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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 />28 <br />RESOLUTION NO. 4504 <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, the Mayer Group, Inc. (the "Developer") has <br />requested assistance in financing the acquisition and construction <br />of an approximately 420 -unit multifamily rental housing project <br />proposed to be located at the northwest corner of Washington <br />Street and San: Antonio Drive in the City (the "Project"); and <br />WHEREAS, this City Council, in order to encourage and <br />foster the construction of multifamily rental housing development <br />within the City and as an aid and inducement to the Developer, <br />is willing to authorize the issuance of obligations in an amount <br />sufficient to provide financing for the Project subject to the <br />restrictions of the Act and all applicable California and federal <br />laws as they presently exist, provided that the Project receives <br />all necessary local government approvals of the City; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br />OF THE CITY OF COLTON, AS FOLLOWS: <br />Section 1. Findings. This City Council hereby determines <br />that the undertaking of the financing of the proposed Project by <br />