06-25-1985 CC MINUTES - Laserfiche WebLink

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CITY OF RIVERSIDE COUNCILMEMBERS Minutes of Regular Meeting of the City Council ~'~" ~O Date of Meeting: June 25, 1985 ,,~c~,o,,~, ,, ,, ,, ~, Time of Meeting: 3:00 P.M. ',0', ~, ', ~ ', ', ', ~Roll Call: Present X:X'.X',X',X:X:X', Mayor Brown announced that the City Council would recess at 3:45 p.m. this afternoon ,in order to attend the memorial service for Mayor Emeritus Ben H. Lewis, and reconvene ~ ately thereafter. immedi The assembly observed a moment of silence in fond memory of former Mayor Lewis. The Invocation was given by the Reverend Tim Weeks, Harvest Christian Fellowship. The Pledge of Allegiance was given to the Flag. MINUTES ~The Minutes of the Meeting of June 14, 1985, were approved as submitted. ~The Minutes of the Meetings of June 18 and 19, 1985, were approved as submitted. ~PUBLIC HEARINGS BEFORE THE CIT~ C0UNCIL AT 3:00 P.M. ~ZONING CASE V-162-845 - 3425 SEV~ STREET - CONTINUED [3:00 P.M.--Hearing was called on the request of H. Ray Miller (The Atrium), Zoning ,Case V-162-845, for the following variance to erect an approximately 12-square-foot ~freestanding sign at 3425 Seventh Street (Riverside Art Center), situated at the ~north comer of Seventh and Lime Streets, in Zone 0: to erect a second freestanding ~identification sign containing approximately 12 square feet in area where only one ~freestanding identification sign is permitted. At the request of the applicant, the ~hearing was continued to July 9, 1985, at 1:30 p.m. ~ISSUANCE OF ECONOMiC DEVELOP~N'E REVENUE BONDS - S.W.C. HOTEL, A CALIFORNIA LIMITED ~PARTNERSHIP - RESOLUTION ~3:00 P.M.--Hearing was called to consider information concerning the possible ~issuance of Economic Development Revenue Bonds (Industrial Development Bonds) by the ~Economic Development Authority of the City of Riverside, pursuant to Internal Revenue ;Code Section 103(k), to finance the hotel facility proposed by S.W.C. Hotel, a Cali- ~fornia Limited Partnership. The Bonds, if any are issued, will be in the amount of $9,100,000, and in no event shall exceed $10,000,000. The proceeds from the sale of 'the Bonds are intended to be used to provide financing for the acquisition. construc- .tion, equipping and improvement of a 152-unit motor hotel, with appurtenant parking facilities and landscaping improvements, to be located on certain real property situated at the corner of La Sierra Avenue and the westbound exit ramp of the 91 Free- way in the City of Riverside, and shall be owned by S.W.C. Hotel, a California Limited Partnership. A written report was submitted from the City Manager and the A~sistant to City Manager recommending =hat the City Council, following the public hearing, adopt the appropriate resolution approving the project in accordance with Section 103(k) of the Internal Revenue Code, and authorize the execution of related documents. No one was present wishing to speak on the matter. No written protests were pre- sented. The public hearing was officially closed. The City Council approved the reco~m. endation as presented; and Resolution No. 15768 of the City Council of the City ;of Riverside, California, Approving the S.W.C. Hotel Project in Accordance With Section 103(k) of the Internal Revenue Code of 1954, as Amended, was presented; and ~the title having been read, and further reading waived by the unanimous consent of ~Councilmembers present, was adopted. ~RECESS FOR ECONOMIC DEVELOPMENT AUTHORITY ~The City Council recessed for the purpose of sitting as the Economic Development ~Authority. iFollowing completion of necessary business, the meeting was adjourned; and ~he ~body reconvened as the City Council of the City of Riverside. bbtion Second Ayes Not Votin~ X: Motion Second All Ayes Motion Second All Ayes Motion Second All Ayes :X : :x: 70-550