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HomeMy WebLinkAboutTHE VILLAGE PARTNERSHIP - 1986-05-19 CITE' OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK July 30, 1966 T T. Daniel Neveau Village Partnership 1810 - lath Street =207 Santa lklonica , CA 90'02 Enclosed is a duly ereciJtZd aareement uetween the L1ty of Huntington R reach and your firm for aevance of and indemnification against costs associated with review of financina relative to the elderly housing project at Springdale Ftreet and Sdincer Avenue. r Please i call �tevp rCnler Senior =eiee ; i ' 'iCu have any questions - 536-5522 . • _� .. .tom.� Alicia :i. nenteiorth City Clergy: n,-!'4:CB :bt Enc. CC : 'Rayne Lee, 1-inance Steve ?,.ohler, Redeve.00rent Doug LaBelle , Redevelopment (Telephone: 714.53"2271 w Page 11 - Council Minutes 5/19/86 0 C HOUSING AUTH , �OR.:TY' ADVISORY COMMITTEE -- gPAPPOINTKENTS - Reappointed Ste- phen V. Kohler, Senior Community Development Specialist, as the City' s repre- sentative to the 0. C. Housing Authority Advisory Committee and appointed Suse.n Jones Helper of the . Housing and Redevelopment staff as alternate (replacing, Florence Webb of the Department of Development Services. MERLYi=HOUSING PROJECT -- "SPRINGDALE/EDNdXR .- -NEW , INDUCEMENT RESOLUTION .NO .. CITYi BELO AU'THOLIZING THE ISSULNCE OF ILEVENUE BONDS TO FINANCE A ONE-HUNDRZD FOUR- TEDi UNIT MULTIFAMILY itESIDENTIAL RENTAL HOUSING DEVELOPMENT DY THE VILLAGES WEST, INC." and approved and authorized execution of an Agreement between the City and Villages West, Inc. , For Advance of and Indemnification Against Costs Associated With Review of Financing. ENGINFIMING :SERVICES AGE E1vJ!XT FOR LEGAL DESCRIPTION OF BEACH BLVD COP. JMR - RZ ENGNZEM� - Approved and autForiz;2 execution of an Engineering Ser- vices Wgreement between the City and R. X. G. Engineering to prepare the legal description of the proposed Beach Boulevard redevelopment project area bounda- ries far a not-to-exceed amount of 0, 000. ACCEPTANCE OF SEYVICE AGLEEKE TS - TRAFFIC SIGNAL CERTIFICATION - CC-537/- CC-599 CC-605 - Approved and authorized execution of a service agreement between the City and California Department of Transportatirr, to test and cert- ify controllers for the Hazardous El.i-ination Study (H.E. S. ) traffic signal projects. (Goldenwest/Heil, Goldenwetit/Slater, Adams/bushard) ENGINEERING. SERVICES AGR MiENT - GOLDENL'EST STREET WIDENDiG - WARNER AVE TO PCH - WILIZAN LSSOC INC - CC-575 - Approved and authorized execution of an engineering consultant agreement between the City and Willdan Associates, Inc. , to prepare an appropriate Environmental Assessment/1aitial Study for widening of Golden4est Street from Warner Avenue to Pacific :oast Highway for a fee not to exceeL 04,343 .26. WATER MAIN REPLGCEKENT - PACIFIC COAST HIGHWAY BET TEN 9TH AND GOLDENWEST -- C0w6t15 - NOTICE OF COMPLETIOR - Accepted wor complete complete3 by .---�K. Construction for installation of 12" water line along Pacific Coast Highway between 9th and Goldenwest StreetE for a total contract price of $301 , 913.97 and authorized the City Clerk to file a Notice of Completion. FINAL TRACT MAP 12410 - ALL OF TT 12410 - CASA LINDA -- SUBDIVISION AGR EMENT - Approved Final Tract Yap 12415, being all of Tentative Tract 12410, pursuant to the mandatory findings set for-,�h in S. 66474 and 66458 of the Government Code , accepted offer of dedication and improvement subject to completion of requirewents stipulated , on property located on the south side of Warner Ave- nue approximately 180 ft. west of Lynn Street; examined and certified by the Director of Public Works and the Secretary to the Planning Commission as being substanti&lly in accordance with the tentative map as filed with, amended and approved by the Planning Commission. acreage : 1. 16; Lots : 1, Developer: Casa Linda, Long Beach, adopted map subject to stipulations ss follows: Depo- M • r AGREEMENT BETWEE14 THE CITY OF HUNTINGTON BEACH AND THE VILLAGE PARTNERSHIP FOR ADVA14CE OF AND INDEMNIFICATION AGAINST COSTS ASSOCIATED WITH REVIEW OF FI14AIlCI14G THIS AGREEMENT is made and entered into on this e2 ""h day of yu h E,, 1986, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation of the State of California , hereinafter referred to as "CITY" and THE VILLAGE PARTNERSHIP , a California General Partnership, hereinafter referred to as "DEVELOPER' enter into this Agreement on the terms and provisions set forth below. THE CITY AND THE DEVELOPER HEREBY AGREE AS FOLLOWS : I . ; Section 100 ) Project Planning. A . ( Section 101 ) Developer ?lannin_a . Tile De:-: loper is considering proceeding with the development or certain Neal property situated within the city of Huntington Beach . Such real property ( the ' Property' ) is shown generally on the trap attached hereto as attachment I.o . I . The Developer desires that the city consider the use of public financing; provided that the Developer acknowledges that ( i ) the City of Huntina.:on Beach ( the " City" ) shall not incur any cost or liability as a result of such f inancir"(a ; ( i i ) if bonds or certificates are issued pursuant to tnis Agreement , the city may charge a reasonable issuer ' s fee ; and ( iii ) the approval and execution of this Agreement shall in no event bind the city to issue bonds or certi ` i-ates of partiCipatlon concerning or with respect to the Property or the Deevelaper . B . ( Section 103 ) Deposit . Developer has precisely submitted to the city as a deposit the sum of Two Thousand Dollar: ( $2 , 000 . 