1985-28 RESOLUTION NO. 85-28
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAND TERRACE, CALIFORNIA APPROVING THE
ISSUANCE OF NOT TO EXCEED $30, 000,000
VARIABLE RATE DEMAND MULTIFAMILY HOUSING
REVENUE BONDS BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE SUBJECT
TO LIMITATIONS AND CONDITIONS AFTER A
PROPERLY NOTICED PUBLIC HEARING
WHEREAS, the Board of Directors of the Community
Redevelopment Agency of the City of Grand Terrace, California
(the "Agency") has adopted a Resolution of Intention initiating
proceedings for the financing of a 252-unit multifamily rental
housing project and appurtenant facilities to be developed by
F.C. Grand Terrace, a California limited partnership (the
"Developer") and located within a redevelopment project area on
a 15± acre site on the west side of Mt. Vernon Avenue, south of
Grand Terrace Avenue and east of Gage Canal to be known as "Mt.
Vernon Villas" ; and
WHEREAS, the Developer has entered into legally binding
purchase agreements with the owners of two adjacent parcels
(Assessor's Parcel Nos. 275-251-09 and 275-251-10) and now
proposes to develop an additional 290 units on such parcels so
as to create a single multifamily residential rental housing
project consisting of 542 units and appurtenant facilities (the
"Project") to be located on 35± acres within a redevelopment
project area; and
WHEREAS, federal law and specifically Section
103 (k) (2) of the Internal Revenue Code of 1954, as amended (the
"Code") requires approval of' the financing and the City's
participation therein by an elected official of the
governmental body after a properly noticed public hearing; and
WHEREAS, a notice of such public hearing was published
at least fourteen (14) days prior to: the date of such public
hearing as required by the Code and the regulations thereunder;
and
WHEREAS, a public hearing was held on December 12,
1985 to offer an opportunity for public testimony and to
consider the public support for and opposition to the financing
of the Project and the City's :participation therein;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Grand Terrace, California, as follows:
1.
Section 1. The above recitals and each of them are
true and correct.
Section 2 . The City Council does hereby approve the
issuance of Variable Rate Demand Multifamily Housing Revenue
Bonds by the Agency for the financing of the Project subject to
the conditions and limitations as follows:
(a) The Developer will comply with all zoning and
planning requirements of the City.
(b) The City and the Developer will prepare or cause
to be prepared such documentation as is necessary to
accomplish the financing on terms acceptable to the City
and the Developer.
(c) In compliance with Section 103 (b) (4) of the Code,
not less than 20% of the total number of units in the
Project shall be for occupancy on a priority basis by
individuals or families whose adjusted gross income does
not exceed 80% of the median adjusted gross income for the
area as determined pursuant to Section 8 of the United
States Housing Act of 1937.
(d) The proceedings of the City and the terms of the
financing will comply with all requirements and limitations
of State and federal law.
Section 3 . A public hearing having been held pursuant
to Section 103 (k) (2) of the Code, upon notice duly published
not less than 14 days -prior to the public hearing and all
testimony having been heard and considered, it is the intent of
this City Council that this resolution shall constitute the
approval of the applicable elected official in accordance with
Section 103 (k) (2) of the Code.
Section 4 . This resolution shall become effective and
be in full force and effect from and after its date of adoption.
2 .
ADOPTED this 12th day of December, 1985.
ATTEST:
?u
.City Clerk of a Mayor e
-City` .of GrancY Terrace City Grand Ter ce
I, Ilene Dughman, City Clerk of the City of Grand Terrace,
do hereby certify that the foregoing Resolution was introduced
and adopted at a regular meeting of the City of Grand Terrace
held on the 12th day of December, 1985, by the following vote:
AYES: Council.members Matteson, Petta, Pfennighausen, Evans ;
Mayor Grant
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
APPR VED AS 3�FO
City Attorney
3 .