HomeMy WebLinkAboutrda min 2005/08/23 CC & HA
MINUTES OF ADJOURNED REGULAR MEETINGS OF THE CITY COUNCIL
AND REDEVELOPMENT AGENCY AND A SPECIAL MEETING OF THE HOUSING
AUTHORITY OF THE CITY OF CHULA VISTA
August 23, 2005
6:00 p.m.
Adjourned Regular Meetings of the City Council and Redevelopment Agency and a Special
Meeting of the Housing Authority were calIed to order at 7:21 p.m. in the Council Chambers,
located in the Public Services Building, 276 Fourth Avenue, Chula Vista, California
ROLL CALL:
PRESENT: Council/Agency/Authority Members McCann, Rindone and
Mayor/Chair Padilla
ABSENT: Council/Agency/Authority Members Castaneda, Davis (both
excused)
ALSO PRESENT: City ManagerlExecutive Director Rowlands, City Attorney/
Agency/Authority Counsel Moore and City Clerk Bigelow
ORAL COMMUNICATION OF THE REDVELOPMENT AGENCY
There were none.
ACTION ITEMS
1. HOUSING AUTHORITY CONSIDERATION OF THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS AND CITY COUNCIL AND
REDEVELOPMENT AGENCY CONSIDERATION OF SUBORDINATION
AGREEMENTS
This item concerns the issuance of additional tax-exempt bonds for the financing of the
Rancho Buena Vista Apartments and the execution of related documents in substantialIy
the form on file with the City Clerk. The City and Agency are also being asked to
subordinate their loan for the development to this debt. (Community Development
Director)
ACTION:
Council/Agency/Authority Member Rindone offered Housing Authority
Resolution No. 2005-28, City Council Resolution No. 2005-284 and
Redevelopment Agency Resolution No. 1924, headings read, texts waived:
a. HOUSING AUTHORITY RESOLUTION NO. 2005-28, RESOLUTION
OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA
AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $1,715,000 FOR THE PURPOSE OF PROVIDING
ADDITIONAL FINANCING FOR THE ACQUISITION,
CONSTRUCTION AND EQUIPPING OF THE RANCHO BUENA
VISTA APARTMENTS PROJECT, APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND
ALL DOCUMENTS NECESSARY TO ISSUE THE BONDS AND
IMPLEMENT THIS RESOLUTION
ACTION ITEMS (Continued)
b. CITY COUNCIL RESOLUTION NO. 2005-284 AND
REDEVELOPMENT AGENCY RESOLUTION NO. 1924, JOINT
RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA (A)
APPROVING SUBORDINATION AGREEMENTS FOR THE LOW
AND MODERATE INCOME HOUSING SET-ASIDE FUND LOAN IN
THE AMOUNT OF $1,000,000 AND THE HOME INVESTMENT
PARTNERSHIP PROGRAM LOAN IN THE AMOUNT OF $500,000
SUBORDINATING THE CITY AND AGENCY LOANS TO BOTH
THE 2003 AND 2005 FINANCINGS RELATED TO RANCHO BUENA
VISTA APARTMENTS AND (B) AUTHORIZING THE EXECUTION
OF SAID AGREEMENTS
The motion carried 3-0.
OTHER BUSINESS
2. DIRECTOR/CITY MANAGER'S REPORTS
There were none.
3. CHAIR/MAYOR'S REPORTS
There were none.
4. AGENCY/COUNCILMEMBER COMMENTS
There were none.
ADJOURNMENT
At 7:24 p.m., Mayor/Chair Padilla adjourned the Housing Authority until further notice and the
Redevelopment Agency to an adjourned meeting on September 13, 2005 at 6:00 p.m. in the
Council Chambers.
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Susan Bigelow, MMC, City Clerk
Page 2 CounciVRDAlHA Minutes
08/23/05