HomeMy WebLinkAboutCity Council - 5479 RESOLUTION NO. 5479
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
(SANPORT DEVELOPMENT)
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
within the City; and
Sanport Development, formerly doing business as Sickles,
Stamples and Associates, (the "Developer") has applied to the
City to issue and sell revenue bonds for the purpose of
providing financing for the construction of an approximately
162-unit multi-family rental housing development and related
auxiliary facilities to be located at the southeast corner of
Main and Florida within the City; and
The City wishes to induce the Developer to construct said
development and failities; and
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 Ten Million Dollars ($10, 000 ,000) for
the purpose of providing construction and permanent
financing to the Developer for the construction of an
approximately 162-unit multi-family rental housing
development and related auxiliary facilities at the
southeast corner of Main and Florida.
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 by 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. Prior to the incurring of any cost Developer shall, by
written agreement, agree to reimburse the City for
all necessary costs associated with the issuance of
bonds including but not limited to the following:
Printing costs;
Travel expense;
Attorney fees;
Costs associated with obtaining bond ratings;
Market feasibility studies; and
Underwriter' s fees.
6. This Resolution amends Resolution No. 5317 .
PASSED AND ADOPTED this 17tday of December 1984 .
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: INITIATED AND APPROVED AS
CONTENT:
ity Att ney -*1dr D epy Director o
Redevelopment
APPROVED:
C1 Administrator
Res. No. 5479
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) se:
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 17th day
of December , 19 84 , by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Mandic, Bailey, Finley, Green -
NOES: Councilmen:
None
ABSENT: Councilmen:
Thomas
1�
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California