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