HomeMy WebLinkAboutCC RESO 2020-63RESOLUTION NO. 2020 — 63
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF EXEMPT FACILITY BONDS FOR A QUALIFIED
RESIDENTIAL PROJECT, AS REQUIRED BY THE TAX EQUITY AND FISCAL
RESPONSIBILITY ACT OF 1982 ("TEFRA"), PURSUANT TO SECTION 142(A)(7) OF
THE INTERNAL REVENUE CODE WITH NO FISCAL IMPACT TO THE CITY, AND
NOT TO EXCEED $25,000,000 IN OUTSTANDING AGGREGATE PRINCIPAL TO
FINANCE THE ACQUISITION AND REHABILITATION OF A 151-UNIT
MULTIFAMILY RENTAL HOUSING PROJECT LOCATED AT
2525 HIGHLAND 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, Southern Highlands Preservation LP or a partnership of which
Lincoln Avenue Capital, LLC (the "Developer") or a related person to the Developer is the general
partner, has requested that the Authority adopt a plan of financing providing for the issuance of
exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the
Internal Revenue Code of 1986 (the "Code") in one or more series issued from time to time,
including bonds issued to refund such exempt facility bonds in one or more series from time to
time, and at no time to exceed $25,000,000 in outstanding aggregate principal amount (the
"Bonds"), to finance or refinance the acquisition, rehabilitation and development of a 151-unit
senior multifamily rental housing project located at 2525 Highland Avenue, National City,
California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, the
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; and
WHEREAS, there has been published, at least 7 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
Resolution No. 2020 — 63
Page Two
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
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 7th day of A it 2020
Alejand s, Mayor
ATTEST:
iv„midi
ael R. Dall
Mi , City Clerk
APPROVED AS TO FORM:
Passed and adopted by the Council of the City of National City, California, on
April 7, 2020 by the following vote, to -wit:
Ayes: Councilmembers Cano, Morrison, Quintero, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National ity, California
/1
City CI-rk of the City of N.13onal ity, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2020-63 of the City of National City, California, passed and adopted
by the Council of said City on April 7, 2020.
City Clerk of the City of National City, California
By:
Deputy