HomeMy WebLinkAbouta200 staff reportCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: October 16, 2012
AGENDA ITEM NO.
ITEM TITLE:
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
PREPARED BY: Carlos Aguirre DEPARTMENT: Housing Grants
PHONE: (619) 791.4282 APPROVED B )tom
EXPLANATION:
The City Council is being asked to adopt a resolution which would approve the issuance of
multifamily housing revenue bonds by the California Statewide Communities Development Authority
('CSCDA") for the purpose of financing the acquisition and rehabilitation of a multifamily residential
housing complex known as Park Villas Apartments located in National City (the "Project"). The
purpose of the resolution is to allow the financing to meet a requirement of the Internal Revenue Code
of 1986.
The adoption of this resolution is the first step in the process of financing the Project. Prior to
the issuance of bonds the Project will need to receive a "private activity bond" allocation from the
California Debt Limit Allocation Committee and CSCDA will be required to adopt a resolution which
would approve the execution and delivery of certain bond documents that would reflect the terms of
the bonds.
FINANCIAL STATEMENT:
ACCOUNT NO,
APPROVED:
APPROVED:
Finance
MIS
The City of National City is not a party to the bond transaction and there is no fiscal impact to the City.
ENVIRONMENTAL REVIEW:
Not applicable to this report.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Adopt the Resolution.
BOARD ! COMMISSION RECOMMENDATION:
Not applicable to this report.
ATTACHMENTS:
Please refer to the Background Report and Project Bond Application attached to the Public Hearing staff
report preceding this item on the City Council Agenda.