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Agenda Report - February 6, 1985 (74)
-t N MU4GE REVENUE Agenda item K-2 "Request for City involvement in Wrtgage BCND PROCEDL ES Revenue Bond Procedures re: .APPFOM a) Woodbrook Apartments �. b) Noma Ranch Apartments c) Turner Road Apartments d) Pleasant View Apartments e) Hutchins Apartments was introduced by City Attorney -Stein and City Manager Glaves. An indepth presentation of the subject was made at she Informttl Informational ' eeting of February 5, 1985. Mr. Pat Dimingham, of the Ounningham Conpany addressed the Council and responded to questions regarding the subject as were posed by Council. FEE ESTABLISHED Following discussion, Council, on motion of Mayor Pro Tempore Hinchman, Olson second, adopted Resolution No 85-23 �itES. 85-23 establishing a fee for the processing of mortgage revenue bond projects of one-fourth of 1 percent (.25%) of the principal amount of financing, due at the closing of financing. The motion carried by unanimous vote of all Council Members present. RFS. NO. 35-24 RES. NO. 85-25 RFS, NO. 85-27 R�S. NO. 85-28 On motion of Council tlieffaer Olson, Hinch-nan second, Council adopted the following Resolutions of Intention to issue Bonds to finance multifamily hou.;ing developments azid the Preliminary Agreements, and authorized the A'layor and City Clerk to execute the subject documents on behalf of the City: Resolution No. 85-24 Resolution No. 85-25 Resolution No. 85-26 Resolution No. 85-27 Resolution No. 85-28 Woodbrook Apartments lana Ranch Apartments Turner Road Apartments Pleasant View Apartments Hutchins Apartments The motion w -is carried by unanimous vote of all Council Members present. TO: THE CITY COUNCIL FROM: THE CITY MANAGER'S OFFICE NCIL COi1ZMUNICATIO . DATE NO. February r, 1985 SUBJECT: FEES FOR PROCESSING N40RTGAGE REVENUE BONDS - It is hereby recommended that the City Council, b; Resoluti..-n action, establish an Administration Fee of or..: -fourth of 1 percent (.25%) of the principal amount of financing, which amot,nt would be due at the closing of financing for the processing of Mortgage Revenue Bonds. Bonding. Counsel Molly Arnold of Orrick Herrington and Sutcliffe reconnnends that the Preliminary Agreements affixed to the five Resolutions of Intention to issue Bon_c:S to Finance Mult=-family Housing Development before the Counci, this evening be amended as follows to establ".sh the recomrcended fee: PRELIMINARi' AGREEMENT (Amended as to paragraph 3 only) 3. The Developer agrees to pay any and all posts incurred by the City, including without I imitation, a non-refundable administration fee in the amount of one-fourth of 1 percent (.25%) of the principal amount of the financing, due at the cluing of financing, and legal expenses and the amount of any judgement or settlement which follows proceedings in which the developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the p-oceeds thereof. ROnaTd M. 9t e 121 ---------------- Ci ty Al. torney Alice FA. Reir^che Ci tv Clerk Mr. James B. Schroeder Community Development Director City of Lodi 2'1West Pine :street Lodi, California 9-5240 Dear Mr. Schroeder: D 31 January 1985 • PI AMC • Renault We would like to request the City of Lodi's assistance in obtaining the lax Exempt Bonds. As previously mentioned, the authority to sell the tax exempt bonds comes from Sec. 103 (b)(4) e. of the Internal Revenue service code of 1954. :The State of California has authorized sale of the bonds in,er AB665 ani other state and local authorizations may apply. An approval by the City Council to issue a resolution is necessary for us to proceed with this financiTig program. Your prompt reply to the above request would be greatly appreciated. Sincerely DARE' President DG:el i 1 Lodi 2091369-4725 • Stockton 209/466-8571 • 1045 S. Cherokee Lane, Lodi, CA 95240 • P.O. Box 1210, Lodi, CA 95241 CITY COUNCIL JOHN R. (Randy) SNIDER. Mayor DAVID M. HiNCHMAN Mayor Pro Tempore EVELYN M. OLSON JAMES W. PINKERTON. Jr. FRED M. REID CITY OF. LODJ-"L- CITY HALL, 221 WEST PINE STREET POST OFFICE BOX 320 LODI, CALIFORNIA 95241 (209) 334-5634 February 11, 1985 itlr. Daryl Geweke President Geweke Ford 1045 South Cherokee Lane Lodi, CA 95240 Dear Mr. Geweke: HENRY A. CLAVES. Jr. City Manager ALICE M. REIMCHE City Clerk RONALD M. STEIN City Attorney This letter will confirm the actions of the Lodi City Council taken at the regular meeting of February 6, 1985 regarding the issue of Mortgage Revenue Bonds. Council adopted Resolution No. 85-23 - Resolution Establishing Fees for Processing Mortgage Revenue Bonds. We have enclosed a certified copy of this Resolution for your files. Further, Council adopted Resolution Nos. 85-24 through 85-28 - Resolutions of Intention to issue Bonds to Finance Multifamily Housing Developments as follows: Woodlake Apartments Noma Ranch Apartments Turner Road Apartments Pleasant View Apartments Hutchins Apartments Should you have any questions regarding this matter, please do not hesitate to call. Very truly yours, Alice M. Reimche City Clerk AMR : l Enc. RESOLUTION NC. 85-23 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LODI ESTABLISHING FEES FOR PROCESSING MORTGAGE REVENUE BONDS PROJECTS - RESOLVED that the City Council of the City cf Lodi does_ hereby establish a non-refundable administration fee -n the amount of one-fourth of one percent (.250) of the principal -,mount of the financing, due at the closing of financing for the processing of Mortgage Revenue Bonds Projects by the City of Lodi. Dated: February 6, 