HomeMy WebLinkAboutAGENDA REPORT 1986 0602 CC REG ITEM 10CJAMES D. WEAK
Mayor
THOMAS C. FERGUSON
Mayor Pro Tern
ALBERT PRIETO
Councilmember
DANNY A. WOOLARD
Councilmember
LETA YANCY - SUTTON
Councilmember
DORIS D. BANKUS
City Clerk
THOMAS P. GENOVESE
City Treasurer
TO:
FROM:
DATE :
MOORPARK
MEMORANDUM
The Honorable City Council
Steven Kueny, City Manager
May 30, 1986
ITEM 100,
STEVEN KUENY
City Manager
CHERYL J. KANE
City Attorney
RICHARD MORTON
Director of
Community
Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
S U 1B JE C Z` PROPOSED 1986 MOORPARK SINGLE FAMILY MORTGAGE
REVENUE BOND ISSUE - REFUND OF PROGRAM DEPOSIT
BACKGROUND
In June 1985, the City Council authorized an application for 1986
allocation of Single Family Mortgage Revenue Bonds in the amount
of $50,000,000. The six (6) participating developers ultimately
decided to utilize a total of $25,000,000 of the requested
allocation. Two of the participating developers, Griffin Homes
and Warmington Homes, have withdrawn from the proposed bond issue
due to the uncertainties of the tax laws previously relating to
such issues.
Urban West Communities is now requesting to withdraw from the
program. They have previously provided the City with a deposit
of $21,250 of which one -half is in cash and the other half is
a Letter of Credit. The City has incurred only modest costs,
including a pro rata share of the $300 application fee to the
Mortgage Bond Allocation Committee for processing their application.
The amount of $100 will be deducted from their deposit.
RECOMMENDED ACTION
Authorize termination of the Program Deposit Agreement with
Urban West Communities and return of the program deposits for the
proposed 1986 Single Family Mortgage Revenue Bond Issue, less
$100.
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799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864