00 ) ( the "Deposit" ) , in the form of a certified or cashier ' s check . The city shall have no obligation to earn interest on she Deposit . The parties recognize that the city may , in connection with this Agreement , incur expenses for the following items , among others : 1 . 1 . Preliminary research by Bond Counsel ; 2 . Expenses ( travel and other ) incurred 'by city staff reviewing the availability of or attempting to facilitate the provisions of tax exempt financing for the undertakings of the. Developer ; and 3 . Staff time in connection with items 1 and 2 of this Section 103 . All expenses of the City incurred in good faith in connection with this Section 103 are hereby referred to as " Issuance Costs . " The city may , without approval by the Developer , expend from the Deposit funds up to the limit of the Deposit for any one or all of items 1 to 3 , inclusive , of this Section 103 . The Developer shall not be obligated by this Agreement to advance additional funds to the city . The city shall not be obligated to expend any funds in excess of the Deposit for the purposes described in this Agreement . In the event that expenditures pursuant to this Section 103 are to exceed the amount of the Deposit , the Developer shall defend , indemnify, and hold harmless the city from and against all such claims , suits , or demands provided that the city has first notified the Developer that costs incurred will exceed the anoint of the Deposit , and the Developer elects that the city continue to pursue financing . D . ( Section 104 ) Disposition of the Deposit . In the event that as of December 1 , 1986 no public financing has been approved for the undertakings of the Developer with respect to the Property , unless this Agreement is extended by mutual agreement of the parties , ( i ) the city shall refund to the Developer any portion of the Deposit not expended and not committed for expenditures all as pursuant to Section 103 of this Agreement; or ( ii ) if expenses exceed the amount of the Deposit , the Developer shall promptly pay to the city funds equal to all expenses and costs ( including staff time ) incurred by the city pursuant to Section 103 of the Agreement ; thereupon , this Agreement shall terminate . 2 . Tj . Miscellaneous A. ( Section 201 ) Limitation of City Duties . The Developer agrees and acknowledges that the execution of this Agreement by the city does not obligate the city to approve any proposed use of the Property or provid- public financing , and that no endorsement of the activities of the Developer are expressed or implied herein . DEVE PER,: I /.r CITY OF HUNTINGTON BEACH A municipal Corporation 19 � trams Title Mayor Name/Title ATTEST: APPROVED AS TO FORM: City Clerk City Attcrne INITIATED AND APPROVEI) Depi y Director of Redevelopment APPROVED: ity A m ' t ato 3 . REQUE* FOR CITY COUNCOACTIO tit-1 b6-3.1 Date Mla)- 9, 1986 Honorable ,Mayor and Cit), Council Members �1Pp'"'�---....,,,� bmit•ted to: kOVF ---- ::harles k . Thompson, City Administrat 1l C11•; UN 1 Submitted try: �-� Pr red by: Douglas N. La Belle, Deputy City Adrninistrator/Rede%e ' men NEW INDUCEMENT RESOLUTION - ELDERLY HOUSING f cart. ri.rjil; Subject: SPRINGDALE AND EDINGER Consistent with Council Policy? 1>4 Yes ( New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: i STATEAIENI OF ISSUE: An inducerrlent resolutions Itur th;s project uas appro,.ed o.. `.larct, 17. ISSr,. Since that time, increased costs for the prole�'t ine-icates that the in(lurea an aunt 15 to:: low anc. 06::t, in addition, the developer erltit% has chanr.ec itS name. r-,i.t..`nF the arevlousl� approved resolution, obsolete. httachec is a nev, resolution mcc porr:ing an increases ooilar amount and neu developer nary:,`. RECOMMENDATION: A prc% e anc auth,.,-:Ze t�:f' .o. an 11 !, unit, eldf•riC •.c.i':5ir11 r✓it•. t :4 i1C' ICs' att': :: . . �. :f`^, ::t' lr1 she : 11.\ .'! • IUfttln�tor. i\;'ar-rl. %kIIt! o not :t !'k``".'t'C: ANALYSIS: i :,e• sut,je-t ljt' ., t rs5 '•lt :. r�:;/'I! •.'. :.11' C:C'il�. ! �•.:'�i�'<' 't'� :i: !.'. �; r �t.. `.. dust of cUristructio.n. 1ht' ot,• #:I -gwr CStirnate5 trl:it r (,, 1 r �� '.. II lr..• .,�. t.Q t;1.,.- . �.r• , ,•ii lll �' ."• .. ..SI\ if�GU t't.: ;:.: 'i uc.r;�l ,mart..i�lt: c s �, r � .�[•� �,nc t tt i'i:'rrfore• tiiL' a:ial'tlt•C: ';ew 171f.:'1'" l t'r : rt's011.tl(Ir. ViCIUC V5 .. :+.: t IL L'l: (`!':. i:'..')J'F: • j.� Million. Ft:rt,lc r, ttx• proj iCs is'N 1r,Gl.i. c•c a ,:t. « ,,r,e ;,� • . . ,. t "'.'•cr:!. `u �Ll Limitt-c; Ck)rTipan% ." 1 he 5�1oyT s r : C f � ) t or t'7 :!,' : t!, ' t. r . c ,t,i. �r t•c .ia irf_ s c 'artr c c+,lam r1i3:".4e '-kill al tu.Iily riC' 1 i i)e ` .,11, ivs "M e i, 1"'C.." aric has srecitiesit,c i;.t' rit".t I'C'�Ji..erT�e'It resolution attached. �!•.: :ttzii'hen as 1 AL•';t+istlo:i, i5 0it- Pe•C1'1es' • c� • ij�Z, 'es•. 'i:l!'• :r.[' ;,!Oje•.'tanc jilt' Ict v, t'!•�t',V��t'r requestinj• a rl!"a lrIC:U�'t'►;1( Sa ft'SCIIUt1 +Ci. ALTERNA T 1VES: Do not a-pro%e the attocti.'o rc•solutiwi. 