HomeMy WebLinkAboutR11-Redevelopment Agency
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. FrorO GLENDA SAUL
o
Subject: o,RA PUBLIC HEARING AND RESOLUTO
1'VU.CH APARTMENT PROJECT)
Dept: Redevelopment Agency
a:
SEPTEMBER 2, 1986
Synopsis of Previous Commiuion/CouncillCtion:
Ordinance #3815 providing for the i88uance of multifamily mortgage revenue
bond8.
On December 10, 1985, the Mayor and Common Council continued thi8 item to
January 21, 1986.
On January 21, 1986, the Mayor and Common Council continued thi8 item to
March 3, 1986.
On March 3, 1986, the Mayor and Common Council adopted Inducement Re80lution
#86-62 for thi8 project.
On Augu8t 18, 1986, the Mayor and Common Council adopted Re8olution #86-62 to
extend term of inducement re80lution for this project through November 3, 1986.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
a.
OPEN PUBLIC HEARING
b.
Continue TEFRA Public Hearing and con8ideration of adopting a TEFRA Re801ution to
October 6, 1986.
c
~~
Signature
Con1Kt Pll'IOn:
GLENDA SAUL/KEN HENDERSON
FUNDING REQUIREMENTS:
Amount: S
NfA
Phone: 383-5081
Werd: 7
Project: NfA
Date: ~pptp.",bp,. 8. 1986
Supportillll date atr...hed:
YES/STAFF REPORT
No .w- Impect on City:
Council Notes:
o
Agenda Item No.
,:::/k II
/2. --I I
-
. CI10 OF SAN BERNARDIt:9 - REQUEe1 FOR COUNCIL ACTClN
o
o
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75-02....
STAFF REPORT
On July 17, 1986, Ken Henderson met with Leo Vlach, developer of the project,
regarding bond financing for the forty (40) unit apartment complex. An
inducement resolution with a "life" of six (6) months was approved by the
Mayor and Common Council on March 3, 1986 (inducement expires 9/3/86).
Staff discussed with Mr. Vlach the salient features of the recently passed
Senate tax bill and H.R. 3838, the House tax bill and indicated that in order
to hold the TEFRA public hearing, he would have to pay the $10,000 IDB fee,
with no assurance that the House/Senate conference committee would have
completed its work on compromise tax legislation. A TEFRA resolution also has
a "life" of six (6) months.
Mr. Vlach indicated he would be willing to go forward with the TEFRA public
hearing and the related fee so the process for the approval of final bond
documents could be expedited once tax simplification legislation was passed.
The market
Mr. Vlach.
on current
study and other IDB policy requirements have been complied with by
The construction of forty (40) units is expected to have no effect
supply/demand market characteristicB.
Because staff was unable to notice the public hearing fourteen (14) days prior
to the Council meeting, the Mayor and Common Council adopted Resolution No.
86-62 on August l8, 1986, authorizing an extension of the Inducement
Resolution to November 3, 1986.
On August 29, 1986, during a conference between staff, Bond Counsel and Mr.
Vlach, it was suggested that the TEFRA Public Hearing be postponed until such
time that the developer, Leo Vlach, has had the time to approach a bond
underwriter or placement agent and better ensure his ability to obtain the
needed financing for tbis bond assisted project.
Staff recommends that said TErRA Public Hearing be continued until October 6,
1986.
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