HomeMy WebLinkAboutCity Council - 5460 RESOLUTION NO. 5460
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
MULTIFAMILY RENTAL HOUSING DEVELOPMENT
BY HOELSCHER/GUGGENHEIM PARTNERSHIP
WHEREAS, the City of Huntington Beach is authorized by
California Health and Safety Code Division 31, Part 5,
Chapter 7 , commencing with section 52075 , to issue and
sell revenue bonds for the purpose of providing financing
for the construction and development of multifamily rental
housing facilities located within the city; and
The Hoelscher/Guggenheim partnership, a California
general partnership, has applied to the city to issue and
sell revenue bonds for the purpose of providing financing
for the acquisition of land and construction of a multi-
family rental housing development of approximatly 152
units to be located on the west side of Magnolia Street
immediately north of the Warner Avenue and Magnolia Street
intersection; and
The city wishes to induce the developer to construct
the project and, in particular , to do so at such location;
and
It is in the public interest, for the public benefit
and in furtherance of the public purposes of the city that
the city authorize revenue bonds for the aforesaid
purposes,
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Huntington Beach as follows:
SECTION 1. That the issuance and sale of bonds in
a principal amount not to exceed twelve million dollars
($12,000, 000) is hereby authorized, pursuant to California
Health and Safety Code sections 52075, et seq. , for the
purpose of providing to the Hoelscher/Guggenheim Partner-
ship, it successors and assigns, permanent financing for
the acquisition, construction and development of a
multifamily rental housing project of approximately 152
units, to be located on the west side of Magnolia Street,
north of the Magnolia Street-Warner Avenue intersection.
SECTION 2. That the issuance and sale of bonds
shall be upon such terms and conditions as shall be
mutually agreed upon by the city, Hoelscher/Guggenheim
Partnership and the purchaser of the bonds, and subject to
completion of proceedings for the issuance, sale and
delivery by the city.
SECTION 3. That 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 accomplish the financing of
the proposed multifamily rental housing project.
SECTION 4. That the City Council hereby finds that
the issuance of bonds is a substantial inducement to the
Hoelscher/Guggenheim Partnership to acquire land on which
to construct and develop the multifamily rental housing
project, and that such project will further the public
purposes of the city.
SECTION 5. That Hoelscher/Guggenheim Partnership
shall be responsible for the payment of all costs in
connection with the issuance of the bonds, including but
not limited to printing of any official statement, rating
agency costs, bond counsel fees and expenses, underwriting
discount and costs, trustee fees and expenses, and the
cost of printing the bonds.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on
the 19th day of November , 1984.
ATTEST: A OVED AS TO O
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City Clerk Cit Attorney
REVIEWED AND APPROVED: INITIATED AND APPROV
City Administrator Dept Director of Redevelopment
Res. No. 5460
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as:
CITY OF HUNTINGTON BEACH )
1, 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 19th day
of November , 19 84 by the following vote:
AYES: Councilmen:
MacAllister, Thomas, Kelly, Finley, Bailey
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson
ABSTAIN: Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California