HomeMy WebLinkAboutCity Council - 5178 RESOLUTION NO. 5178
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR MULTI-FAMILY RENTAL
HOUSING DEVELOPMENT NEWMAN AVENUE ASSOCIATES
WHEREAS, the City is authorized by Chapter 7 (commencing with Section 52075 of
Part 5, Division 31 of the Health and Safety Code of the State of California) (the "Act")
to issue and sell revenue bonds for the purpose of providing financing for the construction
of multi-family rental housing structures located within the City; and
WHEREAS, Blum Investment Development, Inc., a California Corporation, (the
"Developer") has applied to the City to issue and sell revenue bonds for the purpose of
providing financing for the construction of a 55 unit multi-family rental housing
development and related auxiliary facilities to be located at 8131 Newman Avenue within
the City, and
WHEREAS, the City wishes to induce the developer to construct said development
and facilities; and
WHEREAS, it is in the public interest, for public benefit and in furtherance of the
public purposes of the City that the City authorize revenue bonds for the aforesaid
purpose;
NOW, THEREFORE, be it resolved:
1. The City Council of the City of Huntington Beach authorizes the issuance and
sale of revenue bonds of the City pursuant to the Act in a principal amount of not
to exceed four million two hundred fifty thousand dollars ($4,250,000) for the
purpose of providing construction and permanent financing to the Developer for the
construction of a 55 unit multi-family rental housing development and related
auxiliary facilities at 8131 Newman Avenue, Huntington Beach, California.
2. The issuance and sale of said bonds shall be upon such terms and conditions as
may be mutually agreed upon by the City, the Developer and the purchaser of said
bonds and shall be subject to completion of proceedings for issuance, sale and
delivery of said bonds by the City.
3. The proceeds of the bonds shall include such related and necessary issuance
expenses, administrative costs, debt service reserves and interest payments as may
be required to successfully accomplish this financing method.
4. The Council hereby finds that the issuance of the bonds is a substantial
inducement to the Developer to construct the Project and that said Project will
further the public purposes of the City.
5. Developer shall be responsible for costs in connection with the issuance of
the bonds, including: printing of the official statement; a market feasibility study
to be used in connection with the financing and the rating agency; cost of ratings
on the bonds; and ordinary travel expenses, if necessary, to New York to obtain a
rating, and bond and financial counsel selected by the City.
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RESOLUTION NO. 5178 Page Two
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PASSED AND ADOPTED this 15th day of November , 1982.
ATTEST:
Val
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City Clerk Mayor
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APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
City Attorney Director, Business and Industrial Enterprise
APPROVED:
City Administrator
Res. No. 5178
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF- HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City,Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 15th day
of November 19 82 by the following vote:
AYES: Councilmen:
Thomas, ViacAllister, Finley, Bailey, Kelly
NOES: Councilmen:
Mandic
ABSENT: Councilmen:
Pattinson
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California