HomeMy WebLinkAboutReso 11-1985RESOLUTION NO. .11-85'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO
AUTHORIZING THE ISSUANCE OF BONDS FOR TNE PURPOSE OF~
PROVIDING FINANCING FOR MULTIFAMIL¥
RENTAL HOUSING DEVELOPMENT
(ROTARY PLAZA ANNEX, INC. PROJECT)
RESOLVED, by the City Councll of the City of South San Francisco,
California, as follows:
WHEREAS, the City of South San Francisco (the "City") is authorized to
issue and sell its bonds for the purpose of providing financing for the
acquisition or construction of muitif~mi,l¥ rental housing structures located
within its boundaries pursuant to. Chapter 7 (commencing with Section §207§>
Part S,-Divtsion 31 of the Health and Safety Code of the State of California
(the "Act"); '~
WHEREAS, the developer identified.in Exhibit "A" (the "Developer") has
applied to the City to issue and sell its.boqds for the purpose of .providing
financing for the construction of the multifamlly rental housing development
and related auxiliary facilities identified and located within the Ci-ty as set
'forth in Exhibit "A"_ (the "Project") and ~the Clty-.wtshes to lhduce the
Developer to acquire and construct said facilities; and
WHEREAS, it is in the public interest, for public benefit and in
furtherance ~f the public purposes, of the City that the City authorize bonds
for the aforesaid purposes;
NOH, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED as follows:
I. The City Council of the City of South San Francisco hereby
expresses its {ntent to issue and authorizes the issuance and sale of bonds of
the City pursuant to the Act in a principal amount of not to exceed the amount
set forth in Exhibit "A", for the purpose of providing construction and
permanent financing to the Developer for the Pro~ect.
2. The City hereby determines that it will take all action necessary
or advisable in connection with the issuance and.sale of the bonds, the
acquisition, construction and Improvement of the Pro~ect and the execution of
the financing agreements for the Pro~ect.
3. The bonds shall be special obligations of the City payable solely
from mortgage repayments and such other special credit sources as may be
provided in the trust indenture and shall not constitute an indebtedness of
the City or a loan of credit thereof within the meaning of any constitutional
or statutory, provisions.
.~' 4. The issuance and sale of satd bonds ~ha11 be upon such terms and
conditions as may be mutually agreed upon by the City, the Developer and the
purchaser.of satd bonds and shall be subject to completion of proceedings for
'issuance, sale and delivery by the Clty.
AYES:
NOES:
ABSENT:
5, The proceeds of the bonds shall include such related .and necessary
tssuance expenses, administrative costs,~ debt service reserves, and interest
payments as may be required to accomplish the financing successfully.
· 6. The City' hereby finds that .the issuance of the 'bonds as more
particularly described herein is a substantial inducement to the Developer to
acquire the Project and that said Project will further the public purposes of
the C1 ry.
I hereby certify that the foregoing Resolution was regularly introduced "
and adopted by the City Counci] of the City-of South San Francisco at an adjourned
regular meeting held on the 16th day of January , 1985 by the following
vote:
COUNCILMEMBERS: Emanuele N. Damonte, Richard A. Haffey,. Gus Nicolopulos;
and Roberta Cerri Teg!ia
COUNCILMEMBERS: None
COUNCILMEMBERS: Mark N. Ad~iego
City Clerk ~
2
m
2049K
EXHIBIT "A"
RESOLUTION NO. 11-85
DESCRIPTION OF DEVELOPER AND PROJECT
Developer:
Pro3ect:
Estimated FtnancJng:
Rotary Plaza Annex, Inc.,
a California non-profit corporation
A senlor-cittzen multtfamJly rental
houstng pro~ect comprised of 55 units
located at 433 Blondln Way, South San
Francisco, California, cons~stJng of
one three-story wood frame stucco
butldtng with adjacent parking lot
$4,200,000