HomeMy WebLinkAboutResolution - RDA 86-2 i
RESOLUTION NO. RDA-e6-2
1
2 A RESOLUTION OF THE SAN JACINTO CITY REDEVELOPMENT
AGENCY, CALIFORNIA, INDICATING ITS INTENT TO PROVIDE
3 FINANCING IN CONNECTION WITH THE MULTI-FAMILY
HOUSING PROJECT PROPOSED BY SOBOBA ASSOCIATES
4 )
5 WHEREAS. the San Jacinto City Redevelopment Agency is
authorized pursuant to chapter e, Article ]. ( commencing with
G � Section 33750 of the Health and Safety Code the "Act" ) , to
provide financial assistance for multi-family residential
71� developments within the Agency boundary; and
8 WHEREAS, Soboba Associates has requested financial assistance
in connection with the construction of a multi-family rental
hous�na project proposed to be located in the vicinity of Soboba
Springs Country Club; and between Seventh and Shaver Streets
10 Westerly of Mountain Avenue in the City of San Jacinto ( Herein-
after the °Project" ) ; and
11 WHEREAS, the Agency, as an inducement to Soboba Associates is
12 willing to authorize the issuance of obligations in an amount
sufficient to provide financing for the Project subject to the
13 restrictions of the Act and all applicable State and Federal
laws as they presently exist, providing that the Project
14 receives all necessary governmental approvals.
15 NOW, THEREFORE, BE IT RESOLVED by the San Jacinto Cit,
Redevelopment Agency as follows:
16 Section 1. The Agency hereby determines that the undertaking
17 of the financing of the proposed Project by the Agency will be
a substantial factor in the accrual of public benefits to
18 be received from the Project, should the Project be approved
and constructed, and that the proposed financing is in
19 accordance with the purposes and requirements of the Act.
20 Section B. Subject to the completion of the proceedings
and other matters relating thereto, to the full satisfaction
21 of the Agency, and subject to the proposed Project receiving
all necessary governmental approvals, the Agency hereby agrees
22 to provide financial assistance to the Company, or such other
person or entity approved by the Agency, through the issuance of
23 obligations in an amount of approximately $25,000,000.00 or
such higher amount as is necessary to finance the Project.
24 Section 3. The obligations to be issued shall be a special
V obligation of the Agency payable solely from revenues to be
received by the Agency pursuant to a loan or other financing
23� agreement it a form acceptable to the Agency and Soboba
Associates and shall not be a general obligation of the Agency,
27' City, State or any political subdivision of the State.
28i Section 4. The Cha-.rmar is hereby directed to indicate the
willingness on the part of the Agency to proceed with and effect
291 such firancing and to advise Soboba Associates that subject to
compliance with all requirements of law and the obtaining of all
30I necessary consents and approvals and to the happening of all
acts and conditions, the Agency will take all necessary actin-
311 to issue obligations in the amount hereinabove provided to
the cost of the Project.
32(
Resolution No. RDA-86-2
Page 2
1
2i Section 5. The Aoencyis hereby authorized to commence the
31 Project. It is intended that this Resolution shall constitute
"some other similar official action" toward the issuance of
4' indebtedness within the meaning of the Internal Revenue Code of
1954, as amended.
5 Section 6. The adoption of this Resolution shall not bind
6 the Agency to issue bonds until and unless all other necessary
actions and approvals are taken or received in accordance with
7 all applicable laws. The adoption of this Resolution does not
and shall not limit in any manner whatsoever the Agency's full
8 discretion to deny any further permit or approval that may be
necessary for ultimate completion of the proposed Project.
0
Section 7. Subject to any arbitrage restrictions in the
10 Internal Revenue Code of 1954, the Agency shall be paid one-
fourth ( 1/4) of one ( 1 ) percent of the first $500,000.00 and
11 $500.00 per million of issued bonds to reimburse it for its
administrative costs incurred at issuance.
12
Section B. This resolution shall take effect immediately
13 upon adoption.
14 MOVED, PASSED and ADOPTED this 7th day of October , 1986, by
15 the following vote:
16 AYES: Agency Members Redding, Divine, Ford, Stevens and Stuart
17 NOES: None
is ABSENT: None
10
20 Chaff an
----- -------
21 ATTEST:
22 q
23 L - rrr--"i-----
- ec etary
24
25 CERTIFICATE
26 The foregoing is certified to be a true copy of Resolution
No. RDA-06-2 duly adopted by the said San Jacinto City j
27 Redevelopment Agency on the date set forth therein.
28
29
30 5 retary
31 j
i
32
i
I