HomeMy WebLinkAboutPCDC Resolution 94-11 09/07/1994~: ,
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PETALUMA COMMUNITY DEVELOPMENT COMMISSION
RESOLUTION NO. 94-11
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE
PETALUMA COMMUNITY DEVELOPMENT COMMISSION TO ISSUE
REVENUE OBLIGATIONS FOR A MULTIFAMILY HOUSING PROJECT
WHEREAS, the Petaluma Community Development Commission
(the "Commission") is authorized to issue revenue obligations
for the purpose of financing the acquisition and rehabilitation
of multifamily rental housing projects; and
WHEREAS, the Commission has been requested to provide
financing for the Parklane Apartments Corporation, a California
non-profit public benefit corporation (the "Corporation"), to
acquire and rehabilitate a 90-unit multifamily rental housing
development located at 109 Magnolia Avenue in the City of
Petaluma, California (the "Project"); and
WHEREAS, the Project will be of benefit to the
Commission and the residents of the City of Petaluma; and
WHEREAS, as an inducement to the Corporation to carry
out the Project, the Commission desires to declare its present
intention to issue debt obligations in an amount not expected to
exceed $6,000,000 for the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE PETALUMA
COMMUNITY DEVELOPMENT COMMISSION, AS FOLLOWS:
1. Subject to negotiation of final terms and
conditions, to completion of the necessary legal proceedings,
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and to the full satisfaction of the Commission as to such
matters, the Commission hereby declares its present intention to
provide financial assistance to the Corporation by issuing
revenue obligations in a principal amount not to exceed
$6,000,000 for the purpose of financing the Project.
2. Based on the foregoing, it is understood that the
availability of such financial assistance is a substantial
inducement to the Corporation to undertake the Project in a
manner desired by the Commission.
3. It is the purpose and intent of the Commission
that this resolution constitute official action toward the
issuance of obligations by the Commission to finance the Project
within the meaning of United States Treasury Regulation Section
1.103-8(a)(5).
4. Nothing herein contained shall be deemed to bind
the Commission to make any expenditure or to .incur any
indebtedness if the Commission, in its sole and absolute
discretion, determines at any time and for any reason not to
proceed with the Project.
5. In furtherance of the foregoing and in accordance
with Section 147 (f) of the Internal Revenue Code of 1986, the
Commission hereby gives notice that Monday, October 17, 1994, at
the hour of 7:00 p.m., in the City Council Chambers, City Hall,
11 English Street, Petaluma, California, be and the same are
hereby appointed and fixed as the time and place for a hearing
by the Commission on the question of whether or not the revenue
bonds should be issued, and when and where it will consider all
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`~ statements and written protests made or filed by any interested
person at or before the conclusion of said hearing, and when and
where it will consider and finally act upon the issuance of the
revenue obligations with respect to the Project.
6. The Recording Secretary of the Commission is
hereby directed to give notice of said hearing by causing such
notice, in substantially the form set forth in Exhibit A
attached hereto, to be published once in a newspaper of general
circulation circulated in the City of Petaluma, and by
conspicuously posting a copy thereof upon the official bulletin
board customarily used by the Commission for the posting of
notices, said publication and posting to be had and. completed by
September 26, 1994; and the Finance Director of the Commission
is hereby designated as the person to answer inquiries regarding
the hearing and any protest to the actions contemplated herein.
7. This resolution shall take effect from and after
its adoption.
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Adopted this 7th day of September, 1994, by the
following vote:
Commissioner
Barlas
Hamilton
Parkerson
Read
Shea
Vice Chair Sobel
Chair Hilligoss
Ave No Absent
X
X
X
X
X
X
X
. .
M.~Patricia Hilligoss Chair
ATTEST:
P Bernard, Recording Secretary
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