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HomeMy WebLinkAbout1985-237 1,020-47/0767S/cmh 06/24/85 RESOLUTION NO. R~-?17 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 $25,000,000 PRINCIPAL AMOUNT OF" MULTIFAMILY MORTGAGE REVENUE BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (CAL-SHEL PROJECT) WHEREAS, the Conununity Development Conunission of the City of San Bernardino (the "Conunission"), as the Redevelopment Agency of the City of San Bernardino (the "Agency"), is authorized by the Conununity Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the California Health and Safety Code (the "Conununity Redevelopment Law"). to issue and sell its multifamily mortgage revenue bonds for the purpose of enabling the developer to pay the costs of financing the development of multifamily rental housing located within survey areas and redevelopment project areas of the Agency; and WHEREAS, Carousel Development and Associate, a California general partnership, or its successors or assigns (the "Applicant"), has previously submitted a certain application (the "Application") to the Mayor and Conunon Council of the City of San Bernardino, California (the "Mayor and Conunon Council"). for tax-exempt financing for a certain multifamily rental housing development pursuant to Ordinance 3815, as amended, and the Applicant has previously requested the Agency to issue and sell its multifamily .. . - 1 - mortgage revenue bonds for the purpose of providing financing for the acquisition and construction by the Applicant of a multifamily rental housing development as more fully described in said Application (the "Project") pursuant to the Community Redevelopment Law; and WHEREAS, the Project consists of the acquisition of land and construction thereon of approximately seven hundred twenty (720) apartment units in thirty-five (35) two-story buildings located in the State COllege Project No. 4 on an approximately forty-three (43) acre site in the University Park section of the 600 acre ma.ster plan development known as Shandin Hills, on the north side of Kendall Drive, and approximately one and one-half (1 1/2) miles west of Little Mountain, shall include approximately sixteen hundred (1600) on-site vehicle parking spaces, three (3) swimming pools, landscaping, recreation center, barbecue areas, basketball and volleyball facilities and shall consist of three hundred sixty (360) ~ one-bedroom, one-bath rental units and three hundred sixty (360) two-bedroom, one-bath rental units; and WHEREAS, pursuant to Resolution No. 84-383 of the Mayor and Common Council, adopted on October 1, 1984, the Mayor and Common Council has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $32,000,000 for the purpose qf financing the Project; and '. .. . - 2 - WHEREAS, pursuant to its Resolution, adopted on June 17, 1985, and entitled: "Resolution of the Conununity Development Conunission of the City of San Bernardino Declaring its Intent to Issue Multifamily'. Mortgage Revenue Bonds (Carousel Development and Associates Project)" the Conunission has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $32,000,000 (the "Bonds") and to authorize such financing by the Agency for the aforesaid purposes and for the Project pursuant to the terms and conditions of said Resolution No. 84-383; and WHEREAS, the Applicant has informed the City of San Bernardino, California (the "City"), the Conunission and the Agency that the Applicant has conveyed its ownership interest in the Project to Cal-Shel, a California general partnership, or its successors or assigns (the "Developer"), and that the general partners of the Developer, as well as their respective ownership interests in the Developer, are identical to the general partners of the Applicant and their respective ownership interests in the Applicant; and WHEREAS, it is the 'intent pf the City that the Developer be substituted for the Applicant as the beneficiary of said Resolutions '. of the Mayor and Conunon Council and the Conunission, respectively; and .. . - 3 - WHEREAS, the Agency shall, in furtherance of the goals and intent of the Community Redevelopment Law, issue the Bonds to enable the Developer to finance the cost of the Project without any liability to the City, the Commission or the Agency whatsoever; and WHEREAS, the City, pursuant to Internal Revenue Code Section l03(k), has set a public hearing on the issuance of the Bonds and has authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the substitution of the Developer for the Applicant as the beneficiary of said Resolutions of the Mayor and Common Counci 1 and the Commission and approve the findings and determinations to be made in connection with said public hearing, and it is the intent of the City that the Developer be the beneficiary of said pUblic hearing. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. . The recitals set forth hereinabove are true and correct in all respects. Section 2. The City, pfter having conducted a public '" hearing, notice of which was duly published in a newspaper of general circulation within the City as said public hearing is .. . - 4 - required pursuant to the requirements of Internal Revenue Code Section 103(k), does hereby find and determine that the purposes and intent of the Community Redevelopment Law wi 11 be furthered by the issuance of the Bonds for the express purpose of providing financing to assist the Developer to acquire and develop the Project. The ~otal principal amount of the Bonds which shall be issued to assist the Developer to acquire and develop the Project to be undertaken by the Developer shall not exceed $25,000,000. The Bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the Agency and the Developer or such other documents prepared in connection with the issuance and delivery of the Bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City, the Commission and the Agency are not liable, nor shall be pledged for repayment of the Bonds. Section 3. The Mayor and Common Council hereby find and determine that the pUblic purposes and public benefits as set forth in the Community Redevelopment Law will be furthered by the issuance of the Bonds; specifically, that the Bonds will provide for financing to assist the Developer to acquire and develop an approximately seven hundred twenty (720) unit apartment development on the 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. '" . - 5 - Section 4. The Mayor and Common Council hereby acknowledge and consent to the construction, development and financing of the Project by the Developer as described in the recitals hereof, and the initial inducement resolution of the City, the initial inducement resolution of tbe Commission and tbe notice of public bearing with respect to the financing of tbe project are hereby amended, to the extent necessary, to incorporate the Developer as the beneficiary of said inducement resolutions and said notice of public hearing. The Mayor and Common Council hereby furtber approve tbe substitution of the Developer as the borrower and recipient of any tax-exempt financings of the Agency with respect to the Project, and all subsequent proceedings of the City, the Commission and the Agency in furtberance of the tax-exempt financing of the Project by the Agency shall so state tbat the Project shall be undertaken by the Developer. ~ section 5. Prior to issuance of any bonds pursuant to this resolution, the applicant shall provide to the City of San Bernardino, for recording, a covenant running witb the land in form approved by the City Attorney of the City of San Bernardino whereunder applicant waives any entitlement under state law to a density bonus for the property on which this proposed project is to be constructed. Section 6. Adoption of this resolution shall not be construed as approval of the plans or concept of the proposed development, nor as an- indication that tbe Mayor and Common . - 6 - Council will take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. The Mayor and Common Council reserve their right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning Commission. Nothing herein shall be construed as advance commitment or approval as to any such matter, and the applicant is notified that normal planning processing shall be required, in accordance with the standard procedures of the City of San Bernardino, and that applicant will be required to comply with all applicable laws and ordinances of the city, state and federal government. ~ Section 7. 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 l03(kl at such time as the Commission shall have approved the other appropriate Bond financing documents as referenced in Section 2 of this Resolution. Section 8. 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 l~t- day of .T111 ~.,. .. meeting thereof, held on the , 1985, by the following vote, to rlClgl11;:o.r wit: . - 7 - , AYES: Council Members F.~t"r;:tn;:t RAilly H,:.rn.==-nnD.7 . QUiA 1 Rtri r.kl ~r NAYS: COllnr.il MAmhAr MPlrk~ ABSENT: Council MAmhA'" Fr;:t7.;Ar ~//h4.1P~ " CITY CLERK The foregoing resolution is hereby approved this ;(~ day of Julv , 1985. Approved as to form: ~<~~ 11. pCity Attorney - 8 -