1985 I hereby certify that Resolution No. 85-23 was passed and adopted by the City Council of the City of -'Jodi in a regular meeting held February 6, 1985 by the following vote: Ayes: Council Members - Hinchman, Reid, Olson, and Snider (Mayor) Noes: Council Members - None Absent: Council Members - Pinkerton Alice M. Reimche City Clerk Bennett Compton, Inc. .. January 31, 1985 Mrs. Alice Reimche City Clerk City of Lodi 220 W. Pine Street Lodi, CA 95240 Dear Mrs. Reimche: It is our desire to' seek approval from the City Council for issuance of a letter of inducement for the purpose of obtain- ing„a tax exempt municipal bond issue in the amount of $5,500,000.00. If possible, we would like to be included on the agenda for the council meeting on Wednesday February 6, 1985. Also we desire to attend the shirt sleeve session on Tuesday February 5, 1985 to acquaint the council with this bond program. The Cunningham Company will be working with us on this matter and our Bond Counsel will be represented to answer any ques- tions and assist in the specific details of this matter. I trust this request will meet with your schedule. However, if you are unable to fit this matter into your agenda please advise of a date that will accomodate your schedule on a future council session. Sincerely, (4enni Bennett& Compton, Inc. G.Bennett President DGB/dlc CITY -COUNCIL JOHN R. (Randy) SNIDER, Mayor DAVID M. HINCHMAN Mayor Pro Tempore EVELYN 11!. 01 -SON JAMES W_ PINKERTON, Jr. FRED M. REID M CITE OF NODI CITY HALL, 221 WEST PINE STREET POST OFFICE BOX 320 LODI, CALIFORNIA 95241 (209)334-5634 February 11, 1985 Mr. Dennis Bennett President Bennett and Compton, Inc. 1200 West Tokay Street Lodi, CA 95240 Bear Mr. Bennett: HENRY A. CLAVES, Jr. City Manager ALICE M. REIMCHE City Clerk RONALD M. STEIN City Attorney This letter will confirm the actions of the Lodi City Council taken at the regular meeting of February 6, 1985 regarding the issue of Mortgage Revenue Bonds. Council adopted Resolution No. 85-23 - Resolution Establishing Fees for Processing Mortgage Revenue Bonds. We have enclosed a certified copy of this Resolution for your files. Further, Ccuncil adopted Resolution Nos. 85-24 through 85-28 - Resolutions of Intention to issue Bonds to Finance Multifamily Housing--Deve'.opments as follows: Woodlake Apartments Noma Ranch Apartments Turner Road Apartments Pleasant View Apartments Hutchins Apartments Should you have any questions regarding this matter, please do not hesitate to call. Very truly yours, Alice M. Reimche City Clerk AMR:JI Enc. RESOLUTION NO. 85-23 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LODI , ESTABLISHING FEES FOR PROCESSING MORTGAGE REVENUE BONDS PROJECTS RESOLVED that the City Council of the City of Lodi does hereby establish a non-refundable administration fee in the amount of one-fourth of one percent (.250) of the principal amount of the financing, due at the closing of financing for the processing of Mortgage Revenue Bonds Projects by the City of Lodi. Dated: February 6, 1985 I hereby certify that Resolution No. 85-23 was passed and adopted by the City Council of the City.of Lodi in a regular meeting held February 6, 1985 by the following vote: Ayes: Council Members - Hinchman, Reid, Olson, and Snider (Mayor) Noes: Council Members - None Absent: Council Members - Pinkerton Alice M. Reimche City Clerk Mr. Daryl Geweke P.O. Box 1210 Lodi, CA 95240 Dear. Mr. Geweke, The following are some notes and observations regarding your "WOODBROOK" project located at 1830 S. Hutchins Street in Lodi. Upon a cursory examination of the MOR'T'GAGE SUBSIDARY BOND TAX ACT of 1980 (as defined in the HUD section 8 horsing program), I find that a lower than ordinary interest rate may be obtained for construction of multifamily housing projects... The language of the act is, to say the least, very confusing. However this has been the case in every document that I have seen in the years that I have worked ;with HUD and FHA. Basically the act requires that 20% of the rental units must be reserved for low to moderate income people. Presumably the lower interest rate enables the project owner to keep his rents on a lower level and still keep cash flow comming .into the project. Also it 218 West Pine Street ! Lodi, Calitornia 95240 209 / 369-1027 / 463.3091 would appear that the City of Lodi and the rax pavers have absolutely no obligation f u t' I lie butts! ret I rumen t. Regarding your question about the Suitability .inti demand of the project- for elderly people, I submit the following: In thinking of low — moderate income people, we have a large number of elderly people in town who will qualify in this catagor_y. Presumably their incomes are low even thc.ugh they could show a good financial statement. _ The 1980 U.S. Census Report shows Lodi's population of people 33 and over to be 270 of the total population. Probably that. figure (27%) could be easily 30% today. A gain of 3% in five years is very conceivable. So, if we figure the City of Lodi's population to be 40,000 people x 30% we should have 12,000 people in this age catagory. Plus the people in that age bracket who live in the surrounding area in the county. As a result of declining birth rates in the past ten years, Lodi's population is getting older. I feel there is a demand from the elderly who presently own homes and for one reason or another,such as widowhood, large homes and yards, maintai.nence problems etc. would have an interest in moving to an affordably priced apartment. In summation, I feel your