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HomeMy WebLinkAboutRES NO 59-82RESOLUTION NO. 59-82 A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD STATING ITS INTENTION TO AUTHORIZE AND ISSUE REVENUE BONDS FOR MULTI- FAMILY RENTAL HOUSING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INDUCEMENT AND INTENT BETWEEN THE CITY AND QUAILWOOD PROPERTIES. WHEREAS, the City of Bakersfield, California, a political subdivision and charter city of the State of California (the "City"), is authorized under Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code, as amended (the "Act"), to issue revenue bonds for the purpose~ among others, of financing the construction or development of multifamily rental housing; and to make and execute agreements, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the City has been informed by a representative of Quailwood Properties, a California partnership (the "Developer"), that the Developer has obtained permits for, has performed the site preparation of and now proposes the acquisition, construction and installation of multifamily rental housing development in the City (the "Project"); and WHEREAS, it is currently estimated by the Developer that the Project will cost approximately $14,000,000.00; and WHEREAS, the Developer has requested the City to take official action declaring its intention to issue its revenue bonds to finance all or a portion of the Project so that the acquisition, construction and installation of the Project may commence; and WHEREAS, the City has determined that the financing of the Project is designed to meet the multifamily rental housing needs of low or moderate income and to benefit the people of the State of California and be for their health and welfare, and the City, in providing such financing under the terms and conditions of this Resolution, will be acting in furtherance of the public purposes of the Act; and WHEREAS, the City has determined that it is in the best interest of the inhabitants of the City and the State of California that the acquisition and installation of the Project be commenced without delay; and WHEREAS, the City and the Developer desire to enter into a Memorandum of Inducement and Intent, substantially in the form attached hereto, setting forth their understandings regarding the financing of the Project. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield, California, as follows: 1. The City hereby determines to authorize the issuance of its multifamily rental housing revenue bonds (the "Bonds") for the purpose of paying all or a portion of the Project, subject to compliance with all requirements of law, this Resolution and the policies and standards of the City relating to the issuance of revenue bonds for multifamily rental housing, as such policies and standards may be amended from time to time. The Bonds issued for the Project shall be in principal amount of not more than $14,000,000.00 and may be issued separately or as part of a larger issue of multifamily rental housing revenue bonds of the City. 2. In order further to evidence its intention to issue the Bonds to finance the Project in accordance with the terms of this Resolution, the City hereby approves the Memorandum of In- ducement and Intent in the form submitted to it and hereby authorizes the execution and delivery to the Developer on behalf of the City by its Mayor and the attestation by its City Clerk of a Memorandum of Inducement and Intent in substantially such form, with such minor changes, insertions and omissions as may ~e approved by the Mayor. The execution of such Memorandum of Inducement and Intent by the Mayor shall be conclusive evidence of such intent. 3. In order to facilitate the commencement of acquisition and installation of the Project, the City hereby determines that the purposes of the Act will be more effectively served if all contracts relating to the acquisition, construction, installation and equipping of the Project are solicited, negotiated, awarded and executed by the Developer, subject to applicable state and federal laws and the requirements of the City. 4. It is understood that the City shall have no pecuniary liability to the Developer for any fees in connection with the Project and that all costs and expenses of the Developer will be paid out of Bond proceeds. 5. It is understood further that the passage of this Resolution does not obligate the City to issue the Bonds and that the City may issue revenue bonds to finance the costs of multi- family rental housing projects other than the Project. 6. The officers of the City are hereby authorized and directed to take such other action as they may deem necessary or advisable to carry out the intent and purpose of this Resolution. 7. This Resolution shall take effect upon its passage. o0o I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on the 9th day of June, 1982, by the following vote: ;~ES: COUNCILMEN; BARTON, CHRISTENSEN, MEANS, BA-Y4.,,E, RATI'Y, ROCKOFF, STRONG NQ:F~S: COUNCILMEN: AiE~T: COUNCILMEN: · AB.b"]/~ING: COUNCILMEN: ~/k~ a '~ E~C CITY lerk of Council of the City of Bakersfield the AP ,".~D~Z~his 9~'<-~/d~y of June, 1982 ~ ;M~O' o~~ rs fie ld~ / APPROVED as ~o~Eo'~: RJO:mm 4.