Item 4 - Housing Revene Bonds - Poway RoyalAGENDA REPORT SUMMARY
e Cm"IN TMEGJ
TO: Honorable Mayor and Members of the City Council
Honorable Chairman and Members of the Redevelopment Agency
FROM: James L. Bowersox, City Manager /Executive Direc
INITIATED BY: Deborah Johnson, Director of Redevelopment Services t�T(Dr►)
Deputy Executive Director
David Narevsky, Redevelopment Manager®
DATE: May 31, 2005
SUBJECT: Resolution of the City Council of the City of Poway Approving the Issuance of its
Housing Revenue Bonds, Issue of 2005 (Poway Royal Estates Mobilehome Park
Project), and Making Certain Determinations Thereto (TEFRA Hearing); Sale of
Poway Royal Estates Mobilehome Park, Authorization to Sell Bonds, and
Appropriation of Funds
ABSTRACT
This action was proposed to sell the Poway Royal Estates Mobilehome Park to Millennium
Housing and to issue bonds to accommodate the sale. It is being removed from the agenda.
ENVIRONMENTAL REVIEW
This action is not subject to CEQA review.
FISCAL IMPACT
None.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
A copy of this report has been provided to the residents of Poway Royal Estates Mobilehome Park,
Millennium Housing, Haven Management and the Poway Housing Commission. It has been posted at
the entrances of both Poway Royal Estates clubhouses.
RECOMMENDATION
It is recommended that the City Council take public input, close the public hearing, and remove this
item from the agenda.
ACTION
1 of 3 May 31, 2005 Item #—.�L-
CITY OF POWAY
AGENDA REPORT
TO: Honorable Mayor and Members of the City Council
Honorable Chairman and Members of the Redevelopment Agency
FROM: James L. Bowersox, City Manager /Executive Direct
INITIATED BY: Deborah Johnson, Director of Redevelopment Services -D'S c.br4)
Deputy Executive Director
David Narevsky, Redevelopment Manager P6
DATE: May 31, 2005
SUBJECT: Resolution of the City Council of the City of Poway Approving the
Issuance of its Housing Revenue Bonds, Issue of 2005 (Poway Royal
Estates Mobilehome Park Project), and Making Certain
Determinations Thereto (TEFRA Hearing); Sale of Poway Royal
Estates Mobilehome Park, Authorization to Sell Bonds, and
Appropriation of Funds
BACKGROUND
On April 5, 2005, a status report was presented to the City Council /Redevelopment Agency
recommending entering into an Exclusive Negotiating Agreement (ENA) with Millennium
Housing for the purchase and sale of Poway Royal Estates Mobilehome Park, subject to
receipt of a favorable determination from the IRS with respect to Millennium's 501(c)(3)
status.
FINDINGS
On May 18, 2005, Millennium Housing withdrew from the purchase of Poway Royal
Estates.
ENVIRONMENTAL REVIEW
This item is not subject to CEQA review.
FISCAL IMPACT
None.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
A notice of Public Hearing was advertised in the Poway News Chieftain on May 12 and 19,
2005. May 31, 2005 Item # `
2of3
Agenda Report
May 31, 2005
Page 2
RECOMMENDATION
It is recommended that the City Council take public input, close the public hearing, and
remove this item from the agenda.
JLB:
3 of 3 May 31, 2005 Item #--�i-