contemplated "WOODBROOK" project has merit. I think it is large enough and should fit well within the peramiters of the BOND ACT. Plus benefits include access to two major streets, easy access to the racket ball complex, good location to major shopping, schools and churches. The land you will build on has been an eye sore for many years and I feel will be a good and desirable "in fill" project for the City of Lodi. cerely, James L. Gerard PHSTDENT, GENIE: DEVELOPMENT CITY COUNCIL JOHN R. (Randy) SNIDER, Mayor DAVID M. HINCHMAN Mayor Pro Tempore EVELYN M. OLSON JAMES W. PINKERTON, Ir. FRED M. REID . En CITY OF L®DI CITY HALL, 221 WEST PINE STREET POST OFFICE BOX 320 LODI, CALIFORNIA 95241 (209)334-5634 February 20, 1985 Ms. Molly E. Arnold .Attorney-at-law Law Offices Orrick, Herrington & Sutcliffe 600 Montgomery Street San Francisco, CA 94111 HENRY A_ GLAVES, Jr. City Manager ALICE M. REIMCHE City Clerk RONALD M. STEIN City Attorney Re: Bennett and Compton, Inc., and Daryl Geweke Financings Dear Molly: Enclosed please find 10 certified copies of the following executed Resolutions of intentions to issue bonds to finance multihousing developments to be known, as which Resolutions were adopted by the Lodi City Council at its Regular Meeting of February 6, 1985. Res. No. 85-24 Woodbrook AFartrr.ents Res. No. 85-25 Noma Ranch Apartments Res. No. 85-26 Turner Road Apartments Res. No. 85-27 Pleasant View Apartments Res. No. 85-28 Hutchins Apartments Also, enclosed..please find 10 executed copies of each Preliminary Agreement. Thanks for all your direction in this process. Very truly yours, Alice M. Reimche City Clerk AMR: JJ Enc. R LAW OFFICES ORRICK, HERRINGTON & SUTCLIFFE 600 MONTGOMERY STRZET SAN FRANCISCO, CALIFORNIA 94111 TELEPHONE ;415) 392.1122 TELECOPIER (415) 954-3759 TELEX 70-3S20 NEW YORK -NEW YORK 10036 1211 AVENUE OF THE AMERICAS TELEPHONE (212) 704-9660 Alice M. Reimche City Clerk City of Lodi 221 West Pine Street Lodi, CA 95241 SACRAMENTO, CALIFORNIA 95814 520 CAPITOL MALL TELEPHONE 1916, 447.7752 February 13, 1985 Re: Bennett & Compton, Inc. and Daryl Geweke Financings Dear Alice: SAN JOSE, C.A6fFp•RNIA 95113 55 ALMADEN BOULEVARD TELEPHONE (408) 29R-8800 Pursuant to our prior telephone conversations, enclosed please find the revised Preliminary Agreements to be entered into between the City of Lodi and the above developers. The language we discussed after the Council meeting has been inserted in numbered paragraph three, and a paragraph authorizing the developers to hire Pat Cunningham has been inserted on page two. These changes are within the changes allowed to be made to the Preliminary Agreement by numbered paragraph l(iv) of the Resolutions. I understand the language approving William E. Pollock & Co. was stricken from the Resolutions passed by the Council. Please send me a copy of each Resolution as adopted for my files. They do not need to be certified. Elaine Bayus and John Peterson of this office and I met with Pat Cunningham yesterday to discuss these finan- cings. There are a number of financial considerations he must address on behalf of the developers before we can begin drafting any documents. I will get in touch with you as soon as there is anything to report. Please do not hesitate to call me should you have any questions. Very truly Vours, Molly E. Arn d MEA:bsd Enclosures LAW OFFICES ORRICK, HERRINGTON & SUTCLIF-FE 600 MONTGOMERY STREET - SAN FRANCISCO, CALIFORNIA 94111 TELEPHONE (415) 392-i122 3 _ TELECOPIER (415) 954-3759 TELEX 70-3520 NEW YORK, NEW YORK 10036 SACRAMENTO, CALIFORNIA 95814 SAN JOSE;-"bF©'RNIA 95113 1211 AVENUE OF THE AMERICAS 520 CAPITOL MALL .55 ALt+14D EN BOULEVARD TELEPHONE (212) 704-9660 TELEPHONE (916) 417-7752 TELEPHONE (408) 298-8800 February 13, 1985 Alice M. Reimche City Clerk City of Lodi 221 West Plne Street Lodi, CA 95241 Ree Bennett & Compton, Inc. and Daryl Geweke Financings Dear Alice: Pursuant to our prior telephone conversations, enclosed please find the revised Preliminary Agreements to be entered into between the City of Lodi and the above developers. The language we discussed after the Council meeting has been inserted in numbered paragraph three, and a paragraph authorizing the developers to hire Pat Cunningham has been inserted on page two. These changes are within the changes allowed to be made to the Preliminary Agreement by numbered paragraph l(iv) of the Resolutions. (.,understand the language approving William E. Pollock & Co. was stricken from the Resolutions passed by the Council. Please send me a copy of each Resolution as adopted for my files. They do not need to be certified. Elaine Bayus and John Peterson of this office and I met with Pat Cunningham yesterday to discuss these finan- cings. There are a number of financial considerations he must address on behalf of the developers before we can begin drafting any documents. I will get in touch with you as soon as there is anything to report. Please do not hesitate to call me should you have any questions. CITY COUNCIL JOHN R. (Randy) SNIDER, Mayor DAVID M. HINCHMAN Mayor Pro Tempore EVELYN M. OLSON JAMES W. PINKERTON, Jr. FRED M. REID CITY OF LODT CITY HALL, 221 WEST PINE STREET POST OFFICE BOX 320 LODI, CALIFORNIA 95241 (209) 334-5634 February 22, 1985 Ms. Molly E. Arnold Attorney -at -Law Orrick Herrington and Sutcliffe 600 Montgomery Street San Francisco, CA 94111 HENRY A. CLAVES, Jr. City Manager ALICE M. REIMCHE City Clerk RONALD M_ STEIN City Attorney Re: -Multifamily Housing Revenue Bond Issues for Daryl Geweke and Bennett and