HomeMy WebLinkAboutAGENDA REPORT 1987 0107 CC REG ITEM 11C ITEM 11 - C -
MOORPL
MOORPARK
THOMAS C.FERGUSON STEVEN KUENY
Mayor City Manager
ANNY A.WOOLARD CHERYL J.KANE
Mayor Pro Tem City Attorney
/
ELOISE BROWN PATRICK RICHARDS AI.C.P.
Coundlmember (OW.%�`� Director of '
JOHN GALLOWAY � ' Community Development
Councilmember ��° R DENNIS DELZEIT
CUNT HARPER.PhD. � City Engineer
Councilmember JOHN V.GIUFSPIE
MAUREEN W.WALL Chief of Police
City Clerk THOMAS P.GENOVESE
City Treasurer
MEMORANDUM
97C) : The Honorable City Council /1/it/
PROM : Steven Kueny, City Manager
DATE : December 30, 1986
SUM-TEC-17 : Refund of Program Deposit to Pardee Construction Company
and U.S. Condominium. - Proposed Single Family Mortgage
Revenue Bond Issue
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. Four of the participating developers,
Griffen Homes, Urban West, Charles St.Limited, and Warmington Homes, have
withdrawn from the proposed bond issue due to changes in the tax laws relating
to such issues.
The two remaining participants, Pardee Construction and U.S. Condominium
are now requesting to withdraw from the program. Pardee has previously
provided the City with a cash deposit of $50,000 and U.S. Condominium a
deposit of $6,250 in cash and $6,250 in 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 $100 will be deducted from each of their deposits.
RECOMMENDED ACTION:
Authorize termination of the Program Deposit Agreements with Pardee Construc-
tion and U.S. Condominium$ and return of the program deposits for the proposed
1986 Single Family Mortgage Revenue Bond Issue, less $100 from each of their
deposits.
799 Moorpark Avenue Moorpark, California 93021 (805) 529-6864