HomeMy WebLinkAboutReso 1984-11604
RESOLUTION NO. 11604
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA V ISTA AUTHORIZING THE ISSUANCE OF REVENUE
BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT BY APPEL
DEVE LOPMENT CO RPO RATIO N
The City Council of the City of Chu1a Vista does hereby resolve as
foll ows:
WHEREAS, the City of Chu1a Vista (the "City") is authorized by
Chapter 3.48 of the Chu1a 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, Appel Development Corporation, a California corporation,
(the "Developer") has app1 ied to the City to issue and sell revenue bonds for
the purpose of providing financing for the construction of land and an
approximately 48-unit multi-family rental housing development and related
auxiliary facilities to be located within the City at the northwest corner of
Fifth Avenue and Parkway.
WHEREAS, the City llishes 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 public interest, for public benefit, and in
furtherance of the public 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 Chu1a Vista authorizes
the issuance and sale of bonds of the City pursuant to the Law in a principal
amount of not to exceed One Mill ion Three Hundred Fifty Thousand Dollars
($1,350,000) 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 condltions 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 beuleen the City and the Developer
establishing the terms and conditions under which City authorizes the issuance
of said Bonds.
Section 3. The proceeds of the Bonds shall include such related and
necessary issuance 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 resolution shall take effect from and after its
adoption.
Approved as to form by
~~K-
T mas . Harron
City Attorney
(; J!f ~<(
, I'
WPC 0841X
R- 11604
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
ULA VISTA. CALIFORNIA. this 24th day of April
84
, by the following vote, to-wit:
ES: Councilmen
,YES: Councilmen
ISTAIN: Cou'Icilmen
SENT: Councilmen
Cox, Moore, Malcolm
Scott
None
McCandliss
M
TESTL4m~/~
C City Clerk
Chula Vista
ATE OF CALIFORNIA )
UNTY OF SAN DIEGO ) s s.
'V 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. 11604
. and that the some has not been amended or repealed.
TED
( seal)
City Clerk
:-660