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TOWN OF TRUCKEE <br /> California <br /> <br /> RESOLUTION NO. 2003-04 <br /> <br /> A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE <br /> PRELIMINARILY APPROVING THE TOWN'S PARITIClPATION IN THE 63-20 <br /> FINANINClNG OF THE SAWMILL HEIGHTS AFFORDABLE/EMPLOYEE HOUSING <br /> PROJECT IN NORTHSTAR <br /> <br /> WHEREAS, the Town of Truckee has received a request from East West <br />Partners and Placer County to participate as the sponsor of a tax exempt bond for a 380 <br />bed affordable/employee housing project in Northstar, and <br /> <br /> WHEREAS, although the project is outside of the municipal boundaries of the <br />Town of Truckee, the Council has determined that the construction of the affordable <br />housing in Northstar provides a substantial public benefit to the residents and property <br />owners within the Town by providing significant employee and affordable housing near <br />an employment center in a region that is currently impacted by a substantial deficit of <br />housing affordable to the local workforce, and <br /> <br /> WHEREAS, significant and time consuming procedural steps must be taken by <br />the Town and East West Partners before the sale of the bonds occur and the housing is <br />actually constructed. <br /> <br /> NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE <br />TOWN OF TRUCKEE as follows: <br /> <br /> 1. The Town Council preliminarily approves the Town's sponsorship of the 63-20 <br />financing for the Sawmill Heights project in Northstar recognizing that no final action <br />regarding the sale of the Bonds can occur until the litigation is resolved and a vested <br />approval of the project exists. Further action by the Town Council will be required <br />before the bond is finalized. <br /> <br /> 2. Staff is directed to work collaborativety with East West Partners to set up the <br />non-profit entity and recruitment potential members for consideration of appointment by <br />the Town Council. <br /> <br /> 3. Staff will work with East West Partners to incorporate all safeguards as <br />recommended in the Kutak Rock report and as recommended by the Town Attorney to <br />minimize the risks to the Town associated with its participation in this project. <br /> <br /> 4. The Town of Truckee's participation in this effort is predicated on Placer <br />County providing a significant financial contribution to the housing project. <br /> <br /> <br />