HomeMy WebLinkAboutReso 2001-071 RESOLUTION NO. 2001-071
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROV1NG THE ISSUANCE, SALE AND
DELIVERY OF MULTI-FAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PURPOSE OF
FINANCING THE ACQUISITION AND CONSTRUCTION OF
THE MAIN PLAZA AFFORDABLE HOUSING PROJECT
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 multi-family housing revenue obligations for the purpose of financing the acquisition and
construction of multi-family residential rental facilities located witl,.in the area of operation of the
Authority, which includes the City of Chula Vista, which are to be occupied, in part, by very-low
and low income tenants; and
WHEREAS, Avalon Communities, LLC, on behalf of itself or a limited partnership or
limited liability company to be formed by Avalon Communities, LLC, (the "Borrower") has
requested the Authority to issue and deliver multi-family housing obligations in the anticipated
principal amount of $7,000,000 (the "Obligations"), the proceeds of which shall be used for the
purpose of financing the acquisition and construction of a multi-family residential rental facility
to be commonly known as the Main Plaza Apartments which is to be located on the Northeast
comer of Broadway and Main Street in the City of Chula Vista (the "Project"); and
WHEREAS, the Obligation to be issued and delivered to finance the acquisition and
construction of the Project will be considered "qualified exempt facility bonds" under Section 142
(a) of the internal revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the
Code requires that the "applicable elected representative" with respect to the Project hold a public
hearing on the issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Chula Vista as the "applicable elected
representatives" to hold said public heating, has held said public hearing at which all those
interested in speaking with respect to financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula
Vista, as follows:
1. The City Council hereby finds and determines that the foregoing recitals are tree
and correct.
2. The City Council herby approves the 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 there to which
the Authority is a party and subject to the sale of the obligations by the Authority.
4. 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 heating notice to:
Resolution 2001-071
Page 2
Thomas A. Downey
Jones Hall, A Professional Law Corporation
t
650 Califomia Street, 18 h Floor
San Francisco, California 94108
5. This resolution shall take effect upon its adoption.
Presented by Approved as to form by
Chris Salomone John .~/..Kaheny c/)
Community Development Director ~ity'Attomey
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 20th day of March, 2001, by the following vote:
AYES: Councilmembers: Davis, Padilla, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Rindone
Shirley Ho~t6n, Mayor
ATTEST:
Donna Norris, Deputy City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna Norris, Deputy City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 2001-071 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 20th day of March, 2001.
Donna Norris, Deputy City Clerk