HomeMy WebLinkAboutReso 2001-164 RESOLUTION NO. 2001 - 164
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING THE SALE, ISSUANCE, AND
DELIVERY OF MULTI-FAMILY HOUSING REVENUE
BONDS BY THE HOUSING AUTHORITY OF THE CITY OF
CHULA VISTA FOR THE HERITAGE TOWN CENTER
PROJECT
WHEREAS, the Housing Authority of the City of Chula Vista (the "Authority") adopted
a resolution that constituted a declaration of official intent to issue multi-family housing revenue
bonds (the "Bonds") to finance the construction of a multi-family rental housing Project in the
City of Chula Vista (the "Project") described in the notice of public hearing attached as Exhibit
A hereto; and
WHEREAS, in order for interest on the Bonds to be tax-exempt, Section 147(0 of the
Internal Revenue Code of 1986 requires that the Bonds be approved by the City Cotmcil as the
applicable elected representative after a public heating following reasonable public notice; and
WHEREAS, notice of a public hearing with respect to the proposed issuance of the
Bonds was published in a newspaper of general circulation in the City on May 11, 2001; and
WHEREAS, the public heating was held on May 29, 2001, and an opportunity was
provided for interested persons to express their views on the issuance of the Bonds and on the
nature and location of the Project.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula Vista
that this City Council, as the applicable elected representative under Section 147(f) of the Code,
approves the issuance of the Bonds by the Authority to finance the acquisition and rehabilitation
of the Project.
Presemed by Approved as to form by
Chtis Salomone J Jo ~J~eny .' ,' ~
Community Development Director ~
Resolution 2001 - 164 -
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 29th day of May, 2001, by the following vote:
AYES: Councilmembers: Davis, Padilla, Rindone, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Shirley t~o~n, Mayor
ATTEST:
Susan Bigelow, City Cle~Z
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2001-164 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 29th day of May, 2001.
Executed this 29th day of May, 2001.
Susan Bigelow, City Clerli
EXHIBIT A
[FORM OF]
PUBLIC NOTICE
CITY OF CHULA VISTA
PUBLIC HEARING
ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:00 p.m. on
Tuesday, May 29, 2001, at the City Council Chambers of the City of Chula Vista located at 276
Fourth Avenue, Chula Vista, California 91910, the City Council