3.4. SR 08-16-2010 - Laserfiche WebLink

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"Housing Unit" shall mean any one of the apartment units, each located in the Project, occupied by one person or family, and containing complete living facilities. "Land" shall mean the real property upon which the Project is situated. "Program" shall mean this program for the financing of the Project pursuant to the Act. "Project" shall mean the multifamily residential rental housing development consisting of 68 total Housing Units, of which 1 is a studio unit, 16 are one-bedroom units, 34 are two-bedroom units and 17 are three-bedroom units, to be acquired and substantially renovated by the Borrower, together with functionally related facilities. Section B. Program For Financing the Proiect. It is proposed that the City establish this Program to provide financing for acquisition and substantial renovation of the Project at a cost and upon such other terms and conditions as are set forth herein and as maybe agreed upon in writing between the City, the initial purchaser of the Bonds and the Borrower. The City expects to issue the Bonds as soon as the terms of the Bonds have been agreed upon by the City, the Borrower and the initial purchaser of the Bonds. The proceeds of the Bonds will be loaned to the Borrower to finance the acquisition and substantial renovation of the Project, to fund required reserves, to fund certain interest on the Bonds and to pay certain costs of issuing the Bonds. It is anticipated that the Bonds will have a final maturity of not to exceed forty (40) years and will bear interest at an average rate not to exceed 7.50% per annum. The Bonds will be priced to the market at the time of issuance. The City will hire no additional staff for the administration of the Program. Insofar as the City will be contracting with underwriters, legal counsel, Bond Counsel, the trustee, and others,. all of whom will be reimbursed from Bond proceeds and revenues generated by the Program, no administrative costs will be paid from the City's budget with respect to this Program. The Bonds will not be general obligations of the City, but are to be paid only from property of the Borrower pledged to the payment thereof, .which may include additional security such as credit enhancement. Section C. Standards and Requirements Relating to the Financing of the Proiect Pursuant to the Program. The following standards and requirements shall apply with respect to the operation of the Project by the Borrower pursuant to this Program: (1) Substantially all of the proceeds of the sale of the Bonds will be applied to the acquisition and substantial renovation of the Project and to the funding of appropriate reserves. The proceeds will be made available to the Borrower pursuant to the terms of one or more revenue agreements, which will include certain covenants to be made by the Borrower to the City regarding the use of proceeds and the character and use of the Project. (2) The Borrower, and any subsequent owner of the Project, will not arbitrarily reject an application from a proposed tenant because of race, color, creed, religion, national origin, sex, affectional preference, marital status, or status with regard to public assistance or disability. -2-