HomeMy WebLinkAboutPCDC Minutes 10/17/1994MINUTES OF A REGULAR MEETING
PETALUMA COMMUNITY NDAY OCTOBER 17ENT COMMISSION
, 1994
ROLL CALL 7:00 p.m.
Present: Parkerson, Read, Hamilton, Barlas, Shea, Vice Chairman
Sobel, Chairman Hilligoss
Absent: None
RESO. 94-13
ISSUANCE OF REVENUE BONDS - PARK LANE APARTMENTS
It was noted by the Finance Director this creates no financial obligation on the part
of either the Petaluma Community Development Commission or the City of
Petaluma. The federal department of Housing and Urban Development will back
these funds whaich are secured by the land. Resolution 94-13 authorizing
issuance, sale and delivery of multi -family housing revenue bonds in an aggregate
principal amount not to exceed $5,500,000 for the purpose of making a loan to
provide financing for a multi -family rental housing project known as Park Lane
Apartments, determining and prescribing certain matters relating thereto, and
approving and authorizing related actions and the execution and delivery of related
documents. The hearing was opened. Doris Elsey and Lillian Forth thanked the
PCDC, Burbank Housing and staff for all of their assistance. They were very
concerned that their housing costs would increase with a change in ownership and
their concerns are now at rest.
The resolution includes the following information
1. The bonds are to be called "Petaluma Community Development
Commission Multifamily Housing Revenue Bonds (Park Lane Apartments
Project)". They will be Series 1994A and Taxable Series 1994B. The
issue will be divided $5.25 Million in non-taxable bonds and $105,000 in
taxable bonds.
be over 7.5% for the Series A Bonds and 8%
2. The interest rates shall not
for the Series B Bonds.
The hearing was closed. The resolution was introduced by Lori Shea and
seconded by Carole Barlas.
AYES: Parkerson, Read, Hamilton, Barlas, Shea, Vice Chairman Sobel, Chairman Hilligoss
NOES: None
ABSENT: None
P.C.D.C. Meeting October 17, 1994 Page 1 of 2 pages
ADJOURN
At 7:20 p.m. the meeting was adjoiPatriilia&I-Elligoss,
irman
ATTEST:
P-africia E. Bernard,
Recording Secretary
P.C.D.C. Meeting October 17, 1994 Page 2 of 2 pages