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RESOLUTION NO. 15609 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, INDICATING ITS INTENT TO ISSUE OBLIGATIONS TO PROVIDE FINANCING IN CONNECTION WITH THE MULTIFAMILY HOUSING PROJECT PROPOSED BY T. & S. DEVELOPMENT, INC. WHEREAS, the City Council of the City of Riverside is authorized pursuant to Chapter 7 (commencing with Section 52075 of Part 5 of Division 31 of the Health and Safety Code (the "Act") and its Ordinance No. 5067 adopted pursuant to the Charter of the City, to provide financial assistance for multifamily residential developments within the City; and WHEREAS, T. & S. Development, Inc., a California Corporation (the "Owner"), has requested financial assistance in connection with the construction of a multifamily rental housing project of approximately 215 units proposed located at 4010 Madison Street in the City of Riverside (hereinafter the "Project"); and WHEREAS, the City, as an inducement to the Owner, is willing to authorize the issuance of obligations in an amount sufficient to provide financing for the Project subject to the' restrictions. of the Act, the Ordinance and all applicable state and federal laws, providing that the Project receives all necessary governmental approvals~ NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside as follows: SECTION 1. The City Council hereby determines that the undertaking of the financing of the proposed Project by the City will be a substantial factor in the accrual of public benefits to be received from the Project, should the Project be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of the Act and Ordinance No. 5067. SECTION 2. Subject to the City Council's holding of a public hearing to determine the desirability of the construction of the Project, and subject to the proposed Project receiving all necessary governmental approvals, the City Council hereby agrees to provide financial assistance to the Owner, its successors or assigns, or another person or entity approved by the City, through the issuance of