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HomeMy WebLinkAboutCC RES 85-032RESOLUTION NO. 85-32 A RESOLUTZON 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 (ROBERTSON HOMES) 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, Catwil Corporation, a California corporation doing business as Robertson Homes (the "Developer") has requested assistance in financing the acquisition and construction of an approximately 220-unit multifamily rental housing project proposed to be located on approximately 19.5 acres on the east side of Cook Road near the intersection of Cook Road and Fred Waring Drive (the "Project"); 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 �inancing 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 financinq is in accord with the purposes and requirements of the Act. Section 2. Issuance of Obliqations. 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 and its assigns or such other person or entity approved by the City for the Project through the issuance of obligations as described in Section 3 of this Resolution in an amount not to exceed $11,500,004. Section 3. Nature of Obligations. The obligations to be issue 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 zssuance 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 shall have no pecuniary liability 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 conversion by the Developer of any portion of the Project at any time to condomium units. Section 6. Bond Counsel. The law firm of Best, Best & Krieger is hereby retained as Bond Counsel on the terms set forth in the proposal lztter of said firm presented to this meeting and the Mayor is hereby authorized and directed to execute said proposal letter for and in the name of the City. Section 7. Effective Date. This Resolution shall take effect imme iately upon adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the Palm Desert City Council held on this 9th day of MaY , 1985, by the following vote, to wit: AYES: BENSON, JACKSON, KELLY, WILSON AND SNYDER NOES : NONE ABSENT : NONE ABSTAIN: NONE / �L WALTER H. SNYDER, Ma r oF the City of Palm Desert, California ATTEST: � � ' ' /. _�', l� . -� C � ;/'a lt .� � �' ��-�-`% �i%.[-ri _ � vSHEILA R. �ILLIGAN, ity Clerk of the City of Palm Desert, California -2-