HA1985/09/17Anaheim Civic Center. ANAHEIM HOUSING AUTHORITY
September 1~ 19'85~ 9:35 A.M.
PRESENT: AUTHORITY MEMBERS: Bay, Pickler, Overholt and Roth
ABSENT: AUTHORITY MEMBERS: Kaywood
PRESENT: CITY MANAGER: William O. Talley
CITY ATTORNEY: Jack White
SECRETARY: Leonora N. Sohl
EXECUTIVE DIRECTOR OF COMMUNITY DEVELOPMENT/PLANNING:
Norman J. Priest
Chairman Roth called the regular meeting of the Anaheim Housing Authority to
order at 10:06 a.m.
MINUTES: Authority Member Pickler moved to approve the minutes of the regular
meeting held August 13, 1985. Authority Member Bay seconded the motion.
Authority Member Kaywood was absent. MOTION CARRIED.
FINANCIAL DEMANDS AGAINST THEANAHEIM HOUSING AUTHORITY in the amount of
~'9,241.71 and $41.80 of Public Housing Authority Bonds, in accordance with the
1985-86 Budget, were approved.
177/137: BOND ISSUE - MULTI-FAMILY CONGREGATE CARE RESIDENTIAL PROJECT:
Councilman Pickler offered Resolution No. AHA85-17 for adoption, authorizing
the issuance of bonds in an amount not to exceed $5,000,000 for the purpose of
financing the acquisition and construction of a multi-family congregate care
residential rental project, West Anaheim Royale, to be located at 631 South
Beach Boulevard.
Prior to voting on the Resolution, Authority Member Bay posed questions about
the source of the bonds to be issued, expressing concern that the City could
be tapping out most of its portion of the Industrial Development Bonds for the
year and, therefore, the Industrial Development Board should be given an
opportunity to review the proposal; he was also concerned that the Housing
Authority should be given more detailed information when Housing Development
is proposed using sources of revenue other than Federal or State funds.
Executive Director Norman Priest reported that the bonds proposed to be
utilized were mortgage revenue bonds which, technically, fall into the general
category of industrial revenue bonds and will be derived from the City's
portion of California's allocation for the calendar year 1985. The proposal
was not taken to the Industrial Development Board since their expressed
interest has been Industrial Development. To date, the City has used nearly
$3 million of its approximately $12 million portion, and no other developer
applicants have indicated that they would be seeking further bonding this
year. The developer for West Anaheim Royale needs as much time as possible to
ensure that the bond issue goes out this year, so there is some urgency to the
~ction proposed. As Federal and State programs to fund Housing diminish, new
sources of revenue must be sought to meet Housing needs. He stated that a
more detailed report would be provided to Authority Members.
85-41
Anaheim Civic Center~ ANAHEIM HOUSING AUTHORITY
September 17~ 1985~ 9:35 A.M.
Refer to Resolution Book.
RESOLUTION NO. AHA85-17: A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION
AND CONSTRUCTION OF A MULTIFAMILY CONGREGATE CARE RESIDENTIAL RENTAL PROJECT.
(WEST ANAHEIM ROYALE, A GENERAL PARTNERSHIP)
Roll Call Vote:
AYES:
NOES:
ABSENT:
AUTHORITY MEMBERS: Pickler, Overholt and Roth
AUTHORITY MEMBERS: Bay
AUTHORITY MEMBERS: Kaywood
The Chairman declared Resolution No. AHA85-17 duly passed and adopted.
~30t~WT: Authority Member Pickler moved to adjourn. Authority Member
Pickler seconded the motion. Authority Member Kaywood was absent. MOTION
CARRIED. (10:18 a.m.)
LEONORA N. SOHL, SECRETARY
85-42