Laserfiche WebLink
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. R-24-90 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF COLTON MAKING CERTAIN <br />FINDINGS PURSUANT TO HEALTH AND <br />SAFETY CODE SECTION 33334.2(g) WITH <br />RESPECT TO THE COLTON SENIORS <br />HOUSING PROJECT <br />WHEREAS, there is a shortage in the City of Colton <br />(the "City") of decent, safe and sanitary housing which is <br />affordable by seniors in the lower end of the income spectrum <br />and a consequent need to encourage the construction of rental <br />units affordable by such persons and otherwise to increase the <br />housing supply in the City for such persons; and <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is authorized pursuant to Section 33750 <br />and following of the California Health and Safety Code (the <br />"Act") to provide assistance in financing multifamily <br />residential rental housing developments within a redevelopment <br />project area; and <br />WHEREAS, the Agency proposes to issue its revenue <br />bonds to assist in the financing of an approximately 100 -unit <br />seniors rental housing project (the "Housing Project") to be <br />owned by Colton Nonprofit Senior Housing, Inc. (the <br />"Developer"), which Housing Project is to be located in the <br />territorial jurisdiction of the City; and <br />WHEREAS, said revenue bonds are to be issued pursuant <br />to a trust indenture (the "Indenture") by and between the Agency <br />and State Street Bank and Trust Company of California, N.A. (the <br />"Trustee") in an aggregate principal amount not to exceed <br />