HomeMy WebLinkAboutResolutions 85-371 N.C.S. 12/02/1985l~esolution No. 8 5= 3 Z 1 N. C. S.
of the City of Petalurna, California
RESOLUTION EXPRESSING THE INTENT OF THE
CITY O,F PETALUMA TO CONSENT TO THE SALE
OF THE LAKEVILLE RESORT APARTMENT5
WHEREAS, the City has received notification that Duffel Financial and
Construction Company proposes to sell Lakeville Resort Apartments to
Balcor Realty Investors-85 Series 3; and,
WHEREAS, the_ City of Petaluma issued Multi-Family Mortgage Revenue
Bonds to assist in the construction of the above project; and,
WHEREAS, the Regulatory Agreement dated April l, 1983, which is a
part of the documentation of the above mentioned bond,s, requires in Section
2(g) , that the City and the Lender shall consent:,. in writing, to the sale of
the project if the owner is not in default and that the purchaser agrees to
comply with all the req~uirements of the City;
NOW THEREFORE BE IT RESOLVED that the City hereby expresses its
intent to approve the sale of Lakeville Resort Apartments to Balcor Realty
Investors-85 Series 3, if and when said purchaser signs all conditions
required by the City and the Lender, Marin Savings and Loan Association
consents, in writing, to the sale.
Under the power; and authority conferred upon this Council by the Charter of said City.
I he;eby certify the 'foregoing Resolution was introduced and adopted by the Approved as o'
Council'of ~hri~ity of Petaluma at an~~egular~~~ ~i~~ ~) meeting £O~
'' r m K _....._.. ,~1 by the
on the -••- .:............. day of --••--........;.. ...._.:.. _......-- _ ----•••-.
fOIIOW1IIa' VOtC: ~ . . •
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• City At ey
AYES:Bond., Cavanagh,,:Woolsey, Tencer, Vice Mayor Balshaw, Mayor Mattei
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NOES: None
ABSENT: Davis , ~
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••-••-•--,.._,,.. .••--- •• ........... ..... .•,-••--••••---...,........ •-••••-•••••-.._....
ATTEST: •••.:..~ ...--•••.. .:.......:•--........~ .............•-••••••....:_.....---.._..._._........
i y Clerk - _ Mayor
. ' Council Fil ...... ..............
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Foru~,,GA 2,7/81 - Re3. No.-° ............................. ~