HomeMy WebLinkAboutRESO7415RESOLUTION NO. 7415
RESOLUTION APPROVING COOPERATIVE AGREEMENT
BETWEEN THE HOUSING AUTHORITY OF THE:
COUNTY OF SANTA CLARA AND THE CITY OF PALO ALTO
WHEREAS, the Housing Authority of the County of Santa
Clara (the "County Housing Authority") has determined to engage
in a multifamily rental housing finance program pursuant to
Section 34312.3 of the Health and Safety Code of the State of
California and related provisions (the "Act"), and to issue
revenue bonds to finance the construction or acquisition of
multifamily rental housing in the County of Santa Clara,. all as
provided for in the Act (the ".Program");
WHEREAS, the County Housing Authority has determined to
cooperate with the City pursuant to the Act in the exercise of
its powers under the Act and the Program for the purpose of
financing the acquisition and rehabilitation of a multifamily
rental housing development in the City of Palo Alto (the "City")
known as Arastradero Park Apartments (the "Project"), which will
be owned by a nonprofit public benefit corporation and is
intended to be occupied in part by low income persons; and
WHEREAS, the City has determined to cooperate with the
County Housing Authority pursuant to the Act in the exercise of
its powers under the Act and the Program for said purposes;
NOW, THEREFORE, the Council of the City of Palo Alto
does RESOLVE as follows:
1. The proposed form of cooperative agreement (the
"Cooperative Agreement") between the County Housing Authority and
the City, in substantially the form presented to this meeting, is
hereby approved.
2. The Mayor is hereby authorized and directed, for
and in the name and on behalf of the City, to execute and deliver
the Cooperative Agreement in substantially said form, with such
additions thereto or changes therein as such officers may
recommend or approve upon consultation with counsel, the approval
of such additions or changes to be evidenced conclusively by the
execution and delivery of the Cooperative Agreement.
SF2-33472.2 46779-2-E&B-11/04/94
3. This resolution shall take effect immediately upon
its passage and adoption.
INTRODUCED AND PASSED: November 28, 1994
AYES: ANDERSEN, FAZZINO, HUBER, KNISS,
WHEELER
NOES:
ABSENT:
ABSTENTIONS:
APPROVED AS TO FORM:
enior Asst. City Attorney
MCCOWN, ROSENBAUM, SCHNEIDER, SIMITIAN,
APPROVED:
Direct• of Finance
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Director of Planning and
Community Environment
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