HomeMy WebLinkAboutReso 1984-11603
RESOLUTION NO. 11603
RESOLUTION OF THE CITY COUNC IL OF THE CITY OF
CHULA VISTA AUTHORIZING THE ISSUANCE OF REVENUE
BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT BY TERRA
NOVA ASSOCIATES
The City Council of the City of Chula Vista does hereby resolve as
follolls:
WHEREAS, the City of Chula Vista (the "City") is authorized by
Chapter 3.48 of the Chula Vista Municipal Code (the "Law") 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, Terra Nova Associates, 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 232-unit multi-family rental housing development and related
auxiliary facilities to be located ~lithin the City on East "H" Street in the
northeast quadrant of the City; and,
WHEREAS, the City Iii shes to induce the Developer to construct sa i d
development and facilities and, in particular, to do so at such location; and,
WHEREAS, it is in the public interest, for public benefit, and in
furtherance of the publ ic purposes of the City that the CIty authorize revenue
bonds for the aforesaid purpose.
NOW, THEREFORE, BE IT RESOLVED:
Section 1. The City Council of the City of Chula Vista authorizes
the issuance and sale of bonds of the City pursuant to the Law in a principal
amount of not to exceed Eleven Million Dollars ($11,000,000) 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 condltlons 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 betlleen the City and the Developer
establishing the terms and conditions under IIhich City authorizes the issuance
of said 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 with 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 resol ution shall take effect from and after its
adoption.
Presented by
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Community Development Director
Approved as to form by
ThC~~on K-
Ci ty Attorney
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WPC 0840X
R- 11603
IULA VISTA, CALIFORNIA, this
84
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
24 th Apr; 1
day of
, by the following vote, to_it:
'ES: Councilmen
IYES: Councilmen
ISTAIN: Councilmen
!SENT: Councilmen
Cox, Moore, Malcolm
Scott
None
McCandl;ss
May
TEST jj"'4Za ?7;4~
{./ City Clerk
ATE OF CALIFORNIA }
'UNTY 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. 11603
,and that the same has not been amended or repealed.
TED
(seal)
City Clerk
:-660