HomeMy WebLinkAboutCC RES 84-118RESOLUTION N0. 84-118
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM DESERT INDICATING ITS
INTENT TO PROVIDE FOR THE ISSUANCE OF
OBLIGATIONS TO PROVIDE ASSISTANCE IN
FINANCING A MULTIFAMILY RENTAL HOUSING
PROJECT
WHEREAS, the City Council of the City of Palm
Desert ("this City Council") is authorized pursuant to
Chapter 7(commencing with Section 52075) of Part 5 of
Division 31 of the California Health and Safety Code (the
"Act") to provide assistance in financing multifamily
residential rental housing developments within the City of
Palm Desert (the "City"); and
WHEREAS, Western Community Developers, a general
partnership (the "Developer") has requested assistance in
financing the acquisition and construction of an approxi-
mately 512-unit multifamily rental housing project proposed
to be located approximately 1800 feet east of the inter-
section of Monterey and Country Club Drive, on the south
side of Country C1ub Drive in the City ( the "Proj ect" ); and
WHEREAS, this City Council, in order to encourage
and foster the construction of multifamily rental housing
development within the City and as an aid and inducement to
the Developer, is willing to authorize the issuance of
obligations in an amount sufficient to provide financing for
the Project subject to the restrictions of the Act and all
applicable California and federal laws as they presently
exist, provided that the Project receives all necessary
local government approvals of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Palm Desert as follows :
Section 1. Findings. This City Council hereby
determines that the undertaking of the financing of the
proposed Project by the City will be a substantial factor in
the accrual of public benefits to be received from the
Project, should the Project be approved and constructed, and
that the proposed financing is in accord with the purposes
and requirements of the Act .
Section 2. Issuance of Obligations. Subject to
the completion of the proceedings and other matters relating
thereto to the full satisfaction of this City Council, and
subject to the proposed Project receiving all necessary
local governmental approvals, this City Council hereby
agrees to provide financing to the Developer or such other
person or entity approved by the City for the Project
through the issuance of obligations as described in Sec-
tion 3 of this Resolution in an amount not to exceed
$25,000,000.
Section 3. Nature of Obligations. The obliga-
tions to be issued shall be special obligations of the City
payable solely from revenues to be received by the City
pursuant to all agreements in connection with the financing
of the Project, all in a form acceptable to the City, and
shall not be a general obligation of the City, the State of
California, or any political subdivision thereof.
Section 4. Official Action. It is intended that
this Resolution shall constitute "some other similar
official action" toward the issuance of indebtedness within
the meaning of Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations thereunder.
Section 5. Other Approvals. The adoption of this
Resolution shall not bind the City to issue bonds or other
obligations until and unless all other necessary actions and
approvals are taken or received in accordance with all
applicable laws. The adoption of this Resolution does not
and shall not limit in any manner whatever the City's full
discretion to deny any further permit or approval that may
be necessary for ultimate completion of the proposed Project.
In this connection:
(a) All contracts relating to the acquisi-
tion, construction, installation and equipping of the Project
shall be solicited, negotiated, awarded and executed by the
Developer for its own account, subject to applicable federal,
state and local laws .
(b) The City shaZl have no pecuniary lia-
bility to the Developer for any fees in connection with the
Project.
(c) The City shall recover any and all costs
to City which are incurred in furtherance of or attributable
to the issuance of its bonds. If no bonds are issued, all
such costs shall be paid by the Developer.
(d) The adoption of this Resolution shall
not in any manner obligate the City to approve the conver-
sion by the Developer of any portion of the Project at any
time to condomium units.
Section 6. Effective Date. This Resolution shall
take effect immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting
of the Palm Desert City Council held on this �_ day of
August, 1984, by the following vote, to wit:
AYE S: Kelly, Puluqi, Wilson & Snyder
NOES : None
ABSENT: Jackson
ABSTAIN: None
� ��=C/v
WALTER H. SNYDER, Ma r of the
City of Palm Desert, California
ATTEST:
SHEILA GILLIGAI�f, ity Cle k
of the ty of Palm Desert,
California
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