0 Flo sAiS 0 i�► FUNDING SOURCE: Costs }paid from Bond proceeds. In addition, the oeveloper is requireo to pust $2,000 deposit to cover out-of-pocket expenses incurred by the city ann; not reitTibursed shoulG the financing not close. (De%eluper has prrviously' executed the required Inaernnit) Agreement and posted ttie requirec b2,000). ATTACHMENTS: I. RCA of %larch 6, '.9St 2. Letter from %ter• c-, %cloper ca,cc ,pril 25, 19So) ?. InducerT;-1-it i:e5olutior, 21 511 , ' 0 1 RESOLUTION NO. 5661 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO FINANCE A ON:--HUNDRED FOURTEEN UNIT MULTIFAMILY RESIDENTIAL RENTAL HOUSING DEVELOPMENT BY THE VILLAGES WEST, INC . WHEREAS , The city of Huntington Beach is authorized by the California Health and Safety Code section 52075 et seq . , to issue and sell revenue bonds for the purpose of providing financing for the construction and development of multifamily residential rental housina facilities located in the city; and The Villages West , Inc . , 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 o. an approximately 114-unit multifamily rental housing development , located at 16171 Sorinadale in the City; and 7-he city wishes to induce the developer to construct the project , and in particular , to do so at suclh location ; and It is in the public interest , :or the nu '_ is bene:it and in furtherance of the public purposes that the city authorize revenue i:onds for the development aforesaid . NOW, THEREFORE, BE :T RESOLVED by the C- ivy Council of the City of Huntington Beach as follows . 1 . The issuance and sal-!: of bands of the city is authorized , pursuant to the provisions of the California Health and Safety Code sections 52075 et sea . , in a principal amount not to exceed $8, OOO, O00 for the purpose o: providing permanent financing to the developer , The Villages West , Inc . , its i 0 successors and assigns, for the acquisition, construction and development of an approximately 114-unit multifamily rental housing development to be located at 16171 Springdale . 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 de•'^loper and the purchaser of the bonds , and subject tD completion of proceedings for the issuance , sale and delivery by the city . 3 . The issuance and sale of the bonds shall be authorized only upon evidence satisfactory to the City Council that the developer has secured an allocation for the sale of multifamily securities as may be required by a city, county or state allocation, system as may be in effect at the time of the autharizaticn for the sale of the bonds . 4 . 7rne prc,ceeds of the bonds shall include such related and necessary issuance expenses , administrative costs , debt service reserves and interest payments as may be required successftiliy to accomplish financing of the project . 5 . 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 . 6 . The developer shall be responsible for the payment of all costs in connect ' on with the issuance_ of the bonds , including but no:, limited to printing of any official stateme^.% , rating agency costs , bond counsel fees and expenses , underwriting discount and costs, trustee fees and expenses, and the cost of printing the bonds . 2 . PASSED A?4D ADOPTED by the City Council of the City of Huntington Beach at" a regular meeting thereof held on the 19tl�iay of May 1986 . ATTEST: IL City Clerk. Mayor F( VIEW C AIND APPR 7E INITIATED A_SD APPROVED De u y tor , Redevelopment City Attorney City Adrinistrat r 3 . Res. No. 5661 STATE OF CALIFORNIA ) coup Y OP ORANGE CITY OF HUNTINGTON BEACH ) 1 , ALICIA M. 1.MIWORTH, the duly elected, qualified City Clerk of the Citv 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 reErular meeting thereof held on the 19th dey of May , 19 Rn by the fallowing vote: AYES : Councilmn: Kelly , rinlev , Mandic , Bailey , Green , Thomas NOES: Councilmen: None ABSEV : Councilmen: 'lat.,l 1 i s ter City Cleri. and ex-afficic- C:eri. of the C:tr Council cf the C:ty of Huntington. beats, California • . REQUE* GFqp CITY CQUNCIOAG ::.N R 11 86-1 J Date March 6s 1986 Gil Submitted to: Honorable flavor and City Council Members 'OT Submitted by: Charles I1. Thompson, City Administr Prepared by: Douglas N. La Belle, Deputy City Administrator/Redo Apme t Subject: INDUCEMENT RESOI UTION - MEADOWLANDS El, ERLY PROJECT Consistent with Council Policy? Yes j 1 New Policy or Ercepticip' . Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISSUE: The Villages, doing business as M.eadowland Limited Compfiny, has requested an inducement resolution end Indemnity Agreement for an elderly housing project to be located on Springdale. attached is such tin inducement resolution. RECOMMENDATION: Approve and authorize the Clerk to execute the attached inducernen: resolution and Indemnity Agreement for a 11 4-unit elderly housing project to he located at 161 1 Springdale in the city of Huntington Beach with a not-to-exceed hmount of $, million. ANALYSIS: the Villages, doing business as tleadowland Limitea Conip4iny. has requested an inducement resolution for tax exempt financing; for an elder)%- housing project which it intends to sponsor. The project is locates tit ! 61 71 Sprin f;dtllc• and viould be composed of approximately 114-units to be rented to persons over the age of 60 years. The project would consist of studio, one-bedroom, one-bedroom and den. and Iwo-bedroom units and include a variety of amenities. units would range} in si a from 460 sq. ft. to 850 sq. ft. and rents from under $400 a mnhth to 5790 per moniti. T;ie developer tins requested a financing not-'to-exceed $7 million. It is anticipated that the project construction would stfirt in Ilay 1986 avid be completed in .ltinutiry 147. This project received approvals for general plan amendment find zone change on February 18, 19136 but will still requiie the consideration of a conditional use lermit bV the Planning Commission at a future date. THE ATTACHED INDUCEMENT RESOLUTION CONTAINS A CONDITION THAI. PRIOR TO THE AUTHORIZATION BY THE CITY COUNCIL FOR THE SALE OF BONDS, AN ALLOCATION BE RECE11'ED FROM, EITHER THE C-11 Y, THE t"CiUNTY, OR THE STATE OF CALIFOHNIA. 71115 LS A %El% 1111O1'1310.11; FOR MULTI-FAMILY APARTMENT PROJECT INDUCEMENT RESOLUTIONS. HR 3838 as approved by the ?louse of Representatives in its Mist session embodies sweeping changes to the Federal Tax Code. Many of these changes will effect the rules under which the city issues tad exempt securities to finance new private development. Key among these provisions will be a volume cap limiting the total dollar volume of such bonds which the city may issue in any given year. It is anticipated that this ri 0 4134 R li 86-19 March 6, 1986 Page Two volume cap will severly limit the number of pt•ojects to which the city may lend tax exempt financing. While the federal legislation pending has not been approved by the Senate and amendments are possible through that process, any financing structured at this time would need to be consistent with the provisions as they now stand. HR 3838 stipulates the absolute volume cap of such financings on a state by state basis and also permits the states to determine how this allocation is distributed to local jurisdictions. At this writinb it is not known how the s:-ste of California will establish an allocation systern nor how much of the volume crap will be available to Huntington Beach. Therefore, it cannot be assured that nn allocation will be available for this project. Therefore, approval of the attached inducement resolution is recommended with the caviat that the developer must show sufficient evidence of an allocation for the sale of such bonds before financing documents will be transmitted to the Cite Council for its consideration. ALTER A711'ES: 1. Do not approve the inducement resolution. J n. Continue the inducement resolution to e future Council meeting. F UNDI'G SOURCE: Cost of issuance paid from bond proceeds. Ilse cite will its.-less its usual one-half of one percent issuance fee (S7 million financing equals i.15,000 issuance tee). Also attached is the usual 1ndemnity ag;ecrnc-nt signed by the ciyvelol-wr providing for is $2,000 deposit to cover city costs should th.• bond issue riot close. ,ATTACHME!:,5: 1. Inducement Resolution No. 2. Indemnity Agreement. Ceti Ti DLl3/S%'h:sar 2129h 4 RESOLUTION NO. 5645 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO FINANCE A U::E-HUNDRED FOURTEEN UNIT MULTIFAMILY RESIDENTIAL RENTAL HOUSING DEV£LOPMENIT BY MEADOWLAND LTD W-HEREAS , The city of Huntington Beach is authorized by the California Health and Safetv Code sections 52075 et seq. , to issue and sell revenuc bonds for the purpose of providing financing for the construction and development of multifamily residential rental housing facilities located in 11-he city; and Meadowland Ltd . , a California partnership, has aps. lied to the city to issue and sell revenue bonds for the purpose )f providing financing for the acquisition of land and construction of an aparoximately 114-unit farily rental 'housing development , locate_` at 161 71 Sorinadale in the Ci t\•; an:: The city wishes to zncuce the deve_on. er to construct the project , and in particular , tc, do so at such location; and It is in the public interest , for the public benefit and ir, furtherance of the public purposes t1�at the city authorize revenue bonds for the development aforesaid . NOW , ':H£P.EFORE, BE IT P.ESOLVED by the City Council of ttiie City of Huntington Beach as follows : 1 . The issuance and sale of bon-_;_-- of the ;i ty is authorized , pursuant to the provisions of the California health and Safetv Code sections ')2075 et seq . , in a principal amount nct to exceed t7 , 000, 000 for the purpose of pr oviding permanent financina to the developer , Meadowland Ltd , its successors and 1 . t assigns , for the acquisition, construction, and development of an approximately 114-unit multifamily rental housing development to be located at 16171 Springdale . 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 issuance and :sale of the bonds shall be authorized only upon evidence satisfactory to the Cite Council that the developer has secured an allocation for the sale of r.ultif air,i1 securities as may be required by a tits, county or state allocation system as may be in effect at the time of .he au:no:iLa_ion for the sale of the bonds . 4 . 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 financing of the project . 5 . The City Council hereby finds that the issuance of the bonds is a substantial indu^ement to the developer to acquire , constr--t and develop the project and that the project will fur ther the public purposeF, of the city. b . 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 , ratina agency costs , bond counsel fees and expenses , underwriting discount and costs, trustee fees and expo.^.ses , and the cost of printing the bonds . 2 . PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 17 day of March lggg , ATTEST: JI ZO, 44,4 e, -i City Clerk Mayor P •VIEWED AND APPROVED INITIATED A.ND 7-.PPROVED AS TO FORUM Dep _ Director , Redevelopment �7- 7- 1,9 C ; ty Tttorney n ' 1 r C1 :}' AC1m.lI:lStrct� 3 . Res. No. 50 STATE OF :.ALIFORN IA ) COMM OF OR&NGE t CITY OF HUNT IWT O%. BEAM. ) I , AI.ICIA Y.. i ;A;"ti?OP.ih, the duly elected , qualified City Curk of the City of Huntington beach, and ex-officio Cle.r. of the City Council of unid City , do hereby certify that the whole nu-nber of members of the City Council of the City of Huntington Reach is seven; that the foregoing resolution wos passed and adopted by the affirm. tive vote of more than a majority of all the wabers of said Ciry Council At a regular meeting thereof hold on the I ' ��' day of March 19 pt' by the fnllc ing vote : APES: Councilmen: tlri:V,. ('in► ''3 ; t'n. � f'� u;('�'►, NDES: Councilmen: 'pane kBSEr, : Councilmen: None NUT V0", I"w: