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264 RESOLUTION NO. R-151-86 - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON ESTABLISHING A PAY AND CLASSIFICATION PLAN FOR SPECIFIED POSITIONS OF THE EXECUTIVE UNIT OF THE CITY OF COLTON. TEFRA Hearing Res. Nos. R-152-86, R-153-86, R-154-86. Mayor Huntoon declared the Public Hearing open. Mayor Huntoon called upon Staff for a summary of the project and its proposed financing. Redevelopment Manager Jennifer Thornberry reported on the Casa Del Rio Project, located at Washington Street and Santo Antonio Drive in Cooley Ranch Redevelopment Project No. 4, stating in order to satisfy the fed- eral tax requirements established by the Tax Equity and Fiscal Respon- sibility Act of 1982 with respect to the tax exempt status of the bonds to be issued in this financing, it is necessary that the City Council conduct a TEFRA Hearing on the projects and their proposed financing. Mrs. Thornberry said the financing is being undertaken pursuant to the provisions of SB 99 and Section 33000 of the Health and Safety Code, and will involve the issuance of three series of residential rental mortgage revenue bonds by the Redevelopment Agency, which are repayable solely from payments made by or on behalf of the owners. Mr. Francis Baum, of Best, Best and Krieger, reported on the multifamily rental housing projects to be constructed by Fredricks Development Corp- oration, with the partnerships of Colton Apartments III and Colton Apart- ments IV, for 142 units, 172 units, and 130 units, financed as three series of multifamily housing revenue bonds in an amount not to exceed $5,7509000, $7,000,000, and $5,500,000, for Series A, B, and C respec- tively. Mr. Baum stated federal tax requirements with respect to the project require at least 20% of the units must be made available on a continuous basis to low and moderate income renters, and state law re- quires at least 10% of the units must be made available to very low in- come tenants at affordable rents. Mayor Huntoon asked if anyone present desired to speak on this matter. Mr. Art Gray, 813 Herberts Lane, Colton, stated he did not see why the City is building so many apartment complexes, as this will cause more traffic problems, additional City services, and congestion. Mr. John Longfield, 1809 Cottonwood, Colton, stated he was concerned about the increase in traffic from future tenants and the congestion of schools from families. Mr. Longfield said there are many new projects in Colton that are still vacant. Moved by Councilman Rehrer, seconded by Councilman Rios, the Public Hearing was terminated. Unanimous vote. Moved by Councilman Rios, seconded by Councilwoman Garcia, to approve Resolution Nos. R-152-86, R-153-86, and R-154-86. Unanimous vote. RESOLUTION NO. R-152-86 - RESOLUTION NO. R-153-86 - RESOLUTION NO. R-154-86 - Street Vacations Res. No. R-155-86 OCT 71906 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING THE FINANCING OF A MULTI- FAMILY RENTAL HOUSING PROJECT BY THE REDEVEL- OPMENT AGENCY FOR THE CITY OF COLTON. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING THE FINANCING OF A MULTI- FAMILY RENTAL HOUSING PROJECT BY THE REDEVEL-:"'' OPMENT AGENCY FOR THE CITY OF COLTON. A RESOLUTION OFTHE CITY COUNCIL OF THE CITY OF COLTON APPROVING THE FINANCING OF A MULTI- FAMILY RENTAL HOUSING PROJECT BY THE REDEVEL- OPMENT AGENCY FOR THE CITY OF COLTON.