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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