HomeMy WebLinkAboutCity Council - 5490 RESOLUTION NO. 5490
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 344-UNIT MULTIFAMILY RESIDENTIAL
RENTAL HOUSING DEVELOPMENT BY SEABRIDGE VILLAS
ASSOCIATES
WHEREAS, the City of Huntington Beach is authorized by the
California Health and Safety Code sections 52075 et seq. , to
issue and sell revenue bonds for the purpose of providing
financing for the construction and development of multifamily
residential rental housing facilities located within the city; and
Seabridge Villas Associates, a California 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 an approximately 344-unit multifamily rental
housing development to be located within the city at 20191 Cape
Coral Lane and 20251 Cape Coral Avenue; 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:
1. The City Council of the City of Huntington Beach hereby
authorizes the issuance and sale of bonds of the city pursuant to
the provisions of the California Health and Safety Code sec-
tions 52075 et seq. in a principal amount of not to exceed
1.
$301,- 000;000 for the purpose of providing construction and
permanent financing to the developer, its successors and assigns,
for the acquisition; construction and development of the project.
2 : The issuance and sale of the bonds shall be upon such
terms and conditions as may be mutually agreed upon by the city;
the developer and the purchaser of the bonds, and subject to
completion of proceedings for the issuance; sale and delivery 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 successfully to
accomplish the financing of the project :
4: The City Council hereby finds that the issuance of the
bonds is a substantial inducement to the developer to acquire;
construct and develop the project and that the project will
further the public purposes of the city.
5 : The developer 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 writing the
bonds:
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the4th"
day of ` February ; 1985.
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Ma or
A' ATTEST: APPROVED AS TO FORM:
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City Clerk City Attorney
2.
REVIEWED D APPROVED: :�NITIATED AND APPROVED:
City Administrator eputy Dire for o
Redevelopment
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1/23/85
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Res. No. 5490
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
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 4th day
of February , 19 85 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Bailey, Finley
NOES: Councilmen:
Mandic, Green, Thomas
ABSENT: Councilmen:
None
LI r 7
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California