HomeMy WebLinkAboutCC Resolution 10680 (Belvedere Street Apartment Rehabilitation)CITY OF SAN RAFAEL
RESOLUTION NO. 10680
RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS BY THE SAN
RAFAEL REDEVELOPMENT AGENCY FOR THE PURPOSE OF PROVIDING
FINANCING FOR THE ACQUISITION AND REHABILITATION OF APARTMENTS
LOCATED AT 162-172 BELVEDERE STREET
FINDINGS AND PURPOSE:
The City Council of the City of San Rafael, Marin County, California, hereinafter referred to as
City, does hereby declare, find and determine that:
1. WHEREAS, the San Rafael Redevelopment Agency (the "Agency") is authorized by
Chapter 8 (commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety
Code of the State of California, as amended (the "Act"), to issue revenue bonds and to make
loans to finance the acquisition and rehabilitation of multifamily rental housing as specified in
the Act; and
2. WHEREAS, BRIDGE Housing Corporation ("BRIDGE") has requested that the Agency
use its powers under the Act to issue revenue bonds of the Agency in the maximum principal
amount of $7,000,000 (the 'Bonds") and to loan the proceeds of the Bonds (the "Loan") to
BRIDGE, an affiliate thereof or a partnership of which BRIDGE or an affiliate thereof is a
partner or another entity in which BRIDGE or an affiliate thereof has an interest (the
"Borrower") to enable the Borrower to finance the acquisition and rehabilitation of 27 units of
multifamily rental housing located at 162-172 Belvedere Street in the City of San Rafael (the
"Project"); and
3. WHEREAS, a portion of the housing units in the Project will be rented to persons and
families of very low income as required by the Act and the Internal Revenue Code of 1986, as
amended (the "Code"); and
4. WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" under
Section 142(a) of the Code, and Section 147(f) of the Code requires that the "applicable elected
representative" with respect to the Agency approve the issuance by the Agency of the Bonds
following the holding of a public hearing with respect thereto; and
5. WHEREAS, the Agency has determined that the City Council of the City is the
"applicable elected representative" to approve the issuance of the Bonds by the Agency; and
6. WHEREAS, notice of the public hearing has been duly given as required by the Code,
and the City Council has heretofore held the public hearing at which all interested persons
were given an opportunity to be heard on all matters relative to the location, operation and
financing of the Project, the issuance of the Bonds by the Agency and the Agency's loan of the
proceeds thereof to the Borrower; and
7. WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purpose of the City that the City Council approve the issuance of the Bonds by the
Agency for the aforesaid purpose.
NOW, THEREFORE, the City Council takes the following ACTIONS:
Section 1. The City Council hereby approves the issuance of the Bonds by the Agency under
the Act and the Code for the purpose of providing funds to make the Loan to the Borrower to
enable the Borrower to finance the acquisition and rehabilitation of the Project.
Section 2. The issuance of the Bonds shall be subject to the approval by the Agency of all
financing documents relating thereto to which the Agency is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bonds or the Project.
Section 3. This Resolution shall take effect immediately upon its adoption.
I, JEANNE M. LEONCINI, City Clerk of the City of San Rafael, hereby certify
that the foregoing resolution was duly and regularly introduced and adopted at a
regular meeting of the City Council held on the 17th day of July, 2000, by the following
vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips and Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
19000:J5023
6/14/00
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