pujol Street in the City of Temecula, and (ii) a 14 unit apartment complex known as Pujol Street Apartments, located at 28559 and 28565 Pujol Street in the City of Temecula; and (b) the acquisition of parcels of real property consisting of a total of approximately one acre located at 28534, 28535, 28545 and 28555 Pujol Street in the City of Temecula and other adjacent land and the construction thereon of 18 to 38 new units of multifamily residential rental housing (collectively, the "Projects"); and WHEREAS, a portion of the housing units in the Projects 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 WHEREAS, the Bonds will be considered to be "exempt facility bonds" under Section 142(a) of the Code, and Section 147(0 of the Code requires that the "applicable elected representative" with respect to the Agency approve the issuance of the Bonds following the holding of a public hearing with respect thereto; and WHEREAS, the Agency has determined that the City Council of the City is the "applicable elected representative" to hold such hearing and approve the issuance by the Agency of the Bonds; 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 Project and the Agency's issuance of the Bonds therefore; and WHEREAS, it is in the public interest and for the public benefit that the City Council 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: 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 Developer to enable the Developer to finance the Projects. Section 2. This Resolution shall take effect immediately upon its adoption. PASSEr), APPROVED AND ADOPTED, by the City the City of Temecula, at a regular meeting held on the 17th day of March, 1998. j ~'ven J. d, Mayor Pro Tern ATI~,ST: City Cler~.___~ [SF_AL] 1~oa.\98-22 2 STATE OF CALIFORNIA) COUNTY OF RIVF2LSIDE) CITY OF TEMECULA) I, Susan W. Iones, Acting City Clerk for the City of Temecula, DO HEREBY CERTIFY that the foregoing Resolution No. 98-22 was duly adopted at a regular meeting of the City Council of the City of Temecula on the 17th day of March, 1998, by the following roll call vote: AYES: 3 NOES: 0 ABSENT: 1 ASTAIN: 1 COUNCILMEMBERS: COUNCILMEMBERS: COUNCILMEMBERS: COUNCILMEMBER: Comerchero, Lindemarts, Ford None Roberts Stone Susan ~. Jones, CMC ~-~ Actl~g~ty Clerk