HomeMy WebLinkAboutCC RESO 2008-78RESOLUTION NO. 2008 — 78
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF REVENUE BONDS
BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY IN CONNECTION WITH
THE LUMINA NATIONAL CITY APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") proposes to issue multifamily housing revenue bonds (the "Bonds") in an amount
not to exceed $120,000,000, and to lend the proceeds thereof to a California limited partnership
or a limited liability company related to or formed by Constellation Amerland Partners, LLC, a
California limited liability company (the "Borrower"), to be used for the acquisition, construction
and development of an approximately 204-unit multifamily housing residential project (the
"Project"). The Project is to be located at 1105-1125 National City Boulevard and 41-43 East
12th Avenue in the City of National City (the "City"), all to be owned and operated by the
Borrower; and
WHEREAS, the Borrower will preserve 36 apartment units of the 204 total
residential units (180 apartments/24 condominiums) to very low-income households earning no
more than 50 percent of the area median income (AMI); and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 requires the
City Council of the City of National City (the "Council"), as the elected representatives of the
City, the host jurisdiction of such facilities, to approve the issuance of the Bonds after a public
hearing has been held following reasonable notice; and
WHEREAS, a public hearing was held by the Council on this 6th day of May,
2008, following duly published notice thereof, and ail persons desiring to be heard have been
heard;
WHEREAS, it is in the public interest and for the public benefit that the Council,
as the elected representatives of the City, the host jurisdiction of the subject multifamily housing
residential facility, approve the issuance and delivery by the Authority of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City as follows:
1. The Council hereby finds and determines that the foregoing recitals are true and
correct.
2. The Council hereby finds, determines, and declares that issuance by the
Authority of the Bonds in the maximum principal amount of $120,000,000 for the
purposes described above is hereby approved.
3. The issuance and delivery of the Bonds shall be subject to the approval of and
execution by the Authority of all financing documents relating thereto to which the
Authority is a party and subject to the sale of the Bonds by the Authority.
Resolution No. 2008 — 78
May 6, 2008
Page 2
4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the provisions of the Internal Revenue Code of 1986, as
amended, and shall not be construed in any other manner, with neither the City
nor its staff having fully reviewed or considered the financial feasibility of the
Project or the expected operation of the Project with regards to any State of
California statutory requirements, and such adoption shall not obligate, without
further formal action to be taken by this Council, (i) the City to provide financing
to the Borrower for the acquisition, construction, and development of the Project
or to issue the Bonds for purposes of such financing; or (ii) the City or any
department of the City to approve any application or request for or take any other
action in connection with any environmental, General Plan, zoning, or any other
permit or other action necessary for the acquisition, construction, development,
or operation of the Project.
5. The City Clerk shall forward a certified copy of this Resolution and a copy of the
affidavit of publication of the public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
Section 6. This resolution shall take effect upon its adoption.
PASSED and ADOPTED this 6th day of May, 2
on Morrison, Mayor
ATTEST:
h
Mik- Della, City • erk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
Passed and adopted by the Council of the City of National City, Califomia, on May 6,
2008 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
//
City C
rk of the City of N Tonal City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2008-78 of the City of National City, California, passed and adopted
by the Council of said City on May 6, 2008.
City Clerk of the City of National City, California
By:
Deputy