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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.