HomeMy WebLinkAboutCC Resolution 9824 (Lone Palm Court Apartments)CITY OF SAN RAFAEL
RESOLUTION NO. 9824
RESOLUTION APPROVING THE BORROWING OF FUNDS BY THE SAN RAFAEL
REDEVELOPMENT AGENCY FOR THE PURPOSE OF PROVIDING FINANCING
FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT TO BE DEVELOPED
BY CONTINUUM HOUSING ASSOCIATES
(LONE PALM COURT APARTMENTS)
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 make loans for residential
construction as specified in the Act; and
2. WHEREAS, Continuum Housing Associates, a California general partnership (the
"Partnership") has requested that the Agency use its powers under the Act to borrow monies
(the "Loan") from Bank of America National Trust and Savings Association (the "Bank"), for the
purpose of having the Agency make a loan to the Partnership (the "Partnership Loan") to enable
the Partnership to finance a multifamily housing rental development located at 840 "C" Street in
the City of San Rafael known as Lone Palm Court Apartments (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 note (the "Note") evidencing the Loan will be considered to be a
"qualified exempt facility bond" 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 borrowing consisting of the Loan and evidenced by the Note 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 Loan; and
6. WHEREAS, notice of said public hearing has been duly given as required by the Code,
and the City Council has heretofore held such 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 and the Agency's borrowing consisting of the Loan and the Agency's
loan of the proceeds thereof to the Partnership; 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 Loan for the aforesaid purposes.
NOW, THEREFORE, the City Council takes the following ACTIONS:
LIU
Section 1. The City Council hereby approves the incurring of the Loan (evidenced by the Note)
by the Agency under the Act and the Code for the purpose of providing funds to make the
Partnership Loan to the Partnership to enable the Partnership to finance the Project.
Section 2. 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 special joint meeting of said
City and the San Rafael Redevelopment Agency held on the 5th day of May, 1997, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
19000.01:J3025
2
JErk4�M. LEONC I,City Clerk