HomeMy WebLinkAboutReso 127-1998CITY OF SOLFI~ SAN FRANCISCO
RESOLUTION No. 1,27-98
RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $31,500,000
PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SOUTH
SAN FRANCISCO 1998 TAX ALLOCATION BONDS, SERIES A (GATEWAY
REDEVELOPMENT PROJECT), AND THE ISSUANCE OF NOT TO EXCEED $4,500,000
CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY 1998 TAX
ALLOCATION BONDS, SERIES B (HOUSING SET-ASIDE TAX REVENUES)
WHEREAS, the City of South San Francisco (the "City") and the Redevelopment Agency
of the City of South San Francisco (the "Agency") have heretofore entered into a Joint Exercise of
Powers Agreement dated as of September 11, 1998, establishing the City of South San Francisco
Capital Improvements Financing Authority (the "Authority") for the purpose of issuing its
bonds to be used to provide financial assistance to the City and the Agency; and
WHEREAS, the Authority has authorized the issuance of its 1998 Revenue Bonds, Series
A (South San Francisco Redevelopment Projects) in an aggregate principal amount of not to
exceed $36,000,000 (the "Bonds") for the purpose of (a) providing funds to purchase the
Agency's 1998 Tax Allocation Bonds, Series A (Gateway Redevelopment Project) (the
"Gateway Bonds") in an aggregate principal amount of not to exceed $31,500,000 and (b)
providing funds to purchase the Agency's 1998 Tax Allocation Bonds, Series B (Housing Set-
Aside Tax Revenues) (the "Housing Set-Aside Bonds) in an aggregate principal amount of not to
exceed $4,500,000 (the Gateway Bonds and the Housing Set-Aside Bonds being referred to
herein as the "Agency Bonds"); and
WHEREAS, the Agency proposes to fund a portion of the costs of constructing the
Willow Gardens Housing Project, consisting of approximately 16 buildings containing
approximately 64 multi-family rental units located in the Willow Gardens subdivision in the
City (the "Housing Project") by transferring $3,150,000 of the proceeds of the Housing Set-
Aside Bonds to Willow Gardens Associates, a California Limited Partnership, pursuant to that
certain Grant Agreement, approved by the Agency on May 27, 1998, between the Agency and
Willow Gardens Associates; and
WHEREAS, pursuant to the Community Redevelopment Law (constituting Part I of
Division 24 of the Health and Safety Code of the State of California), the Agency has
authorized the issuance of the Agency Bonds; and
WHEREAS, the City Council wishes to express its approval of the issuance of the
Agency Bonds pursuant to Section 33640 of the Community Redevelopment Law;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of South San Francisco that:
(1) The issuance of the Bonds by the Agency be, and is hereby, approved; and
(2) The City Council hereby finds and determines, based upon the proximity of all areas
of the City to the South San Francisco Redevelopment Projects and the nature of the Agency's
existing housing programs, that the use of tax increment revenues arising from three of the South
San Francisco Redevelopment Projects for housing programs and activities authorized by
Section 33334.2 of the Redevelopment Law outside of such Project Area, such as the Housing
Project, will be of benefit to the other Project Areas. Such finding and determination is made
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expressly as authorized in Section 33334.3(i) of the Redevelopment Law, and as required by
Section 33334.2 (g) of the Redevelopment Law.
PASSED AND ADOPTED by the City Council of the City of South San Francisco at a
regular meeting thereof held on the 14th day of October, 1998.
AYES, and in favor of:
NOES:
Councilmembers James L. Datzman, Joseph A. Fernekes, Karyl
atsumoto, John R. Penna and Mayor Eugene R. Mullin
ouncilmembers _ None
ABSENT: Councilmembers _ None
ABSTAIN: Councilmembers _ None
ATTEST:
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