1984-03 RESOLUTION NO. CRA-84-03
r —
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF GRAND TERRACE, CALIFORNIA,
DECLARING ITS INTENTION TO ISSUE CONSTRUCTION LOAN
NOTES IN CONNECTION WITH CERTAIN SINGLE FAMILY
RESIDENTIAL DEVELOPMENT .LOCATED WITHIN THE CITY OF
GRAND TERRACE, CALIFORNIA.
WHEREAS, Chapter 8 of the California Health and Safety Code
(commencing with Section 33750) provides authority for the Community
Redevelopment Agency of the City of Grand Terrace (the "Agency") to make
construction loans to finance residential construction; and
WHEREAS, the Agency has previously issued its Mortgage Revenue Bonds
in order to provide permanent mortgage financing for the purchase of certain
residences within the jurisdiction of the Agency; and
WHEREAS, the Developer of such residences, Griffin Development Co.
(the "Developer"), has been unable to obtain financing for the construction of
the residences at rates sufficient to enable the Developer to market such
residences to the broadest range of able purchasers; and
WHEREAS, the Agency desires to provide construction financing for such
residences;
NOW, THEREFORE, the Community Redevelopment Agency of the City of
Grand Terrace hereby resolve as follows:
Section 1. The Agency hereby declares its intention to sell and
deliver Construction Loan Notes in connection with the development of the
projects described in Exhibit "A" to this Resolution (the "Projects") in an
amount not to exceed Twelve Million Five Hundred Thousand Dollars
($1295009000).
Section 2. The Construction Loan Notes shall be special obligations
of the Agency secured only by the Projects and payments made with respect to
the Projects.
Section 3. The Construction Loan Notes shall be issued pursuant to
documents to be approved by the Agency.
Section 4. The Chairman, the Executive Director, the Secretary or
their duly appointed deputies are hereby authorized and directed to take such
actions as may assist the delivery of the Construction Loan Notes on or before
December 31, 1984.
ADOPTED this 29th day of November, 1984.
ATTEST:
Secre-y�r-y of the,-Grand Trace IC ai rman t e 'fir' erra
Comm i-ty Redeveopment Agency Community de 1 ment Agency
I, Myrna Erway, Secretary of the Grand Terrace Community Redevelopment
Agency, do hereby certify that the foregoing Resolution was introduced and
adopted at a regular meeting of the Grand Terrace Community Redevelopment
Agency of the City of Grand Terrace held on the 29th day of November ,
1984, by the following vote:
AYES: Members Matteson; Petta, Pfenniahausen, Evans;
Chairman Grant.
NOES: None.
ABSENT: None.
ABSTAIN: None.
Secretry
- ZJ -
Approved as to form.
s' r
Attorney V
- 2 -