CC Resolution 2001-130 RESOLUTION NO. 2001-130
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA, CALIFORNIA, APPROVING A
PROJECT AND THE ISSUANCE OF BONDS
RELATING THERETO
APPLICANT: DC & TC, LLC
MIRAFLORES SENIOR APARTMENTS
WHEREAS, the La Quinta Redevelopment Agency ("Agency"), pursuant
to a Resolution adopted therefor, entered into that certain Affordable Housing
Agreement, dated on or about December 20, 2000 ("Agreement"), with DC & TC, LLC
or its successor ("Developer") for the development of an affordable 118-unit senior
citizen rental apartment complex to remain affordable for a period of 55 years (the
"Project") located at the northwest corner of Avenue 48 and Jefferson Street
(Remainder Parcel of Tract No. 28601-1, as shown by Map on file in Book 278, Pages.
$6-90 of Maps, Records of Riverside County, California), City of La Quinta ("City");
and
WHEREAS, concurrent with the Agency's approval of the Agreement and
the Project described in the Agreement, the Agreement and the Project described
therein were also approved by the City Council of the City ("City Council") by adoption
of a Resolution approving the Agreement pursuant to the California Community
Redevelopment Law (Health & Safety Code § 33000 et seq.), in particular Health and
Safety Code Section 33433; and
WHEREAS, the purpose of the Agreement and the Project is to address
the need for housing available to senior citizens whose income does not exceed
moderate income as defined in California law; and
WHEREAS, by and through their respective approval of the Agreement,
the Agency and the City Council have approved the Project; and
WHEREAS, Developer has requested that the Agency issue certain tax-
exempt bond financing in a principal amount not to exceed $9,000,000, pursuant to
applicable provisions of federal law and federal income tax regulations to assist in the
development of the Project (the "Bonds"); and
WHEREAS, the City has published, or caused to be published, notice of
a public hearing regarding the financing of the Project with the Bonds; and
WHEREAS, a lawfully noticed public hearing has been conducted by the
City Council in relation to the financing of the Project with the Bonds; and
Resolution No. 2001-130
Issuance of Bonds - Miraflores Senior Apartments
Adopted' October 16, 2001
Page 2
WHEREAS, it is in the public interest and for the public benefit that the
City Council declares its approval of the Project and the issuance of the Bonds if such
bonds are not issued by the Agency.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of La
Quinta resolves as follows'
SECTION 1. The City Council approves the issuance of Bonds in an amount not
to exceed $9,000,000 for the purpose of paying a portion of the costs of developing
the Project.
SECTION 2. The Developer shall be responsible for the payment of all present
and future costs in connection with the issuance of the Bonds, including but, not
limited to, any fees or expenses incurred by the Agency in anticipation of the issuance
of the Bonds, the cost of issuing any official statement, rating agency costs, bond
counsel fees and expenses, underwriting discount and costs, trustee fees and
expenses, and the cost of printing the Bonds. The payment of principal, redemption
premium, if any, and purchase price and interest on the Bonds shall be solely the
responsibility of the Developer. The Bonds shall not constitute a debt of the City.
SECTION 3. The adoption of this Resolution shall not obligate (i) the City to
provide financing to the Developer for the acquisition, or development of the Project,
or to issue the Bonds for purposes of such financing; (ii) the City or any department
thereof, or the La Quinta Redevelopment Agency or any department thereof, to
approve any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning, or any other permit or other action necessary to
effectuate the Project.
SECTION 4. The City hereby approves of and memorializes the public approval
process set forth in the pertinent Subsections of 26 U.S.C. § 147(f). This Resolution
constitutes approval of the Project and the Bonds for the purposes thereof.
SECTION 5. This Resolution is approved expressly for the purpose of satisfying
the requirements of federal law with respect to issuance of the Bonds upon a tax
exempt basis.
SECTION 6. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Quinta City Council held on this 16th day of October, 2001, by the following vote, to
wit'
Resolution No. 2001-130
Issuance of Bonds - Miraflores Senior Apartments
Adopted' October 16, 2001
Page 3
AYES' Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pe~a
NOES' None
ABSENT' None
ABSTAIN' None
JO r
City o~[Jl_a Quanta, California
ATTEST'
J EK, CMC, City~=~rl~-
City of La Quinta, California
(City Seal)
APPROVED AS TO FORM'
M. K~.y.._...NE J ity Attorney
City b~ La Quinta, California