HomeMy WebLinkAboutResolution 92-296 11/16/1992Resolution No. 92-296 N.C.S.
1 of th~~ C:ity of I'c~t~~lum~i, C~aliforni~~
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3 RESOLUTION APPROVING THE ALLOCATION OF CORONA RANCH LOAN
4 PROCEEDS FOR DEVELOPMENT OF CORONA CRESCENT TOWNHOUSES
5 BY EDEN HOUSING, INC.
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7 WHEREAS, the five-acre site at the intersection of Ely Road and Sonoma Mountain
8 Parkway was donated to the City of Petaluma, per Development Agreement; and
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10 WHEREAS, that site was intended for subsequent donation to Eden Housing Inc., for the
11 purpose of providing housing for very-low, low and moderate income residents, and
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13 WHEREAS, to fulfill a requirement of one funding source of Corona Ranch, Eden
14 Housing Inc. must purchase the site from the City; and
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16 WHEREAS, it is the City's wish to comply with the spirit and intent of the development
17 agreement and, at the same time, retain the financing for the construction of the affordable
18 housing development;
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20 NOW, THEREFORE, BE IT RESOLVED that all Corona Ranch loan proceeds received
21 by the City of Petaluma will be deposited in the City's Housing Fund to be used by Eden
22 Housing Inc, to develop Corona Crescent Townhouses for first-time homebuyers.
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25 CorCresc / bg-10
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) §~X~~~P) meeting ,.r--- form
on the ....l~.tl1--...-..... day of ..............~`TQ.V.III.ib£5......................., 19..~~., by the -
following vote: .----.-- = -•- -- -. -
ity A orney
AYES: Read, Davis, Sobel, Nelson, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: None
ABSENT: WOOls~-' ~ „ ''/
r
ATTEST : ........................... .........- ....-... ... .................~ - --...-....:..~
City Clerk Mayor
(bunch File---- ...............................
CA 10-85 Res. No........9.~L.. .2.9.6..... N.C.S.