HomeMy WebLinkAboutCC Resolution 12155 (Martinelli House Multifamily Housing Proj.)RESOLUTION NO. 12155
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL SETTING
A PUBLIC HEARING ON THE ISSUANCE BY THE SAN RAFAEL
REDEVELOPMENT AGENCY OF MULTI FAMILY HOUSING REVENUE BONDS IN
AN APPROXIMATE PRINCIPAL AMOUNT OF SIX MILLION DOLLARS ($6,000,000)
RELATING TO MARTINELLI HOUSE MULTIFAMILY HOUSING PROJECT
(1327 LINCOLN AVENUE)
WHEREAS, the Redevelopment Agency of the City of San Rafael (the "Agency") desires to
engage in a program (the "program") of financing the acquisition and construction or
rehabilitation of a multifamily rental housing development;
WHEREAS, Mercy Housing California XXXI, A California Limited Partnership (the
"Borrower") (together with its successor or assigns or any partnership or limited liability
company of which Mercy Housing California is a partner or a member), has made a request to
the Agency for assistance with respect to the financing of the acquisition and rehabilitation of the
Martinelli House, a 66 unit multi -family apartment project located at 1327 Lincoln Avenue, San
Rafael, California 94901 (the "Project");
WHEREAS, the assistance requested is the issuance by the Agency of its tax-exempt
limited obligation bonds (the "Bonds") in the approximate amount of $6,000,000 the proceeds of
which would be loaned to the Borrower or to an entity created by the Borrower for the purpose of
acquiring and rehabilitating the Project;
WHEREAS, the City Council must approve the Agency's issuance of tax exempt bonds
after conducting a duly noticed public hearing;
WHEREAS, the public hearing notice must be published in a newspaper of general
circulation at least fourteen days prior to the public hearing;
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby sets
December 18, 2006 as the date of the public hearing,
BE IT FURTHER RESOLVED that the City Council authorizes the City Clerk to publish
such public hearing notice as is required.
BE IT FURTHER RESOLVED that this Resolution shall take immediate effect upon
adoption.
I, JEANNE M. LEONCI I, Clerk of the City of San Rafael, hereby certify that the
foregoing Resolution was duly and regularly introduced and adopted at a reg lar meeting of the
City Council of said City held on Mondav, the 20th day of November, 2006 by the following
vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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JEAJ�INE M. LEONCINI, City Clerk