Compton, Inca Dear Molly: }inclosed please find 10 certified copies of Resolution No. 85--23, Resolution of the City Council of the City of Lodi establishing fees for processing Mortgage Revenue Bond Projects, which was adopted by the Lodi City Council at its regular meeting of February 6, 1985. Also enclosed please find .10 certified copies of the following executed Resolutions of Intention to issue bonds to finance multihousing developments which Resolutions were adopted by the Lodi City Council at its Regular Meeting of February 6, 1985: Res. No. 85-24 Woodbrook Apartments Res. No. 85-25 Noma Ranch Apartments Res. No. 85-26 Turner -Road Apartments Res. No. 85-27 Pleasant View Apartments Res. No. 85-28 Hutchins Apartments You will also find attached hereto 10 executed copies of each Preliminary Agreement. Thanks for all your direction in this process. Very truly yours, Alice M. eimche City Clerk 1! RESOLUTION NO. 85-23 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LODI ESTABLISHING FEES FOR PROCESSING MORTGAGE REVENUE BONDS PROJECTS RESOLVED that the City Council of the City of Lodi does hereby establish a iron -refundable administration fee in the amount - of one-fourth of one percent (.25%) of the principal amount of the financing, due at the closing of financing for the processing of Mortgage Revenue Bonds Projects by the City of Lodi. Dated: February 6, 1985 I hereby certify that Resolution No. 85-23 was passed and adopted by the City Council of the City of Lodi in a regular meeting held February 6, 1985 by the following vote: Ayes: Council Members - Hinchman, Reid, Olson, and Snider (Mayor) Noes: Council Members - None Absent: Council Members - Pinkerton 4 i Alice M. Reimche City Clerk ;�4 i C�"PY Or TFiLOMIN& CITY OF LODI. RESOLUTION NO. 85-24 RESOLUTION OF INTENTION TO ISSUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE KNOWN AS WOODBROOK APARTMENTS WHEREAS, the City of Lodi (the "City") is authorized by the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Law") to issue revenue obligations for the purpose of financing multifamily rental housing developments; and WHEREAS, the City has been requested to issue and sell its revenue bonds for the purpose of financing a multifamily rental housing development of approximately 102 units, to be located at the East side of Hutchins between Century Boulevard and Kettleman Road, in the City,.and to be known as Woodbrook Apartments (the "Project"), to be acquired and constructed by Daryl Geweke (the "Developer"), and the City wishes to induce the Developer to acquire and construct the Project at said location; and WHEREAS, it is in the public interest and for the public benefit that the City authorize such financing for the Project, and it is within the powers of the City to provide such financing; and WHEREAS, in order to expedite the financing of the Project, the City deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lodi as follows: 1. The City will issue, in one or more series, at one time or from time to time, bonds in an aggregate principal amount not to exceed $4,000,000 to provide financing for the Project, subject to 'the conditions that (i) the City Council by resolution shall have first agreed to acceptable terms and conditions for the bonds and for the sale and delivery thereof, and for an indenture, a financing agreement and all other agreements with respect to any'of the foregoing; (ii) all requisite governmental approvals: including without limitation environmental approvals, shall have first been obtained; (iii) the bonds shall be payable solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the City shall be pledged to the payment of the principal of or interest on any such bond; (iv) the City and the Developer shall ha e entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by officers of the City and the Developer, and the Mayor or.other appropriate officer of the City is hereby authorized and directed to execute said preliminary agreement for and in the name and on behalf of the City; and (v) the Project shall meet any federal requirements for tax exemption of interest on the bonds and any requirements of the City applicable to such financings. 2. The Mayor and other officers of the City are hereby authorized and directed to participate in the preparation of any resolution, indenture, financing agreement, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. In connection with the proposed issuance of such bonds, Orrick, Herrington & Sutcliffe is hereby selected and designated as bond counsel for the City. 4: It is the purpose. and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. 5. This Resolution shall take effect immediately_ PASSED AND ADOPTED this 6t -h day of F(-bruary 1385, by the following vote: Ayes Council Members - Hinchman, Olson, Reid, and Snider Noes: Council Members - None Absent • Council Members - Pinkerton Mayor [SEAL? City Clerk E PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Daryl Geweke (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat • Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any otter person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this day of , 1985. CITY OF LODI 17 '' /jt J1n Gam. By: • Attest: ALICE M. REIMCiE Title City Clerk Mayor Daryl Geweke, Developer Fj 0 CITY OF LODI RESOLUTION NO. 85-25 RESOLUTION OF INTENTION TO ISSUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE KNOWN AS NOMA RANCH APARTMENTS WHEREAS, the City of Lodi (the "City") is authorized by the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Law") to issue revenue obligations for the purpose of financing multifamily rental housing developments; and WHEREAS, the City has been requested to issue and sell its revenue bonds for the purpose of financing a multifamily rental housing development of approximately 43 units, to be located at the Northeast corner of Almond Drive and Coventry Way, in the City, and to be known as `NOMAS.