HomeMy WebLinkAboutCC RES 84-131RESOLUTION N0. 84-131
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM DESERT APPROVING THE FINANCING
OF A MULTIFAMILY RENTAL HOUSING PROJECT
WHEREAS, the City of Palm Desert (the "City")
is authorized pursuant to Chapter 7(coimnencing 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 develop-
ments within Che City; and
WHEREAS, Palm Desert Partners (the "Developer"),
has requested assistance in financing the construction of an
approximately 104-unit multifamily rental housing project
proposed to be located at the southeast corner of Hovley
Lane and Beacon Hill in the City (the "Project"); and
WHEREAS, the City, 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, evidenced its intention by its resolution
adopted August 23, 1984 to issue its obligations to provide
financing for the Project subject to the restrictions of
said resolution, the Act and all applicable California and
federal laws as they presently exist; and
WHEREAS, notice of a public hearing to be conducted
by this City Council with respect to the proposed financing
of the Project was duly published at least 14 days prior
to September 27, 1984 in a newspaper of general circulation
in the City, which notice set 7:00 p.m. on September 27, 1984
and the City Council chambers as the time and place for
said hearing; and
WHEREAS, this City Council is the applicable govern-
mental unit to conduct said public hearing for purposes of
Section 103(k) of the Internal Revenue Code of 1954, as amen-
ded (the "Code"); and
WHEREAS, this City Council has duly held said
public meeting an d hearing with respect to the Project and
its proposed financing, all in accordance with Section 103(k)
of the Code, at which public hearing interested individuals
were given a reasonable opportunity to express their views
on the Project and its proposed financing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF PALM DESERT AS FOLLOWS:
Section 1, A roval of Pro'ect and Financin .
This City Counci here y approves the Project and its financ-
ing by means of an issue of the City's multifamily housing
revenue bonds pursuant to provisions of the Act, all subject
to the requirements of the Act and further subject to the
condition that the Developer will reimburse the City for any
expenses incurred in connection with this transaction in the
event bonds are not issued. This approval is intended to
satisfy the requirements of Section 103(k) of the Code.
Section 2. Effective Date. This Resolution
shall take e ect imme iate y upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting
of the Palm Desert City Council held on this 27th day of
September, 1984, by the following vote, to wit:
AYE S: Jackson, Puluqi, Wilson & Snyder
NOES : �1one
ABSENT: Kelly
ABSTAIN : None
�,�,�✓�C t,(.'�' � � ,L�. ..C,. �%
WALTER H. SNYDER, May o the
City of,Palm Desert, California
ATTEST:
� .
SHE LA R. G LLIGAN, City C er
of the City of P Desert,
California
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