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HomeMy WebLinkAboutCC RESO 2012-210RESOLUTION NO. 2012 — 210 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF PARK VILLAS APARTMENTS WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver multifamily housing revenue obligations for the purpose of financing the acquisition, construction/rehabilitation and development of multifamily residential rental facilities located within the area of operation of the Authority that are to be occupied, in part, by very low and low income tenants; and WHEREAS, Pacific Housing, Inc., a California nonprofit public benefit corporation, on behalf of a limited liability company or limited partnership related thereto and to be formed by Pacific Housing, Inc. (the "Borrower"), has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated principal amount of $34,000,000 (the "Obligations"), the proceeds of which may only be used for the purpose of financing the acquisition and rehabilitation of a 268-unit multifamily residential rental facility commonly known as Park Villas Apartments located at 817 Eta Street in the City of National City, California (the "Project"); and WHEREAS, the City of National City is a member of the Authority; and WHEREAS, the Obligations that are expected to be issued and delivered to finance the acquisition and rehabilitation of the Project would be considered "qualified exempt facility bonds" under Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code"). Section 147(f) of the Code requires that the "applicable elected representatives", with respect to the jurisdiction in which the Project is located, hold a public hearing on the issuance and delivery of the Obligations; and WHEREAS, the City Council of the City of National City, as the "applicable elected representative" to hold said public hearing, has held said public hearing at which all those interest in speaking with respect to the proposed financing of the Project were heard. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of National City hereby: 1. Finds and determines that the foregoing recitals are true and correct. 2. For purposes of the requirements of the Code only, the City Council hereby approves the proposed financing of the Project by the Authority with the proceeds of the Obligations. 3. The issuance and delivery of the Obligations 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 Obligations by the Authority. 4. The adoption of this Resolution is solely for the purpose of meeting the requirements of the Code and shall not be construed in any other manner, neither the City nor its staff having fully reviewed or considered the financial feasibility of the Project or the expected Resolution No. 2012 — 210 Page Two financing or operation of the Project with regards to any State of California statutory requirements, and such adoption shall not obligate (i) the City to provide financing to the Borrower for the acquisition, rehabilitation and development of the Project or to issue the Obligations for purposes of such financing; or (ii) the City, of 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, rehabilitation, development or operation of the Project. 5. The City Clerk of the City 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 The Orrick Building Orrick, Herrington & Sutcliffe LLP 405 Howard Street San Francisco, California 94105 6. This Resolution shall take effect upon its adoption. PASSED and ADOPTED this 16th day of October 112 ATTEST: iV Michael R. Dalla, Ci Clerk ROVED AS TO FORM: itua Silva ity on "ornson, ayor Passed and adopted by the Council of the City of National City, California, on October 16, 2012 by the following vote, to -wit: Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: RON MORRISON Mayor of the City of National City, California f J a e of the City of ationa City CI I City, California By: Deputy I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2012-210 of the City of National City, California, passed and adopted by the Council of said City on October 16, 2012. City Clerk of the City of National City, California By: Deputy