HomeMy WebLinkAbout1990-08-14 - AGENDA REPORTS - CANYON CLUB APARTMENTS PROJ (2)AGENDA REPORT
City Manager
Item to be presented'b : t
CONSENT CALENDAR Lynn M. Harrisdnn/�
DATE: August 14, 1990
SUBJECT: L.A. County Community Development Commission
Cooperative Agreement - Canyon Club Apartments Project
Resolution No. 90-149
DEPARTMENT: Community"Development
BACKGROUND
The L.A. County Community Development Commission requests that the Council
adopt a resolution authorizing the execution of a cooperative agreement. with
the Los Angeles County Housing Authority. The purpose of the agreement is to -
allow Los
oallow-Los Angeles County, to issue tax exempt multi -family housing revenue
bonds for the Canyon Club Apartments project, located at 26035 Bouquet Canyon.
Road. This project consists of 169 units and .provides residential "units for
active senior citizens 55 years of age or above. The project met all code
requirements and received final approval on March 2, 1990.
A similar resolution was adopted by City Council on May 23, 1989. Resolution .
89-60 authorized the execution of the Cooperative Agreement between the County
of Los Angeles and the City of Santa Clarita for the Sand Canyon Villas
project, located at the corner of Soledad Canyon Road and Oak Springs Canyon
Road.
ANALYSIS
It is necessary that the Council adopt the attached resolution authorizing the
execution of a cooperative agreement. The agreement enables the Los Angeles
County Housing Authority to issue tax-exempt bonds on the City's behalf, thus
providing permanent financing for Canyon Club Apartments. Tax-exempt bond
financing provides that twenty percent (20%) of the rental units be limited to
$418 (1BR) and $469 (2BR). These units will be reserved for active senior
citizens earning 50% of area median income or less.
No City general funds will be used for the issuance of the bonds all fees and
costs related to the issue will either be paid from the proceeds of the bond
sale or by the Developer. Through the adoption of Resolution No. 90-149,
active senior residents in the City of 'Santa Clarita may benefit from lower
rent levels on a portion of the units.
1. Adopt Resolution No. 90-149 authorizing the execution of the Cooperative
Agreement with the Los Angeles County Housing Authority for the purpose
of issuing multi -family housing. revenue bonds for the Canyon Club
Apartments project.
Ad ►pied:
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2. Instruct•the City Manager to.sign the Cooperative Agreement.
ATTACHMENTS
1. Resolution No. 90=149
2. Cooperative Agreement
RESOLUTION NO. 90-149
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA
STATE OF CALIFORNIA
RESOLUTION ADOPTING COOPERATIVE AGREEMENT
BETWEEN THE HOUSING AUTHORITY OF THE COUNTY OF LOS ANGELES
AND THE CITY OF SANTA CLARITA
WHEREAS; there is a shortage of safe and sanitary
housing within the County of Los Angeles (the "County") and
within the City of Santa Clarita (the "City"), particularly for
low and very low income persons, and a consequent need to
encourage the development of multifamily rental housing in the
County and in the City; and
WHEREAS, the Housing Authority of the County of Los
Angeles is authorized by the provisions of Section 34312.3 of
the Health and Safety Code of the State of California and
related provisions (the "Act") to issue revenue bonds to
finance the construction or acquisition of multifamily
projects; and
WHEREAS, the Housing Authority of the County of Los
Angeles has adopted a resolution of inducement for the Canyon.
Club Apartments Project, a senior rental housing development
consisting of 169 units, located at 26035 Bouquet Canyon Road,
City of Santa Clarita; and in order to permanently finance the
Project, the County Housing Authority intends to issue
tax-exempt multifamily housing revenue bonds pursuant to the
Act; and
WHEREAS, the County Housing Authority and the City
may enter into an agreement to join or cooperate with one
another in the exercise jointly or otherwise of all of their
powers under the Act for the purpose of financing the Project.
THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, RESOLVES:
1. The proposed form of cooperative agreement (the
"Cooperative Agreement") between the County Housing Authority
and the City, in substantially the form attached hereto, is
hereby approved.
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2. The City Manager is hereby authorized and
directed for and in the name of and on behalf of this Council
and the City, to execute and deliver the Cooperative Agreement.
with the County Housing Authority in substantially said form,
with such additions thereto or changes therein as -he may
recommend or approve upon consultation with the City Attorney,
the approval of such additions or changes to be evidenced.
conclusively by the execution and delivery of the Cooperative
Agreement.
3. This resolution shall take effect immediately
upon its passage and adoption.
The City Clerk shall certify the adoption of this
Resolution.
of
ATTEST:
PASSED, APPROVED AND ADOPTED this
, 19_.
CITY CLERK
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day
MAYOR
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by. the City Council of the City of Santa Clarita
at a regular meeting thereof, held on the day
of , 19_, by the following vote of the.
Council:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
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CITY CLERK