HomeMy WebLinkAboutAGENDA REPORT 1985 0603 CC REG ITEM 10DALBERT PRIETO
Mayor
JAMES D. WEAK
Mayor Pro Tern
THOMAS C. FERGUSON
Councilmember
DANNY A. WOOLARD
Councilmember
LETA YANCY - SUTTON
Councilmember
DORIS D. BANKUS
City Clerk
JOHN C. GEDNEY
City Treasurer
TO:
FROM:
DATE:
SUBJECT:
MOORPARK `t "` 10n
M E M O R A N D U M
THE HONORABLE CITY COUNCIL /
STEVEN KUENY, CITY MANAGER ,
MAY 29, 1985
SINGLE FANCILY REVENUE BOND PROGRAM FOR 1986
STEVEN KUENY
City Manager
CHERYL J. KANE
City Attorney
NIALL FRITZ
Director of
Community
Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
The City recently completed the sale of $20 million in single family mortgage
revenue bonds. This is considered the City's 1985 allocation. The five (5)
participating developers received the following allocations:
U. S. Condominium
Griffin
Unity Savings (Regal)
Warmington
Urban West
$2,874,750.00
5,270,375.00
1,916,500.00
2,874,750.00
6,228,625.00
$19,165,000.00
The balance of $835,000.00 was the cost of issuance for the bonds. The developers
have approximately three (3) years to use the allocation. An interest rate of
approximately 10% will be available to qualified buyers.
The City may request another allocation for 1986. It would be the same procedure
as for the first issue:
1) solicitation of developer interest,
2) Resolution of Intention authorizing submission of the application to the
Mortgage Bond Allocation Ccnudttee (MBAC) which is a State agency,
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
Single Family Revenue Bond
City Council
June 3, 1985
Page 2
3) Deposit of .05% of the requested allocation amount by each Darticipating
developer. At least 1/2 of the required deposit is in cash. The City
is then placed on a priority list along with other public agencies for
allocations in 1986.
Before proceeding further the City should determine the interest of developers
working in the City. In the past, Pardee Construction and the developer of the
proposed 28 unit condominium at the southeast corner of Charles and Moorpark
Road have expressed an interest in this program. To enhance the City's likelihood
of receiving an allocation for 1986, the process should be pursued as quickly
as possible.
Rec .,mended Action
Direct staff to determine the interest of the development commznity in participating
in a 1986 issue of single family mortgage revenue bonds and to report back to the
Council.