-. Ranch Apartments (the "Project"), to be acquired and constructed by Bennett & Compton, Inc. (tine "Developer"), and the City wishes to induce the Developer to acquire and construct the Project at said location; and WHEREAS, it is in the public interest and for the public benefit that the City authorize such financing for the Project, and it is within the powers of the City to provide such financing; and WHEREAS, in order to expedite the financing of the Project, the City deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lodi as follows: 1. The City will issue, in one or more series, at one time or from time to time, bonds in an aggregate principal amount not to exceed $1,750,000 to provide financing for the Project, subject to the conditions that (i) the City Council by resolution shall have first agreed to acceptable terms and conditions for the bonds and for the sale and delivery thereof, and for an indenture, a financing agreement and all other agreements with respect to.any of the foregoing; (ii) all requisite governmental approvals, including without limitation..environmental approvals, shall have first been obtained; (iii) the bonds shall be payable solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the City shall be pledged to the payment of the principal of or interest on any such bond; (iv) the City and the Developer shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by officers of the City and the Developer, and the Mayor or other appropriate officer of the City is hereby authorized and directed to execute said preliminary agreement for and in the name and on behalf of the City; and (v) the Project shall meet any federal requirements for tax exemption of interest on the bonds and any requirements of the City applicable to such financings. 2. The Mayor and other officers of the City are hereby authorized and directed to participate in the preparation of any resolution, indenture, financing agreement, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. In connection with the proposed issuance of such bonds, Orrick, Herrington & Sutcliffe is hereby selected and designated as bond counsel for the City. 4. It is the purpose and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. 5. This Resolution shall take effect immediately. 2 w PASSED AND ADOPTED this 6th day of February , 1985 by the following vote: Ayes: Council Members - Hinchman, Olson, Reid, and Snider Noes: Council Members - None Absent: Council Members - Pinkerton 6��2 Mayor (SEAL 3 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. _ of the City. In considex.;-tion of the City's expression of willingness to provid- such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make- arrangements akearrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements cf bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such ;Osts and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a nor. -refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the fi.nanAing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an -opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thoreof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bond§ for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence ofthe proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City,.and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this day of , 1985. Attest: Alice M. Reimche City Clerk CITY OF LODI By: ` Title: Mayor BENNETT & COMPTON, INC., A California Corporation. By: _ Title: 2 CITY OF LODI RESOLUTION NO. 85--26 RESOLUTION OF INTENTION TO ISSUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE KNOWN AS TURNER ROAD APARTMENTS WHEREAS, the City of Lodi (the "City") is. authorized by the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Law") to issue revenue obligations for the purpose of financing multifamily rental housing developments; and WHEREAS, the City has been requested to issue and sell its revenue bonds for the purpose of financing a multifamily -rental housing development of approximately 63 units, to be located at the Southeast corner of Turner Road and Lower Sacramento Road, in the City, and to be known as Turner Road Apartments (the "Project"), to be acquired and constructed by Bennett & Compton, Inc. (the "Developer"), and the City wishes to induce the Developer to acquire and construct the Project at said location; and WHEREAS, it is in the public interest and for the public benefit that the City authorize such financing for the Project, and it is within the powers of the City to provide such financing; and WHEREAS, in order to expedite the financing of the Project, the City deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lodi as follows: 1. The City will issue, in one cr more series, at one time or from time to time, bonds in an aggregate principal amount not to exceed $2,500,000 to provide financing for the Project, subject to the conditions that (i) the City Council by resolution shall have first agreed to acceptable terms and conditions for the bonds and for the sale and delivery thereof, and for an indenture, a financing agreement and all other agreements