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LAW OFFICES OF <br />BEST, BEST & KRIEGER <br />MEMORANDUM <br />February 27, 1990 <br />TO: HONORABLE MAYOR, MEMBERS OF THE CITY COUNCIL, CITY <br />MANAGER AND CITY ATTORNEY OF THE CITY OF COLTON <br />FROM: BOND COUNSEL <br />RE: REDEVELOPMENT AGENCY FOR THE CITY OF COLTON, <br />SENIORS HOUSING PROJECT, MULTIFAMILY HOUSING <br />REVENUE BONDS <br />The Redevelopment Agency for the City of Colton <br />proposes to issue its Multifamily Housing Revenue Bonds <br />(Seniors Housing Project) 1990 Series A (the "Bonds") in <br />order to provide financing for the construction and <br />acquisition of the 100 -unit seniors apartment complex in the <br />City (the "Project") to be owned and operated by Colton <br />Nonprofit Senior Housing, Inc. (the "Owner"). <br />The Community Redevelopment Law requires the City <br />Council to approve the issuance of any bonds by the <br />Agency. We would recommend adoption of the attached resolu- <br />tion in order to allow the Agency to issue the Bonds. <br />Francis J. Baum <br />fjb0067a <br />