HomeMy WebLinkAboutReso 15-1985RESOLUTION NO. 15-85
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 III 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
~ssue and sell ~ts bonds for the purpose of providing financing for the
acquisition or construction of multifam}ly rental housing structures located
w~thin its boundaries pursuant to Chapter 7 (commencing w~th Section 52075)
Part 5, Division 31 of the Health and Safety Code of the State of California
(the "Act");
WHEREAS, the developer ~dentified ~n 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 mult~family rental housing development
and related auxiliary facilities identified and located within the City as set
forth in Exhibit "A" (the "Project") and the City w~'shes to induce the
Developer to acquire and construct 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 fotlows:
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 ~n a principal amount of not to exceed the amount
set forth in Exhibit "A", for the purpose of providing construction and
permanent f~nancing to the Developer for the Project.
2. The City hereby determines that it w~ll 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 ~ndenture 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 ~ssuance 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 sa~d bonds and shall be subject to completion of proceedings for
issuance, sale and delivery by the City.
5. The proceeds of the bonds shall ~nclude such related and necessary
issuance expenses, administrative costs, debt service reserves and interest
payments as may be requ}red 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 C~ty.
I hereby certify that the foregoing Resolution was regularly ~ntroduced
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'
COUNCILMEMBERS' Emanuele N. Damonte, Richard A. Haffey, Gus Nicolopulos.
NOES'
COUNCILMEMBERS: Roberta Cerri Teglia.
ABSENT' COUNCILMEMBERS: Mark N. Addiego
City Cle
EXHIBIT "A"
TO RESOLUTION NO. 15-85
DESCRIPTION OF DEVELOPER AND PROJECT
Developer:
Project:
Estimated Financing:
San Mateo Development Corporation
a California corporation
(al Carter Park III Apartments Project
- approximately 220 units on a 10-acre
parcel of land located on the south
side of Westborough Boulevard at its
intersection with Oakmont Drive in
South San Francisco, California.
(al $14,000,000.