HomeMy WebLinkAboutResolution 92-084 04/06/1992
Resolution No. 92-84 N,~,~,
of the City of Petaluma, California
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF PETALUMA
ON THE PUBLIC HEARING FOR
ISSUANCE OF MULTI-FAMILY RENTAL
HOUSING REVENUE BONDS
WHEREAS, Lynch Creek Co., L. P., a California Limited
Partnership (Developer), requested the City issue said Bonds to construct two
multi-family rental senior housing projects containing approximately 300 units.
WHEREAS, on December 16, 1991 the City Council adopted
Resolution No. 91-367 N.C.S. which stated the intent to Issue multi-family housing
revenue bonds.
dVI3EREAS, the planning and financing of 210 units in Phase I is
proceeding and construction is planned to begin in early summer, 1992.
WHEREAS, the Internal Revenue Code Section 147 (F) requires a
noticed Public Hearing to be conducted regarding the issuance of said Bonds.
WHEREAS, notice of the Public Hearing was published on March
22, 1992 in the Petaluma Argus Courier.
NOW, THEREFORE BE IT RESOLVED that the City Council
conducted said Public Hearing and heard comments, attached Exhibit "A"
regarding the issuance of multi-family rental housing revenue `bonds°'for"the
Chateau of Petaluma Project.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (1~j#~i~~llj) meeting f°~'
on the 6.t1~ ................... day of ............Apx.1.1................................-..., 19.92.., by the ~ ~
. ~ , /~,
following vote:
City Attorney
AYES: Read, Cavanagh, Sobel, Nelson, Vice Mayor Woolsey, Mayor Hilligoss
NOES: None
ABSENT: on
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ATTEST: ... -. -.......
City Clerk
CA 10-85
Council Fila......QQ ..............°--..........
Res. No. ....9.~.-.U.4............ N.C.S.
A
EXHIBIT A
PUBLIC HEARING COMMENTS
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RESO. 92-84 NCS
CHATEAU OF PETALUMA SENIOR HOUSING BONDS
Resolution 92-84 NCS Public Hearing for issuance of tax exempt multi-family housing
bonds for 210 units senior housing at the Chateau of Petaluma located at 325 North
McDowell Boulevard. Twenty percent of the units will be low income housing. The
developer will be have a letter of credit issued to secure the bonds. Upon approval of this
issuance, an application will be made to the California Debt Allocation Committee for
their May meeting. The hearing was opened. There being no one wishing to speak, the
hearing was closed. Neil Schultz, the developer, was present to answer questions. The
Resolution was introduced by Sack Cavanagh and seconded by Bonnie Nelson.
AYES: Read, Davis, Cavanagh, Sobel, Nelson
Vice Mayor Woolsey, Mayor Hilligoss
NOES: None
ABSENT: None
- Excerpt from April 6, 2992, City Council Minutes -
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