with respect to any of the foregoing; (ii) all requisite governmental approvals, including without limitation environmental approvals, shall have first been obtained; (iii) the bonds shall> be payable solely from revenues received with respect to loans or o then investments made with the proceeds of such bonds, and neither the full faith nor the credit of the City shall be pledged to the payment of the principal of or interest on any such bond; (iv) the City and the Developer shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by officers of the City and the Developer, and the Mayor or other appropriate officer of the City is hereby authorized and directed to execute said preliminary agreement for and in the name and on behalf of the City; and (v) the Project shall meet any federal requirements for tax exemption of interest on the bonds and any requirements of the City applicable to such financings. 2. The Mayor and other officers of the City are hereby authorized and directed to participate in the preparation of any resolution, indenture, financing agreement, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. In connection with the proposed issuance of such bonds, Orrick, Herrington & Sutcliffe is hereby selected and designated as bond counsel for the City. 4. It is the purpose and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States.Department of the Treasury. 5. This Resolution shall take effect immediately. 2 R PASSED AND ADOPTED this 6th day of February , 1985, by the following vote: Ayes: Council Members - Hinchman, Olson, Reid, and Snider Noes: Council Members - None Absent : Council Members - Pinkerton j SEAL City Clerk 3 �il..._j-l_ • PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth.. certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the ",Bonds"), subject to the conditions set forth herein and in Resolution No. of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other- experts therexperts engaged by the City or by the Developer or any rela-lCed entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the pro--eeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any -department or agency thereof or other governmental body that would apply.in the absence of_the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authori.es the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the zees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds_ IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this _ day of 1985. CITY OF LODI By: _ Attest: ALICE M. REIMCHE Title: City Clerk BENNETT & COMPTON, INC., A California Corporation By: Title: 2 CITY OF LODI RESOLUTION NO. 85-27 RESOLUTION OF INTENTION TO ISSUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE KNOWN AS PLEASANT VIEW APARTMENTS WHEREAS, the City of Lodi (the "City") is authorized by the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Law") to -issue revenue obligations for the purpose of financing multifamily rental housing developments; and WHEREAS, the City has been requested to issue and sell its revenue bonds for the purpose of financing a multifamily rental housing development of approximately 40 units, to be located at the Northeast corner of Lockford Street and Pleasant Avenue, in the City, and to be known as Pleasant View Apartments (the "Project"), to be acquired and constructed by Bennett & Compton, Inc. (the "Developer"), and the City wishes to induce the Developer to acquire and construct the Project at said location; .and WHEREAS, it is in the public interest and for the public benefit that the City authorize such financing for the Project, and it is within the powers of the City to provide such financing; and WHEREAS, in order to expedite the financing of the Project, the City deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lodi as follows: 1. The City will issue, in one or more series, at one time or from time to time, bonds in an aggregate principal amount not to exceed $1,600,000 to provide financing for the Project, subject to the conditions that (i) the City Council by resolution shall have first agreed to acceptable terms and conditions for the bonds and for the sale and delivery thereof, and for an indenture, a financing agreement and all other agreements with respect to any of the foregoing; (ii) all requisite governmental approvals, including without limitation environmental approvals, shall have firstbeenobtained; (iii) the bonds shall be payable solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the City shall be pledged to the payment of the principal of or interest on any such bond; (iv) the City and the Developer shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by officers (-f the City and the Developer, and the Mayor or other appropriate officer of the City is hereby authorized and directed to execute said preliminary agreement for and in the name and on behalf of the City; and (v) the Project shall meet any federal requirements for tax exemption _- of. interest on the bonds and any requirements of the City applicable to such financings. 2. The Mayor and other officers of the City are hereby authorized and directed to participate in the preparation of any resolution, indenture, financing agreement, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. In connection with the proposed issuance of such bonds, Orrick, Herrington & Sutcliffe is hereby selected and designated as bond counsel for the City. 4. Itis the purpose and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States -Department of the Treasury. 