HomeMy WebLinkAboutReso 1984-11602
RESOLUTION NO. 11602
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA V ISTA AUTHORIZING THE ISSUANCE OF REVENUE
BONDS FOR THE PURPOSE OF PROVIDING FINANCItJG FOR
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT BY
MORGAN-GARDNER SUBDIVISION
The City Council of the City of Chu1a Vista does hereby resolve as
fo 11 ows :
WHEREAS, the City of Chu1a Vista (the "City") is authorized by
Chapter 3.48 of the Chu1a Vista Municipal Code (the "Lal/") to issue and sell
revenue bonds for the purpose of providing financing for the construction of
multi-family rental housing structures located within the City; and,
WHEREAS, Morgan-Gardner Subdivision, a Cal ifornia general
partnership, (the "Developer") has applied to the City to issue and sell
revenue bonds for the purpose of providing financing for the construction of
land and an approximately 376-unit multi-family rental housing development and
related auxiliary facilities to be located within the City at the northwest
and northeast corners of "E" Street and Flower Street in the City (the
"Project"); and,
WHEREAS, the City wishes to induce the Developer to construct said
development and facilities and, in particular, to do so at such location; and,
WHEREAS, it is in the publ ic interest, for publ ic benefit, and in
furtherance of the pub1 ic purposes of the City that the CIty authorize revenue
bonds for the aforesaid purpose.
NOW, THEREFORE, BE IT RESOLVED: A IL ~- _A / ' I" 3
.;)-~ "I-1/LL/C '1/ r<!- ~ ",00
Section 1. The City Council of the City of Chula Vista authorizes ~->-;).8'.r
the issuance and sale of bonds of the City pursuant to the Law in a principal
amount of not to exceed 'flli, Le,," M;llion Bolla, ~ ($13,eee,eee) for the purpose
of providing construction and permanent financing to the Developer, its
successors, and assigns, for the construction of the Project.
Section 2. The issuance and sale of said Bonds shall be upon such
terms and conditions as may be mutually agreed upon by the City, the
Developer, and the purchaser of said Bonds and shall be subject to completion
of proceedings for issuance, sale, and delivery of said Bonds by the City and
to the execution of a Cooperative Agreement between the City and the Oeveloper
establishing the terms and conditions under which City authorizes the issuance
of sai d Bonds.
Section 3. The proceeds of the Bonds shall include such related and
necessary lssuance expenses, administrative costs, debt service reserves, and
interest payments as may be required to successfully accomplish this financing
method.
Section 4. The City Council hereby finds that the issuance of the
Bonds is a substantial inducement to the Developer to construct the project
and that said project will further the public purposes of the City.
Section 5. The Developer shall be responsible for costs in
connection wlth the issuance of the Bonds, including: printing of the official
stateMent; a market feasibilty study to be used in connection with the
financing and the rating agencies; cost of ratings on the Bonds; and bond and
financial counsel selected by the City.
Section 6. This resolution shall take effect from and after its
adoption.
Approved as to form by
~Au ,(}.
Tomas J. Harron
City Attorney
c~.~
II
WPC 0839X
R- 11602
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
IULA VISTA, CALIFORNIA, this 24th day of April
84
, by the following vote, to_it:
Malcolm, Cox, Moore
'ES: Councilmen
IYES: Councilmen
ISTAIN: CoI.ncilmen
!SENT: Councilmen
None
Scott
McCandliss
R~
the City of Chura Vista
City
ATE OF CALIFORNIA )
ONTY OF SAN DIEGO ) s s.
.Y OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
'HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 11602
,and that the some has not been amended or repealed.
TED
(seal)
City Clerk
;-660