HomeMy WebLinkAboutResolution - 1611 i
I RESOLUTION 140, 1611
2 A RESOLUTIOU OF THE CITY COUNCIL OF THE
CITY OF SAN JACINTO CAIIFORUTA, INDICATING
31 ITS 'INTENT TO PROVIDE mime r. IN CONIIECT1011
WITH THE MULTI-FAMILY HOUSING PROJECT PROPOSED
4 BY Soboba Retirement Center, Ltd.
5 WHEREAS, the City Council or the City of San Jacinto is authorized pur
0 suant to Chapter 7 (comnencing with Section 52U75 of Part 5 of Division 31 o
7 the Health and Safety Code he "Act") , to provide financial assistance for
g multi-family residential developments within the City; and
9 WHEREAS, Soboba Retirement Ctr.has requested financial assistance in cc
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 City, as an inducement to Soboba Retirement Ctr. is Willi
14 to authorize the issuance of obligations in an amount sufficient to provide
15 financing for the Project subject to the restrictions of the Act and all a
1G plicabie State and Federal laws as they presently exist, providing that thi
17 Project receives all necessary governmental approvals.
18 NOW, THEREFORE, BE If RESOLVED by the City Council of the City of San
19 Jacinto as follows:
20 Section 1. The City Council hereby determines that the undertaking c
21 the financing of the proposed Project by the City will be a substantial f;
22 in the accrual of public benefits to be received from the Project, should
23 Project be approved and constructed, and that the proposed financing is i
24 cord with the purposes and requirements of the Act.
25 Section 2. Subject to the campletion of the proceedings and other n
26 ters relating thereto, to the full satisfaction of the City Council , and
27 ject to the proposed Project receiving all necessary governmental approv
28 the City Council hereby agrees to provide financial assistance to the Co
21) or such other person or entity approved by the City, through the issuanc
30 obligations in an amount of approximately $ 7,500,000 or such higher a
31 as is necessary to finance the Project.
32 Section 3. The obligations to be issued shall ba a special obligal
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of the'Ciiy payable solely from revenues to be received by the City pursuant
2 to'a loan or other financing agreement in a form acceptable to the City and
3 Soboba Retirement Center and shall not be a c;eneral obligation of the City,
41 ;State or any political subdivision of the State.
5 Section 4. The llayor is hereby directed to indicate the willingness on
6 the part of the City to proceed rr th and effect such financing and to advise
71 the Corporation that subject to compliance with all requirements of law and
g 1 the obtaining of all necessary consents and approvals and to the happening of
9 all acts and conditions, the City will take all necessary action to issue ob.
10 ligations in the amount hereinabove provided tc :ay the cost of the Project.
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11 Section 5. The City is hereby authorized to commence the Project. It
12 =is intended that this Resolution shall constitute "some other similar offici
13 action" toward the issuance of indebtedness with 4 n the meaning of the Intern
14 Revenue Code of 1954, as amended.
15 Section 6. ,The adoption of this Resolution shall not bind the City to
16 issue bonds until and unless all other necessary actions and approvals are
17` taken or received in accordance with all applicable Iaws. The adoption of
181 this Resolution does not and shall not limit in any manner whatever the City
191 full discretion to deny any further permit or aeproval that may be necessary
20 for ultim-nte completion of the proposed Project.
21 Section 7, Subject to any arbitrage restrictions in the Internal Re et
221Code of 1954, the City shall be paid one-fourth S /4) of one (1) percent of
23 the first S500,000.00 and 5500 per million of issued bonds to reimburse i
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2411 its administrative dusts incurred at issuance.
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251; Section S. This resolution shall take effect immediately upon adoctic
2G 11OVED, PASSED and ADOPTED this 2nd day of July 1985, by the following r
27111 AYES: Councilmen Pose, Stevens,V isser, Divine and Stuart]
NOES: Clone
r 3 ABSEiIT: 'lone
)?! ;ATTEST:
1
301l i,aypr
uty i' Dep City Clerk
311) CERTIFICATE
32i'- The foregoing is certified to be a true cop_ of Resolution No.1611 du"
adopted by the said City Council of the City of San Jacinto on the date sei
forth therein.
rL�z -2-
eput_v'City Clerk