5. This Resolution shall take effect i-~- --diately. 2 X . : PASSED AND ADOPTED this 6zh day of February , 1985, by the following vote: Ayes: Council Member - Hinchman, Olson, Reid, and Snider Noes: Council Members - None Absent :.. Council Members - Pinkerton Mayor SEAL City _ City Clerk 3 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer";, by issuing revenue bonds (the "Bonds"), subject to the conditicns set forth herein and in Resolution No. of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in -he issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost o,f preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Acc. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, acbr,inistration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any.department or-arency thereof or other" governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat • Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this day of _ _ , 1985. Attest: ALICE M. REIMCHE City Clerk CITY OF LODI By: Title: Mayor BENNETT & COMPTON, INC., A California Corporation By: Title: 2 CITY OF LODI RESOLUTION NO. 85-28 RESOLUTION OF INTENTION TO 'SSUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE KNOWN AS HUTCHINS APARTMENTS WHEREAS, the City of Lodi (the "City") is authorized by the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Law") to issue revenue obligations for the purpose of financing multifamily rental housing developments; and WHEREAS, the City has been requested to issue and sell its revenue bonds -for the purpose of financing a multifamily rental housing development of approximately 18 units, to be located at 218 South Hutchins Street, in the City, and to be known as Hutchins Apartments (the "Project"), to be acquired and constructed by Bennett & Compton, Inc. (the "Developer"), and the City wishes to induce the Developer -Co acquire and construct the Project at said location; and WHEREAS, it is in the public interest and fcr the public benefit that the City authorize such financing for the Project, and it is within the powers of the City to provide such financing; and WHEREAS, in order to expedite the financing of the Project, the City deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lodi as follows: 1. The City will issue, in one or more series, at one time or from time to time, bonds in an aggregate principal amount not to exceed $750,000 to provide financing for the Project, subject to the conditions that (i) the City Council by resolution shall have first agreed to acceptable terms and conditions for the bonds and for the sale and delivery thereof, and for an indenture, a financing agreement and all other agreements with respect to any of the foregoing; (ii) all requisite governmental approvals, including without limitation environmental approvals, sl 'all have first been obtained; (iii) the bonds shall be payahle solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the City shall be pledged to the payment of the principal of or interest on any such bond; (iv) the City and the Developer shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or -- - .appropriate by officers of the City and the Developer, and the Mayor or other appropriate officer of the City is hereby authorized and directed to execute said preliminary agreement for and in the name and on behalf of the City; and (v) the Project shall meet any federal requirements for tax exemption of interest on the bonds and any requirements of the City applicable to such financings. 2. The Mayor and other officers of the City are hereby authorized and directed to participate in the preparation of any resolution, indenture, financing agreement, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. In connection with the Nroposed issuance of such bonds, Orrick, Herrington & Sutcliffe is hereby selected and designated as bond counsel for. the City: 4. It is the purpose and intent of the City that this Resolution constitute official action toward the issuance of obligations by the City in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. S. This Resolution shall take effect immediately. s PASSED AND ADOPTED this __Etb_ day of February , 1985, by the following vote- Ayes: ote:Ayes: Council.. Members -- Hiachman, Olson, Reid, and Snider Noes: Council Members - None Absent: Council Members - Pinkerton May r [SEAL] a City Clerk -7--- 3 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as ::ollows: 1. The Developer agrees to pay, or to make arrangements for persons'other than the City to pay, all cost- involved in the issuance of the Bonds, including by way' of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the Ci -y to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a nor. -refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond.financinc7, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees thiat the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this day of 1985. Attest: Alice M. Reimche, City Clerk CITY OF LODI By. Title: Mayor BENNETT & COMPTON, INC., A California Corporation By: _ Title: 2 31 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City') will agree to assist in the financing of a multifamily housing development (the "Project") for Daryl Geweke..(the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. 