HomeMy WebLinkAboutCC RESO 2015-168RESOLUTION NO. 2015 — 168
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS
IN ONE OR MORE SERIES FROM TIME TO TIME., AND AT NO TIME TO EXCEED
$35,000,000 IN OUTSTANDING AGGREGATE PRINCIPAL AMOUNT TO FINANCE
THE DEVELOPMENT OF PARADISE CREEK HOUSING II (WI-TOD PHASE II),
A 91-UNIT MULTIFAMILY RENTAL HOUSING PROJECT LOCATED
AT 2200 AND 2020 HOOVER AVENUE IN NATIONAL CITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code section 6500 et
seq., and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California,
including the City of National City (the "City"), to issue revenue bonds in accordance with Chapter 7
of Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing
multifamily rental housing projects; and
WHEREAS, Paradise Creek II Housing Partners, L.P., a limited partnership or
related entities, has requested that the Authority adopt a plan of financing providing for the
issuance of multifamily housing revenue bonds (the "Bonds") in one or more series issued from
time to time, including bonds issued to refund such revenue bonds in one or more series from time
to time, and at no time to exceed $35,000,000 in outstanding aggregate principal amount, to
finance the acquisition, construction and development of a 91-unit multifamily rental housing
project located at 2200 and 2020 Hoover Avenue, National City, California, generally known as
Paradise Creek Housing II (the "Project") and operated by Related Management Company; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "City Council") are the
applicable elected representatives of the City of National City (the "City"); and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds
would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and
WHEREAS, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of refinancing
the Bonds which financed the Project (the "Refunding Bonds"), but only in such cases where
federal tax laws would not require additional consideration or approval by the City Council; and
Resolution 2015 —168
Page Two
WHEREAS, it is intended that this Resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF NATIONAL CITY AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and
the Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
Resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code, and
(b) Section 9 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all documents that they
deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this Resolution and the financing approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
PASSED and ADOPTED this 17th day of November, 15.
on Morrison, Mayor
ATTEST:
Michael R. Dalla, Cit Clerk
Passed and adopted by the Council of the City of National City, California, on
November 17, 2015 by the following vote, to -wit:
Ayes: Councilmembers Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: Councilmember Cano.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
Clerk oft e
fNational City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2015-168 of the City of National City, California, passed and
adopted by the Council of said City on November 17, 2015.
City Clerk of the City of National City, California
By:
Deputy
City
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