HomeMy WebLinkAbout84-57 - North Ford Residential Project FinancingRESOLUTION NO. 84 -57
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING FINANCING FOR
THE NORTH FORD RESIDENTIAL PROJECT UNDER THE
COUNTY OF ORANGE MORTGAGE REVENUE BOND PROGRAM
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 development 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, construction 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 Program; and
WHEREAS, the Programs provide for the issuance of bonds for the
construction or development of multi - family and single - family projects; and
WHEREAS, implementation of the Programs within the geographical
boundaries of incorporated cities requires that cities execute Cooperative
Agreements with the County; and
WHEREAS, the City Council on April 11, 1983 authorized execution of
such a Cooperative Agreement with the County; and
WHEREAS, The Irvine Company specifically requests approval of the
North Ford Residential Project for financing through the issuance of Mortgage
Revenue Bonds; 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
GRD243 -1 6/15/84
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 project known as the North Ford Residential Project,
•as referenced in the attached letter from The Irvine Company, is specifically
approved for financing pursuant to the multi-.family Cooperative Agreement.
SECTION 2. This Resolution shall take effect immediately upon
adoption.
ADOPTED this 11th day of June , 1984.
Mayo
ATT ST:
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. 84 -57 was duly adopted at a
regular meeting of the City Council of the City of Newport Beach, held on
the 11th day of June 1984, by the following roll call vote:
AYES COUNCILMEMBERS: Hart, Heather, Cox, Plummer, Agee
NOES COUNCILMEMBERS: Strauss
ABSTAIN COUNCILMEMBERS: None
ABSENT COUNCILMEMBERS: Maurer
Wanda Andersen
-City Clerk
City of Newport Beach
GRD243 _2 6/15/84