HomeMy WebLinkAboutReso 12-1985RESOLUTION NO. 12-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO
AUTHORIZING THE ISSUANCE OF BONDS.FOR THE PURPOSE OF
PROVIDING FINANCING FOR MULTIFAMILY
RENTAL HOUSING DEVELOPMENT
RESOLVED, by the City Council 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 multifamily rental housing structures located
within its boundaries pursuant to Chapter 7 (commencing with Section 52075)
Part 5, Division 31 of the Health a6d Safety Code of the State of California
'(the "Act~');
WHEREAS,.the developer identifieU .in Exhibit "A" (the "Developer") has
applied to the City to issue and sell its bonds for the purpose of providing
financing for the construction of the multifamily rental housing development
'and related auxiliary facilities identified and'located within the City as set
forth in Exhibit "A" (the "Pro, edt") and ,the Cit~ wishes to induce the
Developer to acquire said facilities; and
WHEREAS, it is .in the public interest, for public benefit and in
furtherance of the public purposes of the City that the City authorize bonds
for the aforesaid purposes;
NOW, THEREFORE, it is hereby FOUND~ DETERMINED and ORDERED as follows-
1. The City Coun'cil of the City of South San' Francisco hereby
expresses its intent 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 Project.
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 Project and the'execution of'
the financing agreements, for the Project.
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 tssuance and sale of sald bonds shall be upon such terms and
~'condi~ions as may be mutually agreed upon by the Ctty, the Developer and the
purchaser of said bonds and shall be subject to completion of proceedings for
t'ssuance, sale and delivery by the City.
5. The proceeds of the bonds shall include such related and necessary
tssuance expenses, admintstratlve costs, debt service reserves.and interest
payments as may be required to accomplish the flnancing successfullY.
6~ The City hereby finds tha~ the issuance of the bonds as more
particularly described herein ts a substantial inducement to the Developer to.
acqUtre the Project and that said Project will further the public purposes of
the C1
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City 'of South San Francisco at an adjourned
regular meeting held on the 16th day of January , 198§ by the following
vote:
AYES:
NOES:'
COUNCILMEMBERS: Emanuele N. Damonte, Richard A. Haffey, Gus Nicolopulos;
and Roberta Cerri Teglia
COUNCILMEMBERS: None
ABSENT: COUNCILMEMB£RS: Mark N. Addiego
ATTEST: City
2049K
EXHIBIT "A"
TO RESOLUTION NO. 12-85
DESCRIPTION OF DEVELOPER AND PROJECT
Developer:
Pro, eot:
Estimated Financing:
Mission Glen Investment Group,
a Limited Partnership
A multifamtly rental housing pro~ect
comprised of 48 units located on a 2
acre site at 950 Old Mission Road at
Chestnut Avenue, South San Francisco,
California, consisting of two butlding~
each comprised of three stories over
garage
$5,000,000