1990/09/11 City Council Resolution (18)RESOLUTION NO. 90 -207
A RESOLUTION AUTHORIZING A DEFERRED PAYMENT PLAN
FOR A PORTION OF THE BUILDING PERMIT RELATED FEES
FOR ENTERPRISE MANOR PROJECT
WHEREAS, Pine Creek Properties, a California General Partnership, and the
developer of the Enterprise Manor Project, a 230 unit senior citizens apartment
project on Enterprise Drive, has requested the City to allow a deferred payment
plan for a portion of the building permit and related fees for said project; and
WHEREAS, the total building permit related fees for said project amount to
$1,020,930.00, and Pine Creek Properties has asked for a deferred payment plan
for $900,000.00 of said amount and the firm proposes to pay said deferred amount
over a three (3) year period in $300,000.00 increments; and
WHEREAS, the Council finds and determines as follows:
1. The development of the senior citizens apartment project is in
keeping with the goals and objectives outlined in the Housing
Element of the City's General Plan.
2. There is a need for senior citizen housing in Sonoma County.
3. There is a City - imposed covenant on the site of this project
which restricts the occupancy of the units to senior citizens,
and even though the developers have requested a temporary
waiver of this covenant for a portion of the units in order to
be better able to acquire financing for the project, the City
has decided that the covenant as recorded should remain intact.
4. The City Council wants to cooperate and assist the developer in
any reasonable manner to bring the senior citizen apartment
project to fruition.
5. The City has, in the past, allowed deferment of fees for other
large projects which the City wanted to see developed, including
but not limited to the Red Lion Hotel Project and various church
and commercial projects throughout the community.
6. There is no immediate need by the City for some of the revenue,
the payment of which will be deferred, such as the sewer connection
fee and the special water connection fee, but said funds will be
required in subsequent years.
7. The deferment of fees will not impose any hardship on the City
or result in any loss of revenue as long as there is a requirement
that interest be charged on the deferred amount at the same interest
rate that the City earns on the investment of its idle funds.
R lution No. 90 -207 Pg. 2
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Rohnert Park
that in consideration of the foregoing that the City does authorize the
deferment of $900,000.00 of the building permit related fees for the Enterprise
Manor Project with the following conditions and understandings:
1. That $300,000.00 plus accrued interest shall be due and payable
one (1) year after the date of occupancy.
2. That $600,000.00 plus accrued interest shall be due and payable
two (2) years after the date of occupancy.
3. That the interest will be charged by the City on the deferred
amount at the same rate of interest that the City earns on the
investment of its idle funds, with said rate to be calculated by
the City's Finance Director.
4. That if the property owner secures financing through bond funding,
then the total unpaid balance plus accrued interest shall be due
and payable immediately.
5. That a note and deed of trust will be executed securing the debt on
the amount of deferred fees.
BE IT FURTHER RESOLVED by the Council that best wishes are extended to Pine
Creek Properties for success in the development of this long awaited senior
citizens apartment project.
DULY AND REGULARLY ADOPTED this 11th day of September, 1990.
CITY OF ROHNERT PARK
CITY
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