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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. 4538 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON APPROVING THE FINANCING <br />OF A MULTIFAMILY RENTAL HOUSING PROJECT <br />WHEREAS, the City of Colton (the "City") is authorized <br />pursuant to Chapter 7 (commencing with Section 52075) of Part 5 <br />of Division 31 of the California Health and Safety Code (the <br />"Act") to provide assistance in financing multifamily residential <br />rental housing developments within the City; and <br />WHEREAS, 700 Market Street Associates IX, a California <br />general partnership (the "Developer"), has requested assistance <br />in financing.the construction of an approximately 208 -unit <br />multifamily rental housing project proposed to be located at <br />1316 Meadow Lane in the City (the "Project"); and <br />WHEREAS, the City, in order to encourage and foster <br />the construction of multifamily rental housing development <br />within the City and as an aid and inducement to the Developer, <br />evidenced its intention by its resolution adopted February 21, <br />1984, to issue its obligations to provide financing for the <br />Project subject to the restrictions of said resolution, the <br />Act and all applicable California and federal laws ,as they <br />presently exist; and <br />WHEREAS, notice of a public hearing to be conducted <br />by this City Council with respect to the proposed financing <br />of the Project by the City was duly published at least 14 days <br />prior to December 18, 1984, in a newspaper of general circula- <br />tion in the City, which notice set 7:30 p.m. on December 18, <br />1984, and the City Council chambers..as the time and place for <br />said hearing; and <br />