HomeMy WebLinkAboutRES CC 1985 162 1985 0116RESOLUTION NO.
A RESOLUTION OF THE CITY OF MOORPARK, CALIFORNIA,
CONCERNING THE ISSUANCE OF REVENUE BONDS TO FINANCE
A MULTI - FAMILY RENTAL HOUSING DEVELOPMENT FOR
MacLEOD CONSTRUCTION CO.
WHEREAS, the City Council (the "City Council ") of the City
of Moorpark (the "City "), after careful study and consideration, has
determined that there is a shortage of safe and sanitary housing
within the City, particularly for low or moderate income persons, and
that it is in the best interest of the residents of the City and in
furtherance of the health, safety and welfare of the public for the
City to assist in the financing of multi - family rental housing units;
and
WHEREAS, pursuant to Division 31 of the Health and Safety
Code of the State of California, and particularly Chapter 7 of Part 5
thereof (the "Act "), the City is empowered to issue and sell bonds
for the purpose of making mortgage loans or otherwise providing funds
to finance the development of multi - family rental housing including
units for lower income households and very low income households; and
WHEREAS, the City Council has now determined to provide
financing for a multi - family rental housing development (the "Develop-
ment"), to be located in the City, and in order to finance the Develop-
ment, the City intends to issue revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF MOORPARK, AS FOLLOWS:
SECTION 1. The City Council hereby determines that it is
necessary and desirable to provide financing for the Development by
the issuance, pursuant to the Act, of revenue bonds (the "Bonds ") in
an aggregate principal amount not to exceed $35,000,000. The Develop-
ment is to be located adjacent to and south of Poindexter Avenue,
approximately 100 feet east of Sierra Avenue In the City of Moorpark-
The project may consist of 290 to 370 dwelling units, provided that
a minimum 25% density bonus is granted for land presently zoned "RPD
15 Units Per Acre ", and for which no City zoning approval has been
given, and which said land is owned by McCleod Construction Co. (the
"Developer ") or by a related entity ()r in exit 1 t y to be created by
persons comprising said Developer. ir. Development shall meet the
requirements of the Act Ind .any feder.l . iequ i r ements for tax exemption
Of Interest on the Bonds, rrloludiny, limitation, requirements
wlt.h respect to availability of units, :l t(le Development for occupancy
by persons of low or modeiatk' lncomc,. :,ht, city Ind the Developer shall
enter into a preliminary agreement , • i :,,, tc'rth additional conditions
to such fLnarlcinq, in subst.Int:.rl ly tht i sim h,-f,)re this mee�tlnq, with
SUCK additions or deletion•; l:; lrL• •:.i, ci nc e >sary or appropi late
1 >y off lcors c)f the CI t y t he D� v ': 1 � >r , rnd t he Mayor is hereby
,11-It 1 1 0 1 - 1 "Led to eX(2C'Ute } , r 1 1 1 p i -,I l n l l l l . l l "• i c 1 1 , 0 0 n 1 ( ' r l t f o r and In the 11,1nie and
oil behalf of the City. Subject to f i r a I ipprc va 1 by the City Council, the
Mayor, the City Manager, the City Clerk and other appropriate officers of
the City are hereby authorized and directed, for and in the name
and on behalf of the City, to take all necessary actions to finance
the Development, including the actions necessary for the issuance of
the Bonds.
SECTION 2. The rights and obligations of Developer under
this Resolution may be assigned by Developer to RICHARD BELDING
or affiliate entity.
SECTION 3. The City hereby appoints Stone & Youngberg as
underwriters for the Bonds.
SECTION 4. It is intended that this resolution shall con-
stitute "some other official action" toward the issuance of the Bonds
to finance the Development within the meaning of Section 1.103- 8(a)(5)
of the Treasury Regulations promulgated under Section 103 of the
Internal Revenue Code of 1954, as amended.
SECTION 5. The Mayor, the City Manager, the City Clerk and
other appropriate officers of the City are hereby authorized and
directed, for and in the name and on behalf of the City, to take all
actions and to sign all documents necessary or desirable to effectuate
the purposes of this resolution.
SECTION 6. This Resolution shall take effect immediately
upon its passage and adoption.
PASSED AND ADOPTED this 16th day of January, 1985.
Mayor of the C ty of Moorpark
California
ATTEST:
-2-
STATE OF CALL>+ORNIA
COUNTY OF VENTURA SS.
CITY OF MOORPA R K )
I, DORIS D. BANKUS
City Clerk of the City of
Moorpark, California, do hereby certify that the foregoing
Resolution No. 85 -162 was adopted by the City Council of the City of
Moorpark at a regular meeting thereof held on the 16th day of
January , 19 85 , and that the same was adopted by
the following vote, to wit:
AYES: Councilmembers Weak, Woolard, Ferguson
Yancy- Sutton and Mayor Prieto;
NOES: None;
ABSENT: None.
WITNESS my hand and the official seal of said City this 16th
day of January , 19 85
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CITY CL1- ' K