Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />M <br />RESOLUTION NO. 4341 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON INDICATING ITS INTENT TO PROVIDE <br />FOR THE ISSUANCE OF OBLIGATIONS TO PROVIDE <br />ASSISTANCE IN FINANCING A MULTIFAMILY RENTAL <br />HOUSING PROJECT <br />WHEREAS, the City Council of the City of Colton ("this <br />City Council") is authorized pursuant to Chapter 7 (commencing <br />with Section 52075) of Part 5 of Division 31 of the California <br />Health and Safety Code (the "Act") to provide assistance in <br />financing multifamily residential rental housing developments <br />within the City of Colton (the "City") ; and <br />WHEREAS, First City Properties, Inc., a California <br />corporation (the "Developer"), has requested assistance in <br />financing the construction of an approximately 256 -unit multi- <br />family rental housing project proposed to be located at the <br />northeast corner of Mount Vernon Avenue and Washington Street in <br />the City (the "Project"); and <br />WHEREAS, this City Council, in order to encourage and <br />foster, the construction of multifamily rental housing develop- <br />ment within the City and as an aid and inducement to the <br />Developer, is willing to authorize the issuance of obligations <br />in an amount sufficient to provide financing for the Project <br />subject to the restrictions of the Act and all applicable Cali- <br />fornia and federal laws as they presently exist, provided that <br />the Project receives all necessary local government approvals of <br />the City of Colton; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Colton as follows: <br />