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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />t <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. R-93-89 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF COLTON APPROVING THE <br />FINANCING OF A SENIORS HOUSING <br />PROJECT BY THE REDEVELOPMENT AGENCY <br />FOR THE CITY OF COLTON <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is authorized pursuant to Section <br />33750 and following of the California Health and Safety Code <br />(the "Act") to provide assistance in financing multifamily <br />residential housing developments within redevelopment <br />project areas; and <br />WHEREAS, the Agency proposes to assist Colton <br />Nonprofit Senior Housing, Inc. in financing the construction <br />of an approximately 100 -unit seniors rental housing project <br />proposed to be located near the Civic Center in the City of <br />Colton (the "Project") by means of the issuance by the <br />Agency of its "Multifamily Housing Revenue Bonds, 1989 <br />Series A (GNMA Collateralized Mortgage Loan -Seniors Housing <br />Project)" (the "Bonds") in an aggregate principal amount not <br />to exceed $7,000,000; 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 Agency was duly published at least 14 <br />days prior to July 18, 1989, in a newspaper of general cir- <br />culation in the City, which notice set 7:30 p.m. on July 18, <br />1989, and the City Council chambers, as the time and place <br />for said hearing; and <br />WHEREAS, this City Council is the applicable <br />governmental unit to conduct said public hearing for <br />