Resolution - 6465RESOLUTION NO. 6465
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA RELATING TO THE AVAILABILITY OF
FINANCIAL ASSISTANCE UNDER THE CITY'S RESIDENTIAL
AND COMMERCIAL REHABILITATION FINANCING PROGRAM
• RESOLVED BY THE CITY COUNCIL OF THE CITY OF WEST COVINA THAT:
WHEREAS, the legislature of the State of California has authorized
cities to make and purchase long-term, low interest rate loans to finance
residential and commercial rehabilitation in Residential Rehabilitation
areas in order to encourage investment within and to upgrade such areas
and has authorized cities to issue bonds to finance such loans; and
WHEREAS, property owners and businesses have proposed to the City,
that the City, in connection with its residential and commercial reha-
bilitation finance program make available financial assistance to
commercial properties within selected West Covina commercial areas; and
WHEREAS, the City's market consultant has determined that sufficient
demand exists for such a program, and the level of that demand; and
WHEREAS., the City, with the aid of its consultants has reviewed the
proposal and has determined that, subject to the hereinafter stated
qualifications, the providing of such financial assistance is in the
public interest; and
WHEREAS, the City Council wishes to induce property owners in
selected commercial areas to undertake rehabilitation projects;
NOW THEREFORE, the City Council of the City of West Covina does
resolve as follows:
1. Subject to completion of proceedings and other matters relating
thereto to the full satisfaction of the City, the City shall
provide financing assistance to individual property owners and
businesses from the proceeds of the above described bond pro-
gram.in the form of rehabilitation.financing loans in a total
aggregate amount not to exceed $2,000,000 for commercial
properties within selected areas.
2. Based on the foregoing, it is understood that the availability
of such financial assistance i.s a substantial inducement to
property owners to undertake rehabilitation activities to up-
grade said project areas.
3. The City Council encourages, subject to the foregoing described
terms in the adoption of supplemental resolutions relating to
lenders, property owners, and projects, the addition of lender
interest in this program, the addition.of property owner interest
in this program, and addition of projects to be financed with
proceeds of the.above described bond program.
4. The Mayor and the Staff of the City are hereby authorized and
directed to take whatever further action relating to the afore-
said financial assistance is deemed reasonable and desirable in
accordance with the laws of the State, and within the limitations
of any applicable laws of the United States of America.
APPROVED AND ADOPTED THIS 14th
ATTEST:
day of December, 1981.
MAYOR
City Council of the City
of West Covina
City Clerk
RESOLUTION NO.
L HEREBY CERTIFY that the foregoing Resolution No. 6465 was duly
adopted by the. City Council of the City of West Covina at a regular meeting
thereof held on the Ath-day of December by the following vote of the
Council:
• AYES: Bacon, Tennant, Tice, Shearer
NOES: None
ABSENT: Chappell
City Clerk
City.Council of the City
of West Covina
APPROVED AS TO FORM:
City Attorney