The URL can be used to link to this page

Home My WebLink About1984-277 2,097 -7 /850 7/6/84 , RESOLUTION NO. 84-277 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE lSSUANCE OF. MULTIFAMILY MORTGAGE REVENUE BONDS (PATTON FARMS APARTMENTS) WHEREAS, the City of San Bernardino, California (the "City"), is authorized and empowered by Ordinance No. 3815, as amended (the "Ordinance"), to make construction loans and mortgage loans to finance the development of multifamily rental housing and to issue mortgage revenue bonds for the purpose of paying the cost of such financing; and WHEREAS, the Housing Sponsor as hereinafter defined has submitted to the City an application for financing by the City as accepted by the City pursuant to Resolution No. 84-222, dated June 18, 1984; and WHEREAS, the certain amendments to Section 103 of the Internal Revenue Code of 1954, as amended (the "Code''>, as enacted by Congress under the Tax Equity and Fiscal Responsibility Act of 1982 ("T.E.F.R.A."), require that a public hearing be held in connection with the authorization and issuance of any industrial development bonds including such bonds issued to finance multifamily rental housing; and WHEREAS, the City has been requested to hold a public hearing pursuant to the Code as amended by T.E.F.R.A. for the issuance and sale of its multifamily mortgage revenue bonds to provide funds for the making of a construction loan and a mortgage loan for the financing of the hereinafter described project to be located within the City of San Bernardino and within the Tri-Cities Redevelopment Project (the "Project Area") as hereinafter set forth; and WHEREAs, it is in the public interest, for the public benefit and furtherance of the public purposes of the City that such a public hearing be authorized and a date be set for the holding of same. -1- <' NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. Pursuant to the Ordinance, the City is legally authorized to issue bonds and to use the proceeds thereof to make construction loans and mortgage loans on "multifamily rental housing" to include real property improved with multifamily residential structures. Section 2. The Mayor and Common Council constitutes the governing body of the City and is legally authorized to provide for the issuance of revenue bonds by the City. Section 3. The project and the project site that shall be the subject of the public hearing consists of a one hundred and sixty (160) unit multifamily rental housing complex to be constructed upon a six and four-tenths (6.4) acre site located near the northwest corner of the intersection of Del Rosa Avenue and Ninth Street within the Project Area. Said multifamily rental housing complex shall include forty (40) one bedroom, one bath rental units, seventy-two (72) two bedroom, one bath rental units and forty-eight (48) three bedroom, two bath rental units, and shall also include the construction of parking facilities for two hundred and forty (240) vehicles, a swimming pool, appropriate laundry facilities, common areas and recreation building and suitable landscaping. The total construction cost of said multifamily rental housing development, including land acquisition, funded interest and financing costs, is estimated to be an amount equal to approximately $5,860,000 and shall have an FHA insured mortgage loan presently estimated to be approximately $5,000,000. The mortgage loan to be funded with the proceeds of the revenue bonds shall be insured in accordance with the FHA 221(d)(4) Multi- Family Low and Moderate Income Rental Insurance Program and the project shall include units available for the partially assisted HUD Section 8 Rental Assistance Program. Said multifamily rental housing complex is presently identified as the "Patton Farms Apartments". The Project shall be undertaken by Nu-Tech Developers, a California limited partnership, or its assigns or nominee (the "Housing Sponsor"). The City intends to issue its revenue bonds pursuant to the Ordinance in an amount presently estimated to be approximately $5,860,000 for the construction phase thereof and for the permanent financing thereof. -2- Section 4. The issuance of revenue bonds may be authorized by resolution or resolutions of the City after the conclusion of the public hearing at a meeting or meetings to be held for such purpose, subject to the execution of appropriate agreements by the above-mentioned Housing Sponsor and the City. Section 5. Pursuant to the requirements of Code Section 103(k), the City hereby authorizes the public hearing in connection with the project described in Section 3 to be held in accordance with said Code Section 103(k) on August 6, 1984, at the hour of 11:00 A.M., San Bernardino City Hall, for the purpose of considering the public benefits and public purposes to be furthered by the financing or financings contemplated by the action of the City pursuant to this Resolution for the issuance of multifamily mortgage revenue bonds by the City pursuant to the Ordinance. A public hearing shall be held at the hour and on the date herein provided for said project. The City hereby authorizes and directs the City Staff to publish by at least two (2) insertions each in The Sun a notice of public hearing substantially in the form of the notice attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof for the project described in Section 3. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a regular meeting thereof, held on the 16th day of Julv ,1984, by the following vote, to wit: AYES: Council Members Castaneda, Reilly, Hernandez, M::lI,...lt-o.. Qn;~'. li',...:Il'7 ia..... 9~rickler NAYS: ABSENT: None None .&w.,~~ CHY Clerk -3- The Julv foregoing resolution is hereby approved this .1984. of Approved as to form: ~~.AM~ City At rney -4- . EXHIBIT "A" NOTICE OF HEARING BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ON A CERTAIN INDUSrRIAL DEVELOP- MENT BOND FINANCING AND THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE BONDS IN CONNECTION THEREWITH (PATTON FARMS APARTMENTS) NOTICE IS HEREBY GIVEN that a public hearing shall be held on Monday, August 6, 1984, at the hour of 11:00 A.M., in the City Council Chambers, City Hall, 300 North "D" Street, San Bernardino, California 92418, for the purpose as hereinafter set forth. The purpose of said public hearing is to consider a proposal by Nu-Tech Developers, a California limited partnership, or its assigns or nominee (the "Housing Sponsor"), for industrial development bond financing for a certain multifamily rental project of approximately one hundred sixty (160) units to be located near the northwest corner of the intersection of Del Rosa Avenue and North Street. Said multifamily rental housing complex shall include forty (40) one bedroom, one bath rental units, seventy-two (72) two bedroom, one bath rental units and forty-eight (48) three bedroom, two bath rental units, and shall also include the construction of parking facilities for two hundred and forty (240) vehicles, a swimming pool, appropriate laundry facilities, common areas and recreation building and suitable landscaping. The total construction cost of said multifamily rental housing development, including land acquisition, funded interest and financing costs, is estimated to be an amount equal to approximately $5,860,000 and shall have an 'FHA insured mortgage loan presently estimated to be approximately $5,000,000. The mortgage loan to be funded with the proceeds of the revenue bonds shall be insured in accordance with the FHA 221(d)(4) Multi- Family Low and Moderate Income Rental Insurance Program and the project shall include units available for the partially assisted HUD Section 8 Rental Assistance Program. The financing shall be undertaken pursuant to Ordinance No. 3815, as amended, of the City of San Bernardino (the "Ordinance"), and the City shall at said public hearing also consider the pUblic benefits and public purposes to accrue as the result of such financing or financings. -1- " . . All persons interested in the subject matter and the public purposes and public benefits and the issuance of the multifamily mortgage revenue bonds in an estimated principal amount not to exceed five million eight hundred sixty thousand dollars ($5,860,000) in connection with said project may attend such hearing and/or file their written objections or comments thereto, or may otherwise communicate in favor of the project to be undertaken pursuant to the Ordinance. All supporting documents for the issuance of the bonds with respect to said financing are on file at the office of the undersigned. NOTICE GIVEN as of this 16th day of JUly, 1984. . City Clerk of the City of San Bernardino To be published in The Sun on 7/18/84, 7/25/84 and 8/1/84 -2-