HomeMy WebLinkAboutAGENDA REPORT 1992 0916 CC REG ITEM 09AMOORPARK ITEM 9. A
799 Moorpark Avenue Moorpark, California 93021
MEMORANDUM
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Honorable City Council
FROM: Richard Hare, Deputy City Mana /e
DATE: September 11, 1992 (CC meeting of 9/16/92)
SUBJECT: Consider Resolution 92-
Authorizing the Issuance, Sale,
and Delivery of Le Club - Palmer
Multi- Family Housing Bonds as an
Issue Refunding (CC Mtg 9/2/92)
The Council has previously received an agenda report, dated
September 1, 1992, for the Adjourned Meeting of September 9,
1992, regarding this matter. As an addendum to that report, the
Third Condition outlined on page 2 of the report is revised to
reflect the following additional language:
If bond issue being proposed is terminated or
defaulted for any reason before the 7 1 /3rd
years has elapsed, any of the $200,000 not
Yet paid would become immediately due and
payable.
The exact language is to be as determined by the City Manager and
City Attorney.
Recommendation
Approve Resolution 92- authorizing the Mayor and staff to
continue with the processing of City of Moorpark Variable Rate
Demand Multifamily Housing Revenue Bonds (Le Club Apartments
Project) 1992 Series A subject to the conditions outlined in the
staff report dated September 1, 1992 as amended by this staff
report.
PAUL W. LAWRASON JR. JOHN E. WOZNIAK
SCOTT MONTGOMERY BERNARDO M. PEREZ
Mayor Mayor Pro Tem ROY E. TALLEY JR
Councilmember Councilmember Councilmember
Printed On Recycled Pane,
The Honorable City Council
September 1. 1992
Page 2
The City Manager has indicated to the owners the willingness of
the City to cooperate with the initial preparation of the
refinancing if four conditions are met.
First, it was requested that a non - refundable payment of $25,000
be received to cover the City Attorney and staff costs for review
of the documents. A check for the specified amount was received
9/1/92.
Second, it was requested that $10,000 be paid to the City for
certain un- reimbursed out of pocket costs related to the original
project approval. The City is preparing an analysis of the total
charges as requested by the owners.
Third, a payment of $200,000 over a period of 7 1 /3rd years with
the first annual payment of $27,285.13 due at closing was
requested. Based upon the payment of the initial $25,000 to
proceed with this refunding, this requirement is apparently
acceptable to the owner.
Fourth, it was requested that the existing settlement agreement
concerning the pedestrian bridge for the Arroyo Vista Community
Park be amended and that the asphalt overlay of Moorpark Avenue
be delayed until the storm drain crossing at Los Angeles and
Moorpark Avenue be completed. The Public Works Director and City
Attorney are working with the owner to finalize the cost sharing
language in the absence of an exact project cost for the
pedestrian bridge.
As noted above, all of the conditions established by the City
have not been met at this time, but significant progress has been
made and the funds to cover the City's costs associated with the
initial work for this refinancing have been paid.
Timetable
The timetable for the refinancing of these bonds as originally
submitted by Urban Futures to the City Manager August 12th
calling for the close of the issuance by September 3rd. This of
course must be revised, however, Urban Futures will not have a
new timetable developed until next week. Marshall Linn,
representing Urban Futures, will be available on 9/9/92 to go
over the new timetable and to answer any questions regarding this
financing.
The Honorable City Council
September 1, 1992
Page 3
Recommendation
Approve Resolution 92- authorizing the Mayor and staff to
continue with the processing of City of Moorpark Variable Rate
Demand Multifamily Housing Revenue Bonds (Le Club Apartments
Project) 1992 Series A subject to the conditions outlined above
in this staff report.
Attachments:
Resolution 92-
Indenture of Trust
Loan Agreement
Escrow Agreement