HomeMy WebLinkAbout83-35 - Multi-Family & Single-Family Projects'9
RESOLUTION NO. A4 -45
RESOLUTION OF THE CITY COUNCIL OF THE CITY
• OF NEWPORT BEACH AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE COOPERATIVE AGREEMENTS
WITH THE COUNTY OF ORANGE IN CONNECTION WITH
HOME MORTGAGE FINANCE PROGRAMS PROVIDING FOR
THE ISSUANCE OF REVENUE BONDS FOR THE
CONSTRUCTION OR DEVELOPMENT OF MULTI - FAMILY
AND SINGLE- FAMILY PROJECTS.
WHEREAS, on September 28, 1981, the City Council
of the City of Newport Beach adopted Resolution No. 11051,
amending the Housing Element of the General Plan consistent
with the provisions of Government Code Sections 65580, et seq,
(Roos Bill); and
WHEREAS, the City of Newport Beach is making a good
faith effort to implement the policies and programs contained
in the General Plan Housing Element; and
WHEREAS, Objective 7 of the Newport Beach General
Plan Housing Element is to "promote and assist in the develop-
ment of housing for low and moderate income households "; .and
WHEREAS, the implementation of Housing Element
Objective 7 calls for consideration of Tax Exempt Mortgage
Revenue Bond Programs to facilitate the development, construc-
tion and financing of housing for low and moderate income
households; and
WHEREAS, the Board of Supervisors of the County of
Orange ( "County ") has resolved to engage in home mortgage
financing programs ( "Programs ") pursuant to Chapter 7 of Part 5
of Division 31 of the Health and Safety Code of the State of
California ( "Act ") for persons and families within the income
• limits established by the Act and has determined to issue
revenue bonds pursuant to the Act to provide funds for the
Programs; and
WHEREAS, the Programs provide for the issuance of
bonds for the construction or development of multi - family and
single - family projects; and
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WHEREAS, implementation of the Programs within the
geographical boundaries of incorporated cities requires that
cities execute Cooperative Agreements with the County; and
WHEREAS, The Irvine Company, a local developer, has
requested that the City of Newport Beach ( "City ") enter into
a Cooperative Agreement With the County Relative to the Issuance
of Multi- Family Housing Revenue Bonds; and
WHEREAS, The Irvine Company specifically requests
approval of the Baywood Apartment Project for financing through
the issuance of Mortgage Revenue Bonds; and
WHEREAS, the request of The Irvine Company represents
the first specific.indication of interest by developers for
implementation of the Programs within Newport Beach; and
WHEREAS, concurrent approval by the City of a
Cooperative Agreement With the County Relative to Issuance of
Single - Family Housing Revenue Bonds would provide for possible
future participation by developers in such issues within Newport
Beach; and
WHEREAS, the City Council of the City of Newport
Beach finds and determines that it is desirable and consistent
with the adopted Housing Element.and the best general interests
of the City to consent to the implementation of the Programs
by the County within the geographical boundaries of the City
pursuant to the Act;
NOW, THEREFORE, the 'City Council of the City of
Newport Beach does hereby resolve as follows:
SECTION 1. The Mayor and City Clerk are hereby
authorized to execute Cooperative Agreements with the County
of Orange in connection with home mortgage finance programs
providing for the issuance of revenue bonds for the construc-
tion or development of multi - family and single - family projects
within the geographical boundaries of the City;
SECTION 2. The project known as the Baywood Apart-
ment Project, as referenced in the attached letter from The
Irvine Company, is specifically approved for financing pursuant
to the multi - family Cooperative Agreement.
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•
•
SECTION 3. This Resolution shall take effect
immediately upon adoption.
ADOPTED this 11th day of April , 1983.
�4
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF NEWPORT BEACH )
I, WANDA ANDERSEN, City Clerk of the City of Newport
Beach HEREBY DO CERTIFY that the foregoing Resolution,
No. was duly adopted at a regular meeting of the
City Council of the City of Newport Beach, held on the day
of 1983, by the following roll call vote:
AYES COUNCILMEMBERS: Hart, Heather, Maurer, Cox, Strauss,
Plummer, Agee
NOES COUNCILMEMBERS: None
ABSTAIN COUNCILMEMBERS: None
ABSENT COUNCILMEMBERS: None
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Wanda Andersen
City Clerk
City of Newport Beach
. J
19
550 Newport Center Drive, P.O. Box 1
Newport Beach, California 9266015
(714) 720.2000
March 22, 1983
Mr. Robert L. Wynn
City Manager
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California
SUBJECT: County Mortgage Revenue Bond Program
Dear Bob:
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City manager
on
Of Newport Beach ,
It is our understanding that the City Council has directed staff to solicit
responses from developers regarding potential use of the County's Mortgage
Revenue Bond Program for residential construction in Newport Beach.
We wish to inform you of our Company's interest in mortgage revenue bond
financing for multi - family residential projects in the City.
One multi - family development which we believe is appropriate for mortgage
revenue bond financing is the Baywood Apartment project. We intend to
proceed with construction of the Baywood project, which consists of 68
dwelling units, in the near future.
The North Ford residential site represents another potential multi - family
residential opportunity which could take advantage of future County bond
issues.
Given this expression of interest on our part, it would be appropriate, if
agreeable, for the City to enter into a cooperative agreement with the County
regarding future multi - family bond issues and to adopt a resolution authoriz-
ing participation in the Mortgage Revenue Bond Program for the Baywood
Apartment project. II
Thank you for your cooperation.
ISicerely, d G. im
resident
ity Development
cc: Mr. Gerald J. Bolint, Assistant to City Manager
Mr. James D. Hewicker, Director of Planning