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1 RESOLUTION NO. 4464 <br />2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON INDICATING ITS INTENT TO PROVIDE <br />-3 FOR THE ISSUANCE OF OBLIGATIONS TO PROVIDE <br />ASSISTANCE IN FINANCING A MULTIFAMILY RENTAL <br />4 HOUSING PROJECT <br />5 <br />6 WHEREAS, the City Council of the City of Colton ("thin <br />7 City Council") is authorized pursuant to Chapter 7 (commencing <br />8 with Section 52075) of Part 5 of Division 31 of the California <br />9 Health and Safety Code (the "Act") to provide assistance in <br />10 financing multifamily residential rental housing developments <br />11 within the City of Colton (the "City") ; and <br />12 WHEREAS, Fredericks Development Corporation has <br />13" requested assistance in financing the construction of an approxi - <br />14 mately 625 -unit multifamily rental housing project proposed to <br />15 be located on 25 acres located at Washington Street and Santo <br />16 Antonio Drive, being Parcels 1 and 2 of Tract 7981, all in the <br />17 City (the "Project") ; and <br />18 WHEREAS, this City Council, in order to encourage and <br />19 foster the construction' of multifamily rental housing develop <br />20 menet within the City and as an aid and inducement to the <br />21 Developer, is willing to authorize the issuance of obligations <br />22 in an amount sufficient to provide financing for the Project <br />23 subject to the restrictions of the Act and all applicable Cali <br />24 fornia and federal laws as they presently exist, provided that <br />25 the Project receives all necessary local government approvals of <br />26 the City of Colton; <br />27 NOW, THEREFORE, BE IT RESOLVED by the City Council- of <br />28 the City of Colton as follows <br />