1983 REG MTG MIN DEC 6 - Laserfiche WebLink

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City Manager Phil Elliott then read a list of events that will take place through- out the week honoring Richard Dauer and his family. 4 01 The Meeting was then adjourned to the Council Chamber Courtyard where everyone en- joyed a musical tribute to Rich Dauer by the Colton High School Band. PUBLIC HEARINGS: Financing/Bonds Res. No. 4389 Mayor Huntoon declared the Public Hearing open. Mayor Huntoon called upon the Bond Counsel, Best, Best & Krieger, for a Summary of the Proposed Financing. Mr. Francis J. Baum, of Best, Best & Krieger, stated the City Council has evidenced its intention to assist in financing the acquisition and construction of a multi- family rental housing project proposed to be constructed in Colton by First City Properties, Inc., and the financing would be undertaken pursuant to provisions of AB 665 by means of issuing revenue bonds that would be repaid by payments made by the developer pursuant to a loan agreement between the City and the develoner. Mr. Baum said that Resolution No. 4389 approves the financing of a multifamily rental housing project, and also contains a condition that the developer enter N into a Developer Participation Agreement with the City pursuant to which the developer would agree to reimburse the City for any fees or expenses incurred in connection with this financing in the event bonds were not issued. Q Mayor Huntoon asked if anyone desired to be heard on this matter. Q Moved by Councilwoman Cisneros, seconded by Councilman Rehrer, the Public Hearing was terminated. Unanimous vote. Moved by Councilwoman Cisneros, seconded by Councilman Rehrer, to approve RESOLU- TION NO. 4389. Unanimous vote. RESOLUTION NO. 4389 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AP- PROVING THE FINANCING OF A MULTIFAMILY RENTAL HOUSING PROJ- ECT. City Manager Elliott advised there were several other accompanying documents to Resolution No. 4389 for Council's consideration and approval, a proposal for Bond Counsel Services, Developer Participation Agreement, and acceptance of Security Pacific Capital Markets Group as managing underwriter. Mr. Elliott concluded Staff recommends acceptance and approval of these documents, and authorization of the Mayor to execute same. Moved by Councilman Rehrer, seconded by Councilwoman Cisneros, approving accompany- ing documents for Multifamily Rental Housing Project as outlined, and authorize Mayor to execute same. Unanimous vote. COMMUNITY SERVICES DIRECTOR'S REPORTS AND RECOMMENDATIONS: Assessment District No. 79-1 Director of Community Services Joe McGee reported from his memorandum regarding selection of a construction project administrator and inspection for Assessment District No. 79-1, advising that Staff had requested proposals from various local engineering firms, and eight responses were received ranging in fees from $34,500 to $78,400. Mr. McGee continued there is an agreement between Chuck King & Associates and Matt Kurlich, property owner of the Airport Commerce Center, providing those services; however, Brown & Nazarek, Bond Counsel for the District, have advised that retention of Chuck King & Associates by the City would constitute a conflict of interest, since Mr. King still has an interest in the property. Mr. McGee stated Staff recommends the firm of Berryman & Stephenson, Inc., as the Consultant on the project, a local company, with a not -to -exceed fee of $34,500, plus mileage and out-of-pocket expenses, which was based on the City's estimate of an 180 -day construction schedule. If the construction exceeds that length of time, Berryman & Stephenson, Inc., would bill additional charges based on their schedule of hourly rates attached to the proposal. Mr. McGee concluded Staff recommends the City Council authorize the City Manager to enter into an agreement with Berryman & Stephenson, Inc., for Consulting Services, the form of said agreement to be approved by the City Attorney. yc s Ig83