HomeMy WebLinkAboutCC RESO 2018-50RESOLUTION NO. 2018 — 50
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
WITH NO FISCAL IMPACT TO THE CITY AND NOT TO EXCEED $80,000,000 IN
OUTSTANDING AGGREGATE PRINCIPAL TO FINANCE THE ACQUISITION AND
REHABILITATION OF AN EXISTING 372-UNIT MULTIFAMILY RENTAL HOUSING
PROJECT KNOWN AS SUMMERCREST APARTMENTS LOCATED
AT 2601-2717 PLAZA BOULEVARD IN NATIONAL CITY
WHEREAS, 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"), the California Statewide Communities
Development Authority (the "Authority") is authorized 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, Summercrest Apartment Associates, L.P., or a partnership created by
DeSola Development Associates, LLC (the "Developer"), consisting at least of the Developer or a
related person to the Developer and one or more limited partners, 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 $80,000,000 in
outstanding aggregate principal amount, to finance the acquisition, rehabilitation and
development of an existing 372-unit multifamily rental housing project located at 2601-2717
Plaza Boulevard, National City, California, generally known as Summercrest Apartments (the
"Project") and operated by Sage Apartment Communities, Inc.; 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 the City Council of the City of National City are the
applicable elected representatives of 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 April 3, 2018, 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
Resolution No. 2018 — 50
Page Two
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
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. This resolution shall take effect immediately upon its passage.
PASSED and ADOPTED this 3rd day of April,
Morrison, Mayor
ATTEST:
Michael R. Dalla, fty Clerk
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APPROVED AS TO FORM:
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City • .rney
Passed and adopted by the Council of the City of National City, California, on
April 3, 2018 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
a
City e y of National City, California
ii
i
CI k of th City
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2018-50 of the City of National City, California, passed and adopted
by the Council of said City on April 3, 2018.
City Clerk of the City of National City, California
By:
Deputy