RES 00115 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 00-115 RESOI,UTION DECLARING THE INTENTION TO ISSUE AND SELL REVENUE BONDS TO PROVIDE FINANCING FOR A PROPOSED MULTI-FAMILY HOUSING PROJECT, AND RELATED MATTERS WHEREAS, the City of Pleasanton, Califomia (the "City") desires to assist Los Gatos Creek Apartments, LLC ("Los Gatos"), or an affiliate, in financing the costs of the acquisition mid construction of certain facilities and improvements, as described in Exhibit A, attached hereto and incorporated herein by this reference (the "Project"); and WHEREAS, Los Gatos has requested the City to assist in the financing of all or a portion of the Project with the proceeds from the sale of its revenue bonds (the "Bonds"); provided, however, that this Resolution shall not authorize nor require the issuance of the Bonds; and provided further that neither the faith and credit nor the taxing power of the City, nor any other funds of the City (except as provided for in connection with the issuance of the Bonds), shall be pledged to repay such Bonds if and when authorized; and WHEREAS, the City wishes to induce Los Gatos or a related entity (the "Developer") to acquire and construct the Prc~ject: and WHEREAS, prior to the issuance of the Bonds, the Developer desires to incur certain expenditures with respect to the Project ti'om its own available moneys, for which the Developer desires to be reimbursed from a portion of the proceeds from the sale of the Bonds, if and when issued; and WHEREAS. it is in the public interest, for the benefit and in furtherance of the public purpose of the City, that the City authorize the issuance of the Bonds for the aforesaid purposes; NOW, THEREFORE, THE CITY COUNCIl, OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: