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CITY OF RIVERSIDE
<br />
<br /> COUNCI LMEMBERS
<br />
<br />}tinutes of Regular Meetinn of the City Council
<br />Date of MeetinE: September 24, 1985 O '~' '
<br /> ,,~,o,,~,., ,, ,',,~,
<br />Time of Meetinn: 3:00 P.M. ',~', ', ', '~ ', ', ',
<br />Place of MeeCi.r~.: Council Chamber~ City Hall WARDS
<br />
<br />Roll Call: Present
<br />Mayor Pro Tempore Renck presided in the absence of Mayor Brown.
<br />The Znvocation was 8ivan b~ the Reverend Victor E. Belle, First Baptist Church.
<br />The Fledge of Allegiance was given Co the Flag.
<br />
<br />MINFrES
<br />The Minutes of the HeeCi~E of September 17, 1985, ~re approved as submitted. Motion X:
<br /> Second
<br /> All A~es ',
<br />
<br />Councilman Paterson entered at this time. :X:
<br />PUBLIC HEAiLTaGS BEFORE THE CITY COUNCIL AT 3:00 P.M.
<br />
<br />iSSUANCE OF ~0LTIFAHILY HOUSING REVENUE BONDS - 700 HARKET ASSOCIATES Eli AND
<br />700 HABK~T ASSOCIATES XVllI - RESOLUTION
<br />3:00 P.M.--Hearin8 was called to consider information concerni~ the possible issu-
<br />ance of tax-emem~t multifamily housinE revenue bon~s to finance the construction of
<br />the followiuE projects: (1) a 220-unit project located at the northwest corner of
<br />Canyon Crest Drive and Linden Street, to be developed b~ 700 Market Associates XII1,
<br />a California Eeneral partnership, with bonds to be issued in a principal amount not
<br />to exceed ~2,000,000; and (2) a lO0-untt project located at 4555 Pine Street near
<br />the northwest corner of Pine Street and Tequesquite Avenue, to be developed by
<br />700 Market Associates XVIII, a California general partnership, with bonds to be is-
<br />sued in a principal amount not to exceed ~600,000. The City has previously issued ~.
<br />~6,700,000 in tax-exempt bonds for the 220-unit project described above and
<br />~3,400,000 in tax-exempt bonds for the lO0-untt project described above. AC least
<br />20 percent of the rental units in the projects to he financed with bond proceeds
<br />will be required to be rented to low- or moderace-income individuals or families as
<br />defined in Internal Revenue Cnde Section 103(b)(12)(C). A written report was sub-
<br />m~tted from ~he City Manager and the Assistant to City Manager recom~endinE that the
<br />City Council (1)consider information concerniu8 the possible issue of additional
<br />MortEdge Revenue Bonds in the amount of ~2.6 million to benefit the Market Street
<br />Associates projects; (2) approve the preparation and execution of all the necessary
<br />documents; and (3) adopt the resolution attached to the repor~ authorizinE the bond
<br />issue as described. No one was present wishinn to speak on the matter. No written
<br />protests were presented. Followins a brief discussion, the public hearins was offi-
<br />cially closed. The recomsendations were approved as presented; and Resolution
<br />No. 15883 of the City Council of the City of Riverside, California, Approvins the
<br />lssuance of Hultifamtly HousiuE Revenue Bonds (First Nationwide Savinss ProSram),
<br />Makin8 Certain FindinEs and Determinations, and AuthorizinE the Execution of Certain
<br />Documents and Certain Other Actions, was presented; and the title havinE been read, Motion
<br />and further readinn waived by the unanimous consent of Councilmembers present, was Second ~.XI
<br />adopted. All Ayes
<br />
<br />Councilman Paterson stated he was disqualifyins himself from participacins in the
<br />foliowinE discussion because it is reasonably foreseeable that' the decision will
<br />have a material financial effect on a source of income, excused himself, and left ~A~
<br />the Council Chamber.
<br />
<br />FURTHER HEARING - ZONING CASE V-23-856 - 3660 ARLINGTON - APPEAL GRANTED IN PART -
<br />RESOLUTION
<br />3:00 P.M.--Further hearinn was called on the appeal of Rod Walker, Qniel Bros. Elec-
<br />tric SiEn Service Co., Inc., on behalf of Riverside Medical Clinic, relative to the
<br />decision of the Board of Administrative Appeals and ZoninE Adjustment regarding
<br />their request for the foliowinE variances to erect two monument identification
<br />sinus, one directlocal sign and one wall identification sign for an existinn medical
<br />center aC 3660 ArlinEton Avenue, situated on the south side of ArlinEton Avenue and
<br />the northeast side of Brockton Avenue, in Zone ROt (A) to allow two 15-square-foot
<br />monument identification signs where only one 15-square-foot monument identification
<br />
<br />71-141
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