HomeMy WebLinkAbout23122 RESOLUTION NO. 23122
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING,
AUTHORIZING AND DIRECTING EXECUTION OF A
RELEASE OF REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS WITH
MILLENNIUM HOUSING CORPORATION, FOR THE
REFINANCING OF A 254-SPACE MOBILE HOME PARK
KNOWN AS SAHARA MOBILE HOME PARK AT 1955
SOUTH CAMINO REAL. A6230.
WHEREAS, the City previously issued its Mobile Home Park Revenue Bonds
(Sahara Mobile Home Park) Series 2002A and its Mobile Home Park Subordinate
Revenue Bonds (Sahara Mobile Home Park) Series 2002E (collectively, the 'Bonds');
and
WHEREAS, the City loaned the proceeds of the Bonds to the Borrower pursuant
to a loan agreement dated as of May 1, 2001 (the "Loan Agreement') among the City,
the Trustee and the Borrower to provide financing for a 254-space mobile home park
known as the Sahara Mobile Home Park located on certain real property in the City of
Palm Springs, County of Riverside, California, more particularly described in Exhibit A
attached hereto (the "Project'); and
WHEREAS, as a condition of the issuance of the Bonds and the loan of the
proceeds thereof to the Borrower, the City required the Borrower to agree to certain
restrictions running with the land as set forth in that certain Regulatory Agreement and
Declaration of Restrictive Covenants, dated as of May 1, 2002, filed in the records of
Riverside County, California on the 6th day of June, 2002 as Instrument
No. 2002-305969 (the "Regulatory Agreement'); and
WHEREAS, the Independent Cities Finance Authority (°ICFA") is issuing its
Mobile Home Park Revenue Refunding Bonds (Sahara Mobile Home Park) Series
2012A, its Mobile Home Park Subordinate Revenue Refunding Bonds (Sahara Mobile
Home Park) Series 2012B and its Mobile Home Park Subordinate Revenue Refunding
Bonds (Sahara Mobile Home Park) Series 2012C (Federally Taxable) (collectively, the
"Refunding Bonds") for the purpose of refunding the outstanding Bonds; and
WHEREAS, in connection with the issuance of the Refunding Bonds, ICFA, the
Trustee and the Borrower will enter into a Regulatory Agreement and Declaration of
Restrictive Covenants dated as of May 1, 2012 (the "2012 Regulatory Agreements")
pursuant to which the Borrower will agree to restrict the use of the Projects to ensure
that the Projects will be used and operated in accordance with the Internal Revenue
Code of 1986, as amended (the "Code") and Chapter 8, Part 5 of Division 31 of the
California Health and Safety Code (the "Act'); and
Resolution No. 23122
Page 2
WHEREAS, the Borrower has requested and the City and the Trustee have
agreed that the lien and restrictions of the Regulatory Agreement be released and
terminated pursuant to the terms of this Release; and
WHEREAS, the City Council of the City has determined that the operation of the
Project by the Owner in accordance with the laws and ordinances of the City and in
accordance with a proposed regulatory agreement to be recorded on the Project shall
help the City satisfy its affordable housing obligations and will lessen the burden of the
City to provide affordable housing for low and very low income residents of the City; and
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The above findings are true and correct and are adopted findings of
the City Council of the City of Palm Springs.
SECTION 2. A Release of Regulatory Agreement and Declaration of Restrictive
Covenants by and between the City of Palm Springs and Millennium Housing
Corporation, a California nonprofit public benefit corporation, and 'Union Bank, N.A. a
National Banking Association, as Trustee, is hereby approved.
SECTION 3. The City Manager is hereby authorized and directed to execute all
documents, related to the Project and the purposes of this Resolution.
ADOPTED THIS 181" DAY OF APRIL, 2012.
David H. Ready, City ger
ATTEST:
ames Thompson, City Clerk
Resolution No. 23122
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 23122 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on April 18, 2012, by the
following vote:
AYES: Councilmember Hutcheson, Councilmember Lewin, Councilmember Mills
Mayor Pro Tern Foat, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
ames Thompson, City Clerk
City of Palm Springs California
EXHIBIT A
LEGAL DESCRIPTION OF LAND
The real property is situated in the City of Palm Springs, County of
Riverside, State of California,and is described as follows:
THE WEST HALF OF THE SOUTHEAST QUARTER OF THE NORTHWEST
QUARTER AND THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER
OF THE NORTHWEST QUARTER OF SECTION 26, TOWNSHIP 4 SOUTH,
RANGE 4 EAST, SAN BERNARDINO BASE AND MERIDIAN IN THE CITY OF
PALM SPRINGS,COUNTY OF RIVERSIDE, STATE OF CALIFORNIA.
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