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HomeMy WebLinkAbout1985-124 1,020-35/0411S/sms 03/26/85 RESOLUTION NO. 85-~24 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 ISSUANCE OF APPROXIMATELY $11,500,000 PRINCIPAL AMOUNT OF ITS MULTIFAMILY MORTGAGE REVENUE BONDS (MEYERS RANCH PROJECT) WHEREAS, the City of San Bernardino, California ("Ci ty") , is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly and regularly enacted Ordinance No. 3815 (the "Ordinance") to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of paying the cost of financing such projects, and has amended the same from time to time; and WHEREAS, said Ordinance No. 3815, as amended, is intended to provide a source of financing for the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of moderately priced rental units for residents of the City and to broaden the tax and revenue base of the City; and - 1 - r-.. WHEREAS, there has been presented to the Mayor and Common Council of the City of San Bernardino, California, a request by Fountain Place Associates, a California limited partnership, which includes Coast Investor Group, a Nevada corporation, Gary Pierson and Associates, an entity in the process of formation, and Lester Hribar, as general partners, or its successors or assigns (the "Company") for the issuance of multifamily mortgage revenue bonds of the City to provide for the financing of the construction of a certain project by the Company as herein described below; and WHEREAS, the Project shall be constructed on two (2) contiguous parcels of property which are located on either side of Tippecanoe Avenue to the north of the undercrossing of the Warm Springs Flood Control Channel at Tippecanoe Avenue and shall consist of approximately one hundred four (104) rental units to be constructed on approximately six (6) acres of land located on the east side of Tippecanoe Avenue and approximately one hundred sixty (160) rental units to be constructed on approximately eleven and four-tenths (11.4) acres of land located on the west side of Tippecanoe Avenue and shall also include appropriate on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements, for which bonds shall be issued in the approximate principal amount not to exceed $11,500,000 (the "Bonds") to provide financing for the acquisition and development of the Project by the Company; and - 2 - WHEREAS, the City shall, in furtherance of the goals and intent of Ordinance No. 3815, as amended (the "Ordinance"), issue its Bonds to provide a mortgage loan or loans to the Company to assist in the financing of the Project; and WHEREAS, the City, by appropriate Resolution, has made certain appropriate amendments to Resolution No. 85-41 in which the Ci ty declared its intent to provide tax-exempt financing assistance to the Company for the Project and, pursuant to Internal Revenue Code Section 103(k), has set a public hearing on the issuance of the Bonds and have authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing. NOW, THEREFORE, ORDERED BY THE MAYOR SAN BERNARDINO AS FOLLOWS: IT AND IS HEREBY COMMON RESOLVED, COUNCIL OF DETERMINED THE CITY AND OF Section 1. The recitals set forth hereinabove are true and correct in all respects. Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City of San Bernardino, as said public hearing is required pursuant to the requirements of Internal - 3 - Revenue Code Section 103(k), does hereby find and determine that the purposes and intent of the Ordinance, enacted pursuant to its home rule powers to finance various types of projects including the financing contemplated herein, will be furthered by the issuance of the Bonds for the express purpose of providing financing to assist the Company to acquire and develop the Project. The total principal amount of the Bonds which shall be issued to assist the Company to acquire and develop the Project to be undertaken by the Company shall not exceed $11,500,000. The Bonds shall be issued upon such terms and conditions as shall be set forth in one or more Proj ect Agreements by and among the City and the Company or such other documents prepared in connection with the issuance and delivery of the Bonds, and shall be issued solely for the Project. Section 3. The Mayor and Common Council hereby find and determine that the public purposes and public benefits as set forth in the Ordinance will be furthered by the issuance of the Bonds; specifically, that the Bonds will provide for financing to assist the Company to acquire and develop an approximately two hundred sixty-four (264) unit apartment development on the two contiguous parcels of property as described in the recitals hereof, that such financing will thus make the Project a financially viable and productive project and thereby increase the availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. - 4 - Section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the Bonds pursuant to Internal Revenue Code Section 103(k) at such time as the City shall have approved the other appropriate Bond financing documents as referenced in Section 2 of this Resolution. Section 5. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a r~g1]l r:lr meeting thereof, held on the 1st day of Apri 1 , 1985, by the following vote, to wit: AYES: Council Members rFl~+-,qnpnFl. R,:loilly HArnFlnnp7. . MFlrk~ QlliAl F'rn7.;pr St-ri~kler NAYS: NnnA ABSENT: Nnnp. ~/P$- City Clerk The foregoing resolution is hereby approved this ~~ day of Aoril , 1985. Approved as to form: ~ yq;2 (~ 1ity~ney >U~ - 5 -