HomeMy WebLinkAboutCC Reso No 1985-68RESOLUTION N0. RS,hR
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE APPROV2NG THE ISSUANCE OF
BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE FOR THE ELSINORE LAKESIDE
INVESTORS-84, MERCURY SAVINGS AND LOAN
PROJECT IN THE PRINC2PAL AMOUNT OF $5,000,000.
WHEREAS, Elsinore Lakeside Investors-84 (the
"Developer"), has requested the issuance of bonds by the
Redevelopment Agency of the City of Lake Elsinore (the
"Agency") in the principal amount of $5,000,000 (the "Bonds")
to finance the acquisition and construction of a 128-unit
multifamily housing development located on a 6.2± acre parcel
of land located within the City of Lake Elsinore (the "City")
at 15189 and 15197 Lincoln Street, northwest of Riverside Drive
to be known as ~'Lakeside Apartments" (the "Project"); and
WHEREAS, the City Council of the City (the "City
Council") has heretofore adopted its Resolution No. 84-55,
supplemented by Resolution No. 85-23, and has heretofore
adopted its Resolution No. 85-22 expressing its intention to
finance the Project with an issue of tax-exempt revenue bonds
(such resolutions herein collectively referred to as the
"Inducement Resolution"); and
WHEREAS, the Agency is authorized, pursuant to Chapter
8(commencing with Section 33750) of Part 1 of Division 24 of
the California Health and Safety Code (the "Act") to issue the
Bonds to finance the Project; and
WHEREAS, the City Council desires to have the
financing of the Project completed and by this Resolution
desires to transfer the Inducement Resolution to the Authority;
and
WHEREAS, pursuant to the requirements of Section
103(k) of the Internal Revenue Code of 1954, as amended, the
City Council has conducted a public hearing regarding the
issuance of the Bonds by the Agency for the Project, notice of
which was published in the PRESS ENTERPRISE at least 14 days
prior thereto;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
_ the City of Lake Elsinore, California, as follows:
Section 1. The financing of the Project by the Agency
is hereby approved. Such approval includes approval of the
issuance of Bonds by the Agency in the amount not tb exceed
$5,000,000 pursuant to the Act for the purpose of financing the
Project.
Section 2. Said approval is expressly conditioned
upon compliance by the Developer with all planning, zoning,
building and other requirements of the City, including payment
of all applicable fees, which are prerequisites to the
construction and operation of the Project. Said approval is
granted without prejudice to the City's right to exercise
independent review of the Developer's compliance with each and
every one of such applicable requirements.
Section 3. The City hereby transfers the Inducement
Resolution to the Agency for adoption thereby.
Section 4. This Resolution shall take effect from and
after its adoption.
-2-
PASSED, APPROVED AND ADOPTED by the City Council of
the City of Lake Elsinore, California, this 22nd day of
October, 1985.
AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALENZUELA
NOES: COUNCILMEMBERS: ~ERP1ILLION
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEP16ERS: NONE
C~ i
f ~
ARTA VALENZUELA, May of the
City of Lake Els' ore
(SEAL)
ATTEST:
J ANN MONE~, City rk of
he Cit~= ~~4 Lake sinore
APPROVED AS TO FORM:
' ~'oC~~. ~. ~ ~ ~~,~.-s
JOHN R. H P R, City Attorney
of the City of Lake Elsinore
-3-
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
ss.
, I, Jo Ann Money City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of said
Council on the 22nd day of October, 1985 , and
that it was so adopted by the following vote:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
KNIGHT, MATSON, STRIGOTTE, ~ALENZUELA
VERMILLION
NONE
d~~
J ANN MONEY, C TY CLERK
Y OF LAKE ELSINORE
(SEAI_?
STATE OF CALIfORNIA )
) ss.
COUNTY OF RIVERSIDE )
I Jo Ann Money, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct
copy of Resolution No. 85-68 , of said Council, and that the same
has not been amended or repealed.
DATED: October 24, 1985
~ CiCn.~..--- / " ~ ~~vt~-v!
J {1NN MONEY, CITY CLERK
C Y OF LAKE ELSINORE
(SEAL)