HomeMy WebLinkAbout85-111 - Redevelopment Agency Issuance of Bonds, Park Center ApartmentsRESOLUTION NO. 85-111
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING ISSUANCE BY
THE COSTA MESA REDEVELOPMENT AGENCY OF MULTI-
FAMILY HOUSING REVENUE BONDS, 1985 SERIES A, NOT
TO EXCEED A PRINCIPAL AMOUNT OF $14,000,000.00,
FOR THE PARK CENTER APARTMENT PROJECT.
WHEREAS, the Redevelopment Agency of the City of Costa Mesa, Cali-
fornia, ("Issuer") proposes to issue its Multi -family Housing Revenue
Bonds, 1985 Series A, for the Park Center Apartments Project, in an aggre-
gate principal amount not to exceed $14,000,000.00, under and pursuant to
the provisions of Chapter 8, Part 1 of Division 24 of the Health and Safety
Code of the State of California, as amended, in order to provide financing
to Lincoln Park Mesa, a California limited partnership ("Developer"), for
the acquisition and construction of a multi -family rental housing develop-
ment containing approximately 160 units to be located at the southeast
corner of Anaheim Avenue and 19th Street in the City of Costa Mesa
("Project"); and
WHEREAS, the City Council of the City of Costa Mesa has heretofore
called and conducted a public hearing on the issuance of the Bonds for the
purpose of financing the Project as required by Section 103(k) of the
Internal Revenue Code of 1954, as amended; and
WHEREAS, the City Council approves of said transaction as being in the
public interest of the City of Costa Mesa;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Costa Mesa as follows:
SECTION 1. Findings and Declarations. The City Council of the City
of Costa Mesa hereby finds and declares that the financing of the Project
fran the proceeds of the Bonds as herein described serves the public pur-
poses of assisting persons and faQnilies of low and moderate inccane within
the City of Costa Mesa to afford the costs of decent, safe, and sanitary
housing.
SECTION 2. Approval of Issuance of Bonds. The City Council of the
City of Costa Mesa hereby approves the issuance of the Bonds by the Costa
Mesa Redevelopment Agency as hereinabove contemplated.
SECTION 3. Effective Date. This Resolution shall take effect from
and after its adoption.
PASSED AND ADOPTED this 18th day of December, 1985.
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ATTEST:
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C y Clerk of the City of Costa a
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 85-111 was duly and regularly passed and adopted by
the said City Council at an adjourned regular meeting thereof, held on the
18th day of December, 1985, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hertzog, Hornbuckle, Schafer, Hall
NOES: COUNCIL MEMBERS: Wheeler
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 19th day of December, 1985.
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City Clerk and -ex -officio Clerk the
City Council of the City of Cos Mesa
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