85_24 of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds_ Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuar_.::e or validity of the Bonds or use of the proceeds thereof. - The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance.the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other goverrunental body ;:hat would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses -of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue -the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this 6th day of February , 1985. �� n Attest:1el �, /�1*=�-j»LGf<L ALICE, M. .REIMCHE %City:Clerk CITY OF LODI By: Ti t 1. Mayor Daryl Geweke, Developer PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assyst in the financing of a multifamily housing development (the "Project") for Bennett & Compton; Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. 85-25 of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by wav of example and not limitation, fees and disbursements of bond . counsel, underwriters or'financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the.issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by -the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this 6th day of February, 1985. ice M. Reimche City Clerk CITY OF LODI BENNETT & COMPTON, INC., A California Corporation By: _ Title. 2 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. g5_9r,_ of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not -i-ssued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs." 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection.with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds.by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds_ IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this 6th day of FPh__ r„�, 1985 - Attest: ALIC M. R&RE City Clerk CITY OF LODI BENNETT & COMPTON, INC., A California Corporation By: _ Title. 2 PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") will agree to assist in the financing of a multifamily housing development (the 'Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution No. RS -?7 of the City. In consideration of the City's expression of willingness to provide such financing, the Developer hereby agrees as follows: 1." The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pav the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.2S%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements oL the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds h y the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of any Bonds by the City is contingent upon the City being. -satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shaLi not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this 6th day of FP,,,�_, 1985. CITY OF LODI By: Atte.st:.:.� �►�G� ice►. ALICE M. MCHE Title: Mayor '\ City Clerk BENNETT & COMPTON, INC., A California Corporation By: _ Title: PRELIMINARY AGREEMENT The purpose of this Agreement is to set forth certain terms and conditions under which the City of Lodi (the "City") :;ill agree to assist in the financing of a multifamily housing development (the "Project") for Bennett & Compton, Inc. (the "Developer"), by issuing revenue bonds (the "Bonds"), subject to the conditions set forth herein and in Resolution -No. 85-28 of the City. In consideration of the City's expression of willingnG:-s to provide such financing, the Developer hereby agrees as follows: 1. The Developer agrees to pay, or to make arrangements for persons other than the City to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation, fees and disbursements of bond counsel, underwriters or financial advisors, and any other experts engaged by the City or by the Developer or any related entity in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs, filing fees, and costs incurred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reason, the Developer agrees to pay all of such costs and assume the City's obligations, if any, for payment of such costs. 2. The Developer agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the City to comply with the California Environmental Quality Act. 3. The Developer agrees to pay any and all costs incurred by the City, including without limitation, administration expenses, to be paid by a non-refundable administration fee in the amount of one-quarter of one percent (.25%) of the principal amount of the financing, due at the close of the financing, legal expenses and the amount of any judgment or settlement which follows proceedings in which the Developer is given an opportunity to participate, in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof. The City agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Developer understands that this Agreement does not exempt it from any requirements of the City or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirement is an express precondition to the issuance of the Bonds by the City. The City authorizes the hiring of Mr. Pat Cunningham of The Cunningham Company as financial consultant to the Developer, all of the fees and expenses of said financial consultant to be paid by the Developer. The Developer further understands and agrees that the issuance of _any Bonds by the City is contingent upon the City being satisfied with all of the terms and conditions of the Bonds and the issuance thereof, and that such issuance is in the best interests of the City, and that the City shall not be liable to the Developer or any other person if the City shall determine for any reason not to issue the Bo:ids. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this 6th day of February , 1985. Attest:; Ct ' ALICE M. R IMCHE 1Ci_ty Clerk CITY OF LODI By- 104 Q S�� - Title/ Mayor BENNETT & COMPTON, INC., A California Corporation By: _ Title: