HomeMy WebLinkAboutReso 14-1985RESOLUTION NO. 14-85
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
(CARTER PARK I APARTMENTS PROJECT)
(CARTER PARK II APARTMENTS PROJECT)
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 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 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 "Project") and the City 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;
NON, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED as follows:
1. The City Council 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 issuance and sale of said bonds shall be upon such terms and
conditions as may be mutually agreed upon by the City, the Developer and the
purchaser of said bonds and shall be subject to completion of proceedings for
issuance, sale and delivery by the City.
5. The proceeds of the bonds shall include such related and necessary
issuance 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 City.
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 , 1985 by the following
vote:
AYES:
NOES'
COUNCILMEMBERS: Emanuele N. Damonte, Richard A. Haffey, Gus Nicolopulos;
and Roberta Cerri Teglia
COUNCILMEMBERS: No ne
ABSENT' COUNCILMEMBERS: Mark N. Addiego
2
EXHIBIT "A"
TO RESOLUTION NO. 14-85
DESCRIPTION OF DEVELOPER AND PROJECT
Developer:
Project:
Estimated Financing:
San Mateo Development Corporation
a California corporation
(al Carter Park I Apartments Project -
approximately 50 units on a 1.6-acre
parcel of land located on the west side
of Carter Drive south of Kilcony Lane
in South San Francisco, California.
(b) Carter Park II Apartments Project
- approximately 80 units on a 1.84-acre
parcel of land located on the west side
of Carter Drive north of Callan
Boulevard, in South San Francisco,
California.
(al Carter Park I $5,000,000.
(b) Carter Park II $8,000,.000.