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HomeMy WebLinkAboutCC RES 06-155ARESOLUTION NO. 06-155A A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT MAKING A FINDING OF SIGNIFICANT PUBLIC BENEFIT AND OTHER FINDINGS IN CONNECTION WITH THE ISSUANCE AND SALE BY THE PALM DESERT FINANCING AUTHORITY OF ITS TAX ALLOCATION (HOUSING SET -ASIDE) REFUNDING REVENUE BONDS, SERIES 2007 RECITALS: WHEREAS, the Palm Desert Financing Authority (the "Authority") has proposed to sell and issue its Tax Allocation (Housing Set -Aside) Refunding Revenue Bonds, Series 2007 (the "Bonds"); and WHEREAS, the proceeds of the Bonds will be applied to make a loan (the "Loan") to the Palm Desert Redevelopment Agency (the "Agency") pursuant to a loan agreement between the Authority and the Agency; and WHEREAS, a portion of the proceeds of the Loan, together with other available funds, will be used to effect the refunding of a portion of the Authority's Tax Allocation (Housing Set -Aside) Revenue Bonds, Series 1998; and WHEREAS, a portion of the proceeds of the Loan will be used by the Agency to provide financing for certain public capital improvements (collectively, the "Projects") of benefit to the Agency's Project Area No. 1, As Amended, Project Area No. 2, Project Area No. 3 and Project Area No. 4 (collectively, the "Project Areas"), including: (i) the acquisition and/or rehabilitation of several multi -family housing units; (ii) the acquisition of land for the purposes of expanding existing Agency -owned multi- family housing units and constructing new multi -family low/moderate income housing units; and (iii) the provision of subsidies to facilitate the development of low/moderate income housing units; and WHEREAS, pursuant to Section 6586.5 of the California Government Code and Section 33679 of the California Health and Safety Code, after notice duly published in accordance with law, this City Council held a public hearing on this date with respect to the issuance of the proposed Bonds and received evidence concerning the public benefits therefrom; and NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. P6402- 105 9\925624v4. doc RESOLUTION NO. 06-155A Section 2.Approval of Financing. The City Council hereby finds that the refinancing and financing of the public capital improvements described above through the issuance by the Authority of the Bonds will result in significant public benefits to the constituents of the Agency and the City of Palm Desert, including demonstrable savings in effective interest rate and more efficient delivery of Agency and City services to residential and commercial development. The City Council hereby approves the issuance of the Bonds by the Authority. Section 3.Further Findings. The City Council hereby finds and determines that based upon the "Summary Report Regarding Payment by the Palm Desert Redevelopment Agency for All or a Portion of the Cost of the Acquisition of Land to Build Low and Moderate Income Multi -Family Housing Units, and the Acquisition or Renovation of Existing Low and Moderate Income Multi -Family Housing Units of Benefit to Project Areas No. 1, As Amended, 2, 3 And 4," which Report was made available at the office of the City Clerk in connection with the public hearing described in the Recitals hereof, and other information presented to the City Council: (i) the above - described Projects are of benefit to the Project Areas and to the immediate neighborhood in which the Projects are located; (ii) the payment of funds for the cost of the Projects will assist in the provisions of housing for low- or moderate -income persons; (iii) the payment of funds for the cost of the Projects is consistent with the Agency's implementation plan adopted pursuant to Health and Safety Code Section 33490; and (iv) no other reasonable means of financing the Projects is available to the City. Section 4. Approval of Payment by Agency. The City Council hereby approves payment by the Agency for the cost of the Projects from tax increment revenues, including the portion of the tax revenues set aside for low- or moderate income housing purposes pursuant to California Health and Safety Code Section 33334.2 of the Agency from the Project Areas. Section 5.Other Acts. The officers of the City of Palm Desert are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to effectuate the purposes of this Resolution and any such actions previously taken by such officers are hereby ratified and confirmed. W:\Agenda Items\2006-Dec 14\2007 Housing Bonds\City Reso.doc 2 RESOLUTION NO. 06-155A Section 6.Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this 14th day of December, 2006. AYES: BENSON, FERGUSON, FINERTY, SPIEGEL, and KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE RICHARD S. KELLY, MAY ATTEST: RAHEL1E D KSSE, ITY CL CITY OF PALM DESERT, CALIFORNIA W:Wgenda Items\2006-Dec 14\2007 Housing Bonds\City Reso.doc 3