RES 03044 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 03-044 WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CITY RELATING TO THE PROPOSED BUSCH GARDENS APARTMENTS Ponderosa Homes II Inc., a California corporation ("Ponderosa") has requested that the City of Pleasanton (the "City") issue multifamily housing revenue bonds (the "Bonds") in a principal amount not to exceed $16,000,000 and to lend the proceeds thereof to a partnership of which Ponderosa will be a parmer (the "Borrower"), to be used for the construction of a 172-unit senior apartment project currently known as the Busch Gardens Apartments (the "Project"), to be located on an approximately six-acre site at the northwest comer of Busch Road and Valley Avenue in the City; and a portion of the housing units in the Project will be rented to persons and families of vexy low income as required by the Internal Revenue Code of 1986, as amended (the "Code"); and the Bond will be considered to be "private activity bonds" under Section 142(a) of the Code, and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the Project approve the issuance of the Bonds following the holding of a public heating with respect thereto; and the City Council is the "applicable elected representative" of the City to hold such heating and approve the issuance by the City of the Bonds; and a public heating was held by the City Council on the 6th day of May, 2003, at the hour of 7:00 p.m., in the City Council Chambers, at 200 Old Bemal Avenue, Pleasanton, Califomia, following duly published notice thereof, and all persons desiring to be heard have been heard; and it is in the public interest and for the public benefit that the City Council, as the elected representative of the City, approve the issuance and delivery by the City of the Bonds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: