HomeMy WebLinkAboutResolution - RDA 85-7 i
1 RESOLUTION NO. RDA-85-7
2 A RESOLUTION OF 111E REDEVELOPMENT AGENCY
J OF THE CITY OF SAN JACI[ITO, CALIFORNIA,
INDICATING ITS INTENT TO PROVIDE FINAtICING
4 IN CONNECTION WITH THE MULTI-FAMILY HOUSING
PROJECT PROPOSED BY Soboba Retirement Center, Ltd.
5 WHEREAS, the Redevelopment Agency of the City of San Jacinto is author-
6 lzed pursuant to Chapter 8, Article 3 (conmencing with Section 33775-33791 of
7 the Health and Safety Code, the "Act"), to provide financial assistance for
8 residential developments within the City; and
U WHEREAS, Soboba Retirement Ctr. has requested financial assistance in con-
10 nection with the construction of a multi-family rental housing project pro-
11 posed to be located in the vicinity of Mountain Avenue and East Main
12 Street in the City of San Jacinto (hereinafter the "Project"); and
13 WHEREAS, the Agency, as an inducement to Soboba Retirement Ctr. is will-
14 ing to authorize the issuance of obligations in an amount sufficient to pro-
1b vide financing for the Project subject to the restrictions of the Act and all
10 applicable State and Federal laws as they presently exist, providing that the
17 Project receives all necessary governmental approvals.
18 NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
10 of San Jacinto as follows:
20 Section 1. The Redevelopment Agency hereby determines that the under-
21 taking of the financing of the proposed Project by the Agency will be a sub-
22 stautiai factor, in the accrual of public benefits to be received from the
23 project, should the Project be approved and constructed, and that the proposed
24 financing is in accord with the purposes and requirements of the Act.
25 Section 2. Subject to the completion of the proceedings and other mat-
26 ters relating thereto, to the full satisfaction of the Redevelopment Agency,
27 and subject to the proposed Project receiving all necessary governmental ap-
28 provals, the Redevelopment Agency hereby agrees to provide financial assist-
29 ance to the Company, or such other person or entity approved by the Agency,
30 through the issuance of obligations in an amount of approximate3y $ 7,500,000
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31 or such higher amount as is necessary to finance the Project.
32 Section 3. The obligations to be issued shall be a special obligation
1
I of the Agency payable solely from revenues to be received by the Agency pure
2 suant to a loan or other financing agreement in a form acceptable to the
3 Agency and Soboba Retirement Ctr. and shall not be a general obligation of the
4 Agency, 'City, State or any political subdivision of the State.
G Section 4. The Chairman is hereby directed to indicate the willingness
6 on the part of the Agency to proceed with and ,effect such financing and to
advise the Corporation that subject to compliance with all.requirements of
8 law and the obtaining of all necessary consents and approvals and to the hap-
J pening of all acts and conditions, the Agency will take all necessary action
10 to issue obligations in the amount hereinabove provided to pay the cost of
11 the Project.
12 Section 5. The Agency is hereby authorized to commence the Project. It
13 is intended that this Resolution shall constitute "some other similar official
14 action" toward the issuance of indebtedness within the meaning of the Intel"
15 Revenue Code of 1954, as amended.
16 Section 6. The adoption of this Resolution shall not bind the Agency to
17 issue bonds until and unless all other necessary actions and approvals are
18 taken or received in accordance with all applicable laws. The adoption of
19 this Resolution does not and shall not limit in any manner whatever the full
20 discretion to deny any further permit or approval that may be necessary for
21 ultimate completion of the proposed Project.
22 Section 7. Subject to any arbitrage restrictions in the Internal 'Revenue
23 Code of 1954, the Agency shall be paid one-fourth (1/4) of one (1) percent of
24 the first $500,000.00 and $500 per million of issued bonds to reimburse it
25 for its administrative costs incurred at issuance.
26 Section 8. This resolution shall take effect Immediately upon its pas-
27 sage.
28 MOVED, PASSED and ADOPTED this 2nd day of July 1985 by the following vote:
21) AYES: Agency Members Rose, Stevens, Visser, Divine and Stuart
NOES: None
30 ABSENT: None / ' 1
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31 ATTEST°
32 Z
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Secretary Sari/Jacinto/Redevelopment Agency
San Jacinto Redevelopment Agency
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