RES-8201 Intent to Provide for Issuance of Obligations to Provide FinancingRESOLUTION NO. 8204
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE INDICATING ITS INTENT TO PROVIDE
FOR THE ISSUANCE OF OBLIGATIONS TO PROVIDE
FINANCING IN CONNECTION WITH THE MULTI-
FAMILY HOUSING PROJECT (VILLA SANTIAGO)
PROPOSED BY BERTRAM PARTNERS, A CALIFORNIA
LIMITED PARTNERSHIP
WHEREAS, the City Council of the City of Orange is authorized pursuant to Chapter 7
commencing with Section 52075) of Part 5 of Division 31 of the Health and Safety Code (the
Act"), to provide financial assistance for multi-family residential developments within
the City;
and WHEREAS, Bertram Partners, a California Limited Partnership (the "
Developer"),proposes to acquire and substantially rehabilitate a 260 unit multi-family
rental housing development (the "Villa Santiago Project") located on the west side of Prospect
Street between Chapman A venue and Spring Street in the City of
Orange; and WHEREAS, the City, as an inducement to the Developer, is willing to state the
City's present intention to issue obligations in an amount sufficient to provide financing
for the Project, subject to the res(rictions of local ordinance and all applicable state and federal
laws as they presently exist, providing that the Project receives all necessary
governmental approvals.NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Orange
as follows:Section I. Subject to the completion of the proceedings and other
matters relating thereto to tbe full satisfaction of the City Council, and subject to the
proposed Project receiving all necessary governmental approvals, the City Council hereby states
its present intention to provide financial assistance to the Developer, its successors to assigns
or such other person or entity approved by the City, for the Villa Santiago Project through
the issuance of obligations in an amount of approximately $20,000,000 or such higher amount
as is necessary to finance
the Project.Section 2. The obligations to be issued shall be a special obligation of the
City payable solely from revenues to be received by the City pursuant to a loan, loans or
other financing agreement in a form acceptable to the City and the Developer and shall not be
a general obligation of the City, State or any political subdivision of
the State.Section 3. It is intended that this Resolution shall constitute "official
action" toward the issuance of indebtedness and expressly declares the City's "official intent" to
reimburse the Developer from bond proceeds for any "original expenditures" incurred by it or
other with respect to the Project within the meaning of the Internal Revenue Code of 1986,
The adoption of this Resolution shall not bind the City to issue bonds until and unless all other
necessary actions and approvals are taken or received in accordance with all applicable laws.
The adoption of this Resolution does not and shall not limit in any manner whatever the City's
full discretion to deny any further permit or approval that may be necessary for ultimate
completion of the proposed Project.
Section 4. The City Manager is hereby authorized and directed to pursue a request for
allocation from the California Debt Limit Allocation Committee, and all previous actions of
the City Manager in applying for such allocation are hereby ratified, confirmed and approved
provided no expenditure of general City funds shall be committed thereby.
Section 5. This Resolution shall take effect immediately upon adoption.
PASSED, APPROVED, AND ADOPTED this 20th day of July 1993.
CITY OF ORANGE, a Municipal Corporation
AITEST:
0 04~/#"V-
City Clerk 0 the ~ qt:::OTange
GENE BEYER
Mayor of the City of Orange
t!:of~?v
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
City Council of the City of Orange at a regular meeting thereof held on the 20th day of
July , 1993 by the following vote:
A YES: COUNCIL MEMBERS: SPURGEON, BARRERA, MAYOR BEYER, COONTZ, MURPHY
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
1f7Udd~Y~
City Clerk of e City of range
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