HomeMy WebLinkAboutCC RES 84-132RESOLUTION N0. 84-132
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM DESERT APPROVING
THE FINANCZNG OF A MULTIFAMILY RENTAL
HOUSING PROJECT
WHEREAS, the City of Palm Desert (the "City") 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 develop-
ments with the City; and
WHEREAS, Western Community Developers (the
"Developer"), has requested assistance in financing the
construction of an approximately 512-unit multifamily
rental housing project proposed to be located approxi-
mately 1800 feet east of the intersection of Monterey and
Country Club Drive on the south side of Country Club
Drive 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 Develo-
per, evidenced its intention by its resolution adopted
August 23, 1984 to issue its obligations to provide financ-
ing 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 Cotmcil 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
governmental unit to conduct said public hearing for pur-
poses of Section 103(k) of the Internal Revenue Code of
1954, as amended (the "Code"); and
WHEREAS, this City Council has duly held said
public meeting and 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 l. A roval of Pro'ect and Financin . This
City Colmci ereby approves t e roject an its inancing
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 effect immediate y upon a option.
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:
AYES: Jackson, Puluqi, Wilson & Snyder
NOES : None
ABSENT : Kelly
ABSTAIN: None
�'v'G� ,�„� �(/� �� 4 ��, � �
WALTER H. SNYDER, Mayor o the
City of Palm Desert,.California
ATTEST:
SHEILA R ILLI , City C erk
of the City of lm Desert,
California
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