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72 <br />Mayor Huntoon again spoke on the impact of these developments on City <br />services and his great concern. <br />Mr. Booth then stated that he would be willing to contribute $10,000 <br />towards the impact study that had been discussed earlier. <br />City Manager Elliott stated this company would stand to lose a great <br />deal of money if they cannot hold the sale of bonds tomorrow. <br />Mr. Dave Hibbard, representing Bancroft, O'Connor, Chilton & Lavell, <br />Underwriters, stated the lender has approved both of these projects, <br />and are anticipating closing the bond sale tomorrow in San Francisco. <br />Mr. Hibbard advised the purpose of putting the two projects together <br />was solely for the economies to the developer, and the bonds were put <br />together and classified as "A" Bond - being Indian Knoll Development - <br />and "B" Bond - being Reche Canyon Development. Mr. Hibbard said he <br />would make himself available to the Council Members if they have any <br />further questions relating to the bonds. <br />After additional discussion, moved by Councilwoman Cisneros, seconded <br />by Councilman Rios, to approve execution of Agreement of Cooperation <br />with the County Housing Authority and Resolution No. 4611. Vote was <br />unanimous. <br />RESOLUTION NO. 4611 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON APPROVING AN AGREEMENT OF COOPERATION <br />BETWEEN THE CITY AND THE HOUSING AUTHORITY OF <br />THE COUNTY OF SAN BERNARDINO AND AUTHORIZING <br />AND DIRECTING THE EXECUTION THEREOF. <br />Multi -Family Housing Bond Financing <br />Res. No. 4612 <br />City Manager Elliott reported Charles M. Heers, developer, does busi- <br />ness as "Cedarwood Apartments" and has submitted a proposal for develop <br />ment of a 512 -unit residential apartment complex on property located <br />at the northeast corner of Sycamore and San Bernardino Avenues, and ad <br />ditionally, has requested that the City consider issuing multi -family <br />housing bonds to provide tax exempt financing for the project, which -- <br />the City is empowered to do under the provisions of AB 665. <br />Mr. Elliott said in order to make this financing mechanism available to <br />the developer, providing the project receives all necessary local gover <br />meat approvals, Staff recommends that Resolution No. 4612 be adopted <br />and the developer be required to enter into a Developer Participation <br />Agreement, under which the developer would be obligated to repay any <br />expenses that might be incurred by the City. <br />Mr. Lawrence Lipp, representing Charles M. Heers and Cedarwood Apart- <br />ments, requested Council's consideration and approval on their request <br />for development of their project, utilizing the tax exempt financing. <br />After discussion, and upon recommendation of the City Attorney, Council <br />consensus was that the developer wait for thirty days, until the re- <br />sults of the impact study were known. <br />Mr. Dean Ashworth, Engineer for the project, stated he would have no <br />problem with a thirty day waiting period. <br />Bids mom <br />Res. No. 4617 <br />City Manager Elliott reported on the award of bid for the addition to <br />the administration building in the Electric Department.` <br />Mr. Elliott said Staff recommends the bid award be made to Penco <br />Builders, Inc., in the amount of $31,688, and adoption of Resolution <br />No. 4617, transferring funds in the amount of $4,688, to cover the <br />total amount of the addition. <br />Moved by Councilwoman Cisneros, seconded by Councilman Rios, awarding <br />bid to Penco Builders, Inc., for building addition in the Electric De- <br />partment, and approving Resolution No. 4617. Unanimous vote. <br />JUN 181*r <br />