Tnorr,as r C:ty C1erl. and ex-cffic:o C:c:rl. of the C:tv Counci; of the City of Nuntinrtor, bead; , Calif orr.ia A.t rt��, f• r 1' r F + i Imo' ' OF HU ON BEACH 2= MAIM SVIEET CALIFORNIA 92648 OFFICE OF THE CITY CLERK r July 30, 1986 T. Daniel Neveau Village partnership 1810 - 14th Street #207 Santi Monica, CA 90404 Enclosed is a duly executed agreement between the City of Huntington Beach and ;our firm for advance of and indemnification against costs associated with review of financing relative to the elderly housing project at Springdale Street and Edinger Avenue . Please call Steve Kohler, Senior Redevelopment Specialist if you hale any questions - 535-5542, Alicia M. Went,:jorth City Clerk AM,W:CB:bt Enc. CC : Wayne Lee, Finance Steve Kohler, Redevelopment Doug LaBelle , Redevelopment fT4Nnft e: 71a-63"2X11 shaft Pa*e ll Council Minutes - .5/19/86 0 C DMIN ,i UTMIM AMSARY 0:4MITTEE .. RXAPPO� - Reappointed Ste- p ,er, ealor COMM R re va opment c alrst, tar the Cllty's repre- aentative to tbo 0. C. Housing Authority Advisory Committee and appointed Susan Junes Helper of the Housing and Redevelopment staff as alternate (replacing Florence Webb of thR Departaeut of Development Services. V/ L ` ,Alm PF.O CI S /EDIBCI� - MW INDUCMW RMOLUTION HU J B SA 7MIZM THE ISSUANCE OF REVIMUZ BONDS TO F114A 10E A 01M-MMM FOUR- TEN UNIT JOLTIFAXILY MIDEHTIAL RENTAL PIOUSIM DEVELOPM rr BY TEM VnJAGIS WXXT, IOW and approved and authorised execution of an Agreement between tha City and Villages West, lnr , For Advance of and J demn.ification Against Coats Adsociated Uith Review of Financing. SWIMMING SELVIC6S 70K IMAL DESCRIPTION OF BUC'H BLVD CORRnx)& - - pprove ana author ze execution of ineer ng Ser- Vital x e n betweet the City and R. M. G. EngineeriZg, to prepare the legal descri.pt:on opt the proposed beach Boulevard redevelopment project area bouada- ries for a not-to-exceed amount of t7, 000. ACCFPTUCE OF SELVICE AL.I.BF.IrI&M - TRAFFIC SIGNAL. CZRTIFIC TIOX - CC-537!- C___ CC-5 - Approved and authorized execution of a service agreemenr data t—City and California Department of Tranuportation to teat and cert- ify controllers for the Hazardous Elimination Study traffic signs projects. (Goldenweet!Heil, Goldenwesr/Sl.a.:cr, Adams/Bushard) ENG7 RM"G SnVICES - GOLDffiMMST 838ELT WIDIKKINC - WARM 8VE TO W% WILLDAN ASSOC INC - CC•-57 - Approveu and aut crized execution of are engineering consu tatt agreement between the City and Willdan Asaociates, Inc. , to prepare an appropriate Environmental. Assessment/Initial Study for Widening of Goldenwest Street from Warner avenue to pacific Coast Highway- for a fee not to exceed 04,543.38. W&M M&M RZFLAC - PACIFIC COAST HIGHWLY BET6&M 91I AND GCLDEHTiiEST - T 'MMM1M"- 1ccepCe-d -work compl k ueue `may U:-C: Consrructiou for installation of 12 water line along Pacific Coast Highway between 9..h and Goldenwes' Streets for a total contract price of $301,92.3.97 and authorized the Cie;- Clerk to file a Notice of Completion. Fl AL MALT KIP 12410 - ALL Ge TT 12410 - CASA LTADA - SUBDIVISION AGREEMENT - Aprroved FRZ MZi Map , ng all 7-en tative Tract 12410, pursuant to the mandatory f4adings set fo:tb in S. 66474 a,id 66458 of the Government roode, accepted offer of dedication and improvement subject to completion of requirements stipulated, on property loc&ted c% the south bide of Warner Ave- nue apptoximtely 180 ft. west of Lynn Street; examined and certified by the Director of Public Works and the Secretary to the Planning Cosiaissicn as being substantially in accordance with tree tentative seep as filed with, arendpd and approved by the Plauriug Comission. Acreage ; 1. 16; Lots : 1, Developer: Casa Linda, Los,,& Beach, adopted scr subject to stipulations as follows: Depo- r.' f' { w W. .'1 Y AGREEMENT bi�TWEEN THE CITY OF HUNTINGTON BEACH AND THEI AGUE FRRN aZ$E� P F AbvA 10E OF` AND INN ME NIFI ATION C T ASSOCIATED RE ,TEE INI NCING THIS AGREEMENT is made and enrered into on this day of n h C.,; .,_.._._.... 1986, by and between the CITY G? HUNTINGTON BEACH, a municipal corporation of the State of California, hereinafter referred to as "CITY" and THE VILLAGE PARTNERSHIP, a California General Partnership, hereinafter referred to as "DEVELOPER' enter into this Agreement on the terms and provisions set forth below. THE CITY ;►ND THE DEVELOPER HEREBY AGREE AS FOLLOWS: I . ( Section 100 ) Pro ect Plaaninq . A. (Section 101 ) Developer Planning , The Developer is considering proceeding with the development of certain real property situated within the city of Huntington Beach , Such real property ( the "Property" ) is shown generally on fi_he map attached hereto as Attachment No . 1 . The Developer desires that the city consider the use of public financing; provided that t"e Developer acknowledges that ( i ) the City of Huntington Beach ( the "City" ) shall nct incur any cost or liability as a result of such financing ; ( ii ) if bonds or certificates are issued pursuant to this Agreement , the city may charge a reasonable issuer ' s fee; and ( iii ) the approval and execution of this Agreement shall in no event bind the cit . to issue bonds or certificates of Participation concerning or with respect to the property or the Developer . B. ( Section 103 ) Deposit . Developer has precisely submitted to the {:Ity as a deposit the sum of Two Thousand Dollars ( $2 ,000 . 