HomeMy WebLinkAboutReso 2002-076 - Multifamily Housing Project RESOLUTION NO. 0,P- 7/40,
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE
FINANCING OF A MULTIFAMILY HOUSING PROJECT
WHEREAS, the ABAG Finance Authority for Nonprofit Corporations (the "Authority"),
proposes to issue multifamily housing revenue bonds (the "Bonds") in an amount not to exceed
$5,500,000 and to lend the proceeds thereof to a limited partnership or a limited liability
corporation in which Pacific American Properties, Inc. or an affiliate thereof is a partner or a
member (the "Borrower"), to be used for the acquisition and rehabilitation of an approximately
180-unit apartment project (the "Project") known as Heritage Plaza Apartments, located at 920,
980, 1020, 1080, 1180 and 1120 Delta Street and 1805, 1825, 1835, 1845, 1855, 1865 and 1875
Benton Drive in the City of Redding,California(the "City"),all to be owned and operated by the
Borrower or an entity related thereto or a partner thereof;
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 requires the City
Council of the City of Redding (the"Council"),as the elected representative of the City,the host
jurisdiction of such facilities, to approve the issuance of the Bonds after a public hearing has
been held following reasonable notice;
WHEREAS, a public hearing was held by the Council on this 7th day of May, 2002, at
the meeting which commenced at the hour of 7:00 P.M., in the City Council Chambers, at 777
Cypress Avenue, Redding, California 96001, following duly published notice thereof, and all
persons desiring to be heard have been heard;
WHEREAS, it is in the public interest and for the public benefit that the Council, as the
elected representative of the City, the host jurisdiction of such facilities, approve the issuance
and delivery by the Authority of the Bonds;and
WHEREAS, the City will not be a party to any of the documents relating to the Bonds
and will in no way have any liability for the Bonds, and the only mention of the City in any of
the documents relating to the Bonds will be with respect to the location of the Project;
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Redding
hereby finds, determines and declares that issuance by the Authority of the Bonds in the
maximum principal amount of $5,500,000, for the purposes described above, is hereby
approved.
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ADOPTED by the Council of the City of Redding at a regular meeting held on May 7,
2002,by the following vote:
AYES: Cibula, McGeorge, Pohlmeyer, Stetall and Kight
NOES: None
ABSENT: None
ABSTAINING: None
7 .7L By: �--�
May-ord
ATTEST:
City Qer4y
Forr pr
W. LEO! WING