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<br />29 <br /> <br />30 <br /> <br />31 <br />1/14/83 <br />BP /jm 32 <br /> <br />-CITY ATTORNEY <br />RIVERSI DE <br />CALIFORNIA <br /> <br />RESOLUTION NO. 14872 <br /> <br />2 <br />3 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE, CALIFOID~IA, REPEALING RESOLUTION <br />NO. 14549 WHICH AUTHORIZED BACHE HALSEY STUART <br />SHIELDS IHCORPORATED TO PROCEED WITH AN INVESTIGA- <br />TION OF THE FEASIBILITY OF IMPLEMENTING A MULTI- <br />FAMILY RENTAL HOUSING FINAJ.~CD~G PROGRAM FOR SAID <br />CITY. <br /> <br />4 <br /> <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br /> <br />WHEREAS on October 27, 1981, the City Council of the City <br /> <br />of Riverside, California, adopted Resolution No. 14549 which <br /> <br />authorized Bache Halsey Stuart Shields Incorporated to proceed <br /> <br />with the investigation and development of a financing program <br /> <br />in order to encourage the construction of multi-family rental <br /> <br />housing within the City of Riverside; and <br /> <br />WHEREAS by adopting said Resolution No. 14549, the City <br /> <br />of Riverside expressly assumed no liability for expenses <br /> <br />14 <br /> <br />associated with the investigation of the feasibility of a <br /> <br />15 <br />16 <br /> <br />multi-family rental housing program or the issuance of revenue <br /> <br />bonds for such a program; and <br /> <br />17 <br /> <br />WHEREAS on March 9, 1982, a demand study to determine <br /> <br />18 <br /> <br />whether a market for rental housing exists prepared by Questor <br /> <br />19 <br /> <br />Associates at the request of Bache Halsey Stuart Shields <br /> <br />20 <br /> <br />Incorporated was presented to the City Council and became <br /> <br />21 <br /> <br />available for distribution among developers of mul,ti-family <br /> <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br /> <br />housing in the community for review; and <br /> <br />WHEREAS in the succeeding ten months insufficient interest <br /> <br />was shown in the matter for Bache Halsey Stuart Shields Incorporated <br /> <br />to develop a Rental Housing Bond Program for presentation to the <br /> <br />City Council; and <br /> <br />WHEREAS it is appropriate at this time for the City <br /> <br />Council to investigate other proposals; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br /> <br />City of Riverside, California, as follows: <br /> <br />Section 1: Resolution No. 14549 authorizing Bache Halsey <br /> <br />Stuart Shields Incorporated to proceed with an investigation of <br />