00 ) ( the 'Deposit• ) , ir. the form of a certified or cashier ' s check . The city shall have no obligation to earn interest on the D-posit . The parities recognize that the city may, in connection with this Agreement , incur expenses for the following items, among others : A. • 1+ Preliminary research by Bond Counsal; 2. Expenses ( travel aad other) incurred by city staff reviewing the availability of or attempting to facilitate the provisions of *ax exempt financing for the undertakings of the Developer; and 3 . Staff time in connection with items 1 and 2 of this Section 103 . All expenses of the City incurred in good faith in connection with this Section 103 are hereby referred to as "Issuance Costs. " The city .say, without approval by 4he Developer, expend from the Deposit funds, up to the limit of the Deposit for any one or all of items 1 to 3, inclusive, of this Suction 103 . The Developer shall not be obligated by this Agreement to advance additional funds to the city. 'she city shall not be obligated to expend any funds in excess of the Deposit for the purpo$_d described in this Agreement . In the event that expenditures pursuant to this Section 103 are to exceed the amount of the Deposit, the Developer shall defend; indemnify, and hold harmless the city from and against all such claims , suits , or demands provided that the city has first notified the Developer that costs incurred will exceed the amount of the Deposit , and the Developer elects that the city continue to pursue financing. D. (Section 104) Disposition of the DeEos;it . In the event that as of December 1 , 19BG no public financing has been approved for the undertakings of the Developer with respect to the Property, unless this Agreement is extended by mutual agreement of the parties , W the city shall refund to the Developer any portion of the Deposit not expended and not committed for expenditures all as pursuant to Section 103 of this Agreement; or ( i i ) if expenses exceed the amount of the Deposit, the Developer shall promptly pay to the city funds equal to all expenses and costs ( including staff time) incurred by the city pursuant to Suction 103 of the Agreement; taereupon, this Agreement shall terminate. 2 . '+n 1� 1 r 1 �"f-�''�1. :I' • 'y* '' I• _•1 Sri II . Miscellaneous A. (Be action 201) Limitation of City Duties. The Developer agrees and acknowledges that the esacution if this Agreement by the city does not obligate the city to approve tiny proposed use of the Property or provide public financing, and that no endorsement of the activities of the Developer are expressed or implied herein. DEV FER: CITY OF HUNT1,4GTON BEACH / A municipal Corporation me tle — Mayor ' arseM t e ATTEST: APPROVED AS TO FOM City Clerk V'w ._..r `�'.�". CH ty At t o r n /� IN TIATED AND APL)ROVED � � 1 l:ep t Director -of Redevelopment APPROVED: ty © �►to 3 . f:r 1 7' 1 f� r REQUE ' FOR R t'43TY U1V ' A T10 N 136-35 w Drtrtw May 9, 1986 a;ubrn1 tW to: Honorable Mayor an4l CIty Council Members SubmittW by: Charles W. Thompson, City A.dministrat � �rTy ��UIV 1 Douglas N. La Belle, Deputy City Administrator{Redeve ,p e a Oct Prepared by: Subject: NEW INDUCEMENT RESOLUTION - ELDERLY HOUSING CL SPRINGDALE AND BDINC R Corsiftnt with Council Poliry7 Q Y'w [ j New Policy or Exception Statement of !wn, Recor nmidation, Aralysis, Funding Source, Alternative Actions, Attachments: An inducement resolution for this project -was approved on March 17, 1,986. Since that time, increased costs for the project indicates that the induced amount is too lou and that, in a,'dition, the developer -_-nti:y has changed its name, making the provirusly approved resolution obsole'.::. Attached is a new resolution incorporating an increased dollar amount and new developer name. RECOMMENDATION: Approve and authorize the Ci,y Clerk to execute the attached inducement resolution for an 114 unit, elderly housing project to be locatf-d at 1 51 71 Springdale in the city of Huntington Beach, \; it►i a nut to exceed amount of �8 Million. AN.A,LYSIS: The subject protect ha= undergone certain design changes which will result in a nigher cast of construction, The developer estimates that approximately t700,000 of additional financing would be require; bevona the $7 Million previousl} induced; therefore, the attached nevi inducment ►•esolution includes a not to exceed amount of $8 Million. Further, the project was pr,viously induced with a developer name of "10eadowlana Limited Company." The sponsor of this project has informed s►zff that the partnership name will actually be "The Villages VL est� Inc.," and has requested the new irducerrient resolution attached. Also attached as additional information, is the Request for Cite Council Action of (Parch 6, 1996, which describes the project and the letter of April 25, 1986, from the ('#.-veloper requestin); a new inducement resolution. ALTERNATIVES: Do not approve ttr-- attached resolution. �J r10 Sim 1 , ' s R'-'''.'�A"al.I�.1. ,.F�yi.rVy '• 1.rf• ., a r lk, rrr•. Ord@:...., , ,. .r. , RESOLUTION NO. 5661 A RESOWTION OP THE CITY COUNCIL Or THE i CITY OF RMINGTON DrACH AUTHORIZING s THE I SSUMCE OF REVENUE BONDS TO F I NANC E A ONE-IfMDRED FOURTEEN UNIT MULT I FAM I THY RESIDENTIA`i RENTAL HOUSING DEVELOPMENT BY THE VILLAGES WEST, INC. WHEPYAS, The city of Huntington Beach is authorized by the California Health and .Safety Code section 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 locatF-3 in the city; and The Villages West, Inc. , a California partnership, has applied to the -J..ty to issue and sell revenue bonds for the purpose cf providing financing for th(i acquisition of land and construction of an approximately 114-unit multifamily rental housing development , located at 16171 Springdale in the City; and The cit-, wishes to induce the developer to construct the ,project , and in particular, to do so aw such location; and It is in the public interest , for the public benefit and in furtherance of the public purposes that the city authorize revenue bonds for the development aforesaid . NOW, 'WHEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows : 1 . The issuance and sale of bonds of the city is authorized, pursuant to the provisions of the California Health and Safety Code sections 52075 et seq. , in a principal amount not to exceed $8, 000, 000 for the purpose of providing permanent financing to the developer , no Villages !;eat, Inc . , its N' ft•:�tip, i 04 1' Y oilII 1 eucossoors and assigns, for the acquisition# construction and development of an approximately 114-unit multifamily rental + bousi'ng development to be located at 16171 Springdale. 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 issuance and sale of the bonds shall be authorized only upon evidence iatfsfactory to the City Council that the developer has secured an allocation for the sale of multifamily securities as may be required by a city, county or state allocation system as Atay be in effect at the time of the authorization for the sale of the bonds . 4 . The proceeds of the bonds shall include such related and necessary issuance expenses , admi.nisttatve costs , debt service reserves and interest payments as may be required successfully to accomplish financing of the project . 5 . The City Council hereby finds that the issuance of the bands is a substantial inducement to the developer to acquire , construct and develop the project and that the project will further the public purposes of t"le city. 6. The developer shall be responsible for the payment of all casts 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 bands . 2 . er lop r � Y PABSXD ASD ]U p-rtD by the City Council of the City of guntington beach at' a regular meeting thereof held on the _„J.Uhs&Y ATTEST t E � ♦ �� �. _. City Clerk Mayor VIEW AND APPROVE INITIATED AKD APPROVED De U tor " Redevelopment C1 . Atltorney iiffity Adm nxstret r 3 . M Q4�, .1r�`i f l�•f. i , • r Res, 1�0. 5661 STATt OF cavamni OXM OF as: CZ" OF KWIWrON BLUM ) 1, ALICLA M. wENTwoRTH, the duly elected , qualified Clay Clerk of the City of Huntington Beach, and ex-oMcio Clerk of the City Council of said City , do hereby certify that the whole number of -Mars 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 meting thereof held on the 19th� day. of M�ay _ 19 £.h, by the follav ng vote: 1. MI S: Councilmen: � Kelly , rinley . Man.dic . Bailey, Green , Th.gma.s NOES : Councilman: None ASS K : CounciImn: MacAllister >f� C{.ty Clerk and ex-officio Clergy; of the City Council of the Cit%• of Huntington Belch, Califori;ia I f *I II R L , FC1 CITY COUNCC ....�►C'" N 1 ---- -- _ RH $6-19 Ulu _ March 6. 1996 .,.�... l it ird to: Honorable Mayor and City Council Members 60 Sil by: Charles W. Thompson, City Administr � .. OrqwW • Douglas N. Le Belle Deputy City Administrator/Bede y t "), Subjaot: INDUCEMENT RESOLUTION - MEADOWLANDS RLY PROJECT *.'n Mt with Council Policy? Q Yes [ l New Policy of Excepti 1 r• Ststement of Issue, Recomrrm lion, Analysis, Funding Source., Alternative Actions, Attaohments: STATEMENT OF ISSUE: The Villages, doing business as Meadowland Limited Compeny, has requested an inducement resolution and Indemnity Agreement for an elderly housing projei.t to be located on Springdale. Attached is such an inducement resolution. RECOMMENDATION: Approve and authorize the Clerk to execute the attached inducement resolution and Indemnity Agreement for a 114-unit elde►ly housing project to be located at 16171 Springdale in the city of Huntington Beach with a not-to-exceed amount of $7 million. ANALYSIS: The Villages, doing business as Meadowland Limited Company, has requested an inducement resolution for tax exempt financing for an elderly housing project which it intends to sponsor. The project is located at 16171 Springdalf! and would be composed of approximately 114-units to be rented to persons over the age of 69 years. The proje:t would consist of studio, one-bedroom, one-bedroom and den, and two-bedroom units and include a variety of amenities, 'Units would range ;n size from 460 sci. ft. to 850 sq. ft. and rents from under $400 a month to $730 per month. Ttie &weloper gas requested a financing not-to--exceed ? miLion. It is anticipated that the project construction would start in May 1986 and be completed in January 1987. This project received approvals for general plan amendment and --one change on February 18, 198u but will still require the eonsidvration of r conditional use permit by the Plantsing Commission at a future date. THE ATTACHED INDUCEMENT RESOLUTION CONTAINS A CONDITION THAT, PRIOR :'O THE AUTHORIZATION BY THE CITY COUNCIL FOR THE SALE OF BONDS, AN ALLOCATION BE EECEIVED FROM EITHER THE CITY, THE. COUNTY, OR THE STATE OF CALIFORNIA. THIS IS A NEW PROVISION FOR 'Ij U LTI-FA:IIILY APARTMENT PROJECT INDUCEMENT RESOLUTIONS. HR 36314 as approved by the House of Representatives in its last session embodies sweeping changes to the Federal Tax Code. Many of these changes will effect the ruies under which the city issues tax exempt securities to finance new private development. Key among these provisivas wib be a volume cap limiting the total dollar volume of such ponds which the city may issue in any given year. It is anticipated that this 140 4W. �iy f 4$0"�f-1.1 A H 8g-1 9 IYtA1 !C, l go$ %V Two volume cap will severly limit the number of projects to which the city may lend tax exempt financing. While the federal leg;slation pending has not been approved by the Senate and amendments are possible through that process, any financip,7 s6ructured at this time would need to be consistent with the provisions as they now stand. RR 3838 stipulates the absolute volume cap of such financings on a state by state basis and alp permits the states to determine how this allocation is distributed to local jiiriadictiors. At this writing it is not known how the state of California will establish an allocation system nor how much of .he volume cap will be available to Huntington Beach. Therefore, it cannot be assured that an allocAtion will be available for this project. Itterefore, approval of the attached inducement resolution is recommended with the caviat that the developer must show sufficient evidence of an allocation for the sals of such bands before financing documents will be transmitted to the City Council for its consideration. ALTERNrATIVES: 1. Do not approve the inducement resolution. 2, Continue the 1rducement resolution to a future Council meeting. FUNDING SOURCE: Cost of issuance paid from bond proceeds. The city will assess its usual one-half of one percent issuFnce fee ($7 million financing equals $35,000 issuance fee). %1so attached is the usual Indemnity Agreement signed ny the developer providing for a $2,000 deposit to cover city costs should the bond issue not close. ATTACHMENTS: 1. Inducement Resolution No. 2. Indemnity Agreement. CM'i/DLB;Sl'K:sar 2!73h C •1 1' rl'I fr'5{I'•' 'I' .i y SOLUT I ON tits. 5645 " f A RESOLUT I Obi OF THE CITY COUNCIL OF THE C I TL Y OF 13U3gC�TOW EACH AUTHORIZING THE I SSUANCL* OF � REV`Zb UE RONAS TO FINANCE A ONE-HUNDRED 70URTEEN UNIT MULTIFAMILY RESIDENTIAL RENTAL HOUg1Nv DEVELOPMENT BY MEA17C1yriLAND LTD WHEREAS, The city of Huntington: Beach is authorized by the California Health and Sefe.ty Cade sections 52075 et seq. , t,:) issue and sell revenue bonds for the purpose of providing financing foi the construction and uevelopment of multifamily residential rental housing facilities locateC in the city: and McAdowland Ltd. , a i California partnership, has applied to the city to issue &v& sell revenue bonds .for the purpose of providing financing for the acquisition of land and construction of an approyimately 114-unit multifamily rental housing development , located a4 16171 Springdale in the City; and The city wishes to induce the developer to construct the prclect• hrid in particular, to do so at such location; anti It is in the public interest , for the public benefit and in furtherance of the public plirpos,-s that the city authorize revenue s bonds for the development aforesaid. NOW, THEREFORE , BE IT RESOLVED by the City Cou zc i 1 of, the City of Huntington Beach as follows : 1 . The issuance and sale of bonds of the city is authorized, pursuant to the provisions of the California f:ealth and Safety Code sections 52075 et seq. , in a principal amount not to exceed $7 , 000, 000 for the pu:pese of providing permanent financing to the developers Meadowland Ltd, its successcrz and 1 . i i Per assignor for tn* acquisition, construction and development of an approximately 114-unit multifamily rental housing development to be located at lW1 Springdale. 2 . The issuance and sale of the b'ouds shall be upon such torus and conditions as may be mutually agreed upon by the city, the developer and the purchaser of the bonds , and subject to complation or* proceedings for the issuance, sale and delivery by the city. 3 . The issuance and sale of the bonds shall be authorized only upon evidence satisfactory to the City Council that the developer has secured an allocation for the sale of multifamily securities as may be required by a cite, county or state allocation system as may be in effect at t:.he time of the autk►ori,,,ati,an fur the sale of the bonds . 4 . The proceeds of t'he bonds shall include such related and necessary issuance expenses , administrative costs , debt service reserver and interest payments as may be required successfully to accomplish financing of the project . S. 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 t.ha4 the project will furtr)er the public purposrG of the city . h , The developer shall be resp-uisible for the payment of all costs in connection with tbe issuance of the bond; , including ••-:,; but,, not limited to printing cal. any o.ficial �tatement , cot i.r►y agency costs , bond cour►ssel fear and expenses, underwriting discount and costa , trustee fees and ,ixpens5es , and the coy t of, printing the bons . 2 . ilk t n f Je P1►gS MD ADDPTED by the City Council of the City of IjUgtit gtoa fa#dt at a regular meeting thereof held on the 17 day of '' 1986. ATTEST% city y clerk .�....._� mayor VIEWED AND APPEOVED INITIATED AND APPROVED. AS TO FOPY, Deb Director, Redevelopment � 7 City- Attorney cit.v hQ103.111str.at M Y .1 let. No. 56w� 1 j 11WIF or 04AWK CM Or 1WrWT0V ILMM Is ALICI1► H. iT NTWOTtM the dt11y elected , qualified City Clerk of the City of Huntir4ton beech, and ex-officio Clerk of thL City Council of said City, do hereby ccr•tify that the whole number of swebers of the City Council of the City of Huntington Beach is sever ; that the foregoing resolution was passrd and adopted by the affirmative , vote of more than a =jority of all the :•.embers of said City Council at a regular meeting thereof held on the 17th day of March lg 86 by the follaving vote : 4 AYCS : Councilmen: Kelly. MacAllister. finleti . Mandic, Bcilev. Green NDZS : Councilmen: None IJBSENTT Councilmen: !done NOT V011NG: Thomas Ciry Clerk and ex-of. f. ieio Clerk 1 of the City Council of the C:r-%- of Huntington Beach , California