HomeMy WebLinkAbout1984-286
2,133-3/860
07/25/84
RESOLUTION NO. 84-286
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
MAKING CERTAIN FINDINGS AND DETERMINATIONS IN
CONNECTION WITH A PUBLIC HEARING ON THE
lSSUANCE OF MULTIFAMILY MORTGAGE REVENUE
BONDS (PATTON FARMS APARTMENTS)
WHEREAS, the City of San Bernardino, Califomla (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 pursuant to Code Section 1030Q, set a public
hearing on the Issuance by the City of its multifamily mortgage revenue bonds to
provide funds for the making of a construction loan and a permanent mortgage loan
for the financing of the hereinafter described project to be located within the City
and within the Tri-Clties Redevelopment Project (the "Project Area") as
hereinafter set forth and the public notice thereof has been duly published In The
Sun; and
WHEREAS, It is In the public Interest, for the public benefit and
furtherance of the public purposes of the City that certain findings and
determinations be made in connection with said public hearing. ~
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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. The recitals set forth hereinabove are true and correct in all
respects.
Section 2. The Mayor and Common Council after havi~ conducted a
pUblic hearing, notice of which was duly published in a newspaper of general
circulation within the City in accordance with the provisions of Code Section
103(Jc), does hereby find and determine that the purposes and intent of the
Ordinance shall be furthered by the issuance by the City of multifamily mortgage
revenue bonds for the construction and permanent financi~ of the project which
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~ight (48) three bedroom, two bath rental units, and shall also
include the construction of parki~ 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
said 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". Said 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 multifamily mortgage 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
financi~ thereof.
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Section 3. The Mayor is hereby appointed as the elected official to
approve the issuance by the City of its multifamily mortgage revenue bonds for the
construction and permanent financing of said project in accordance with Code
Section 103(k).
Section 4. This Resolution shall take effect upon adoption.
I HEREBY CERTIPY 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 6th day of
Auqust , 1984, by the following vote, to wit:
AYES:
Council Members Castaneda. Reillv. IIarks.
Quiel, Frazier, Strickler
NAYS:
ABSENT:
~n1]nC'!il MpmhAr HArnannFl'Z
None
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CitY er
The foregoing resolution is hereby approved this
Auqust , 1984.
Approved as to form:
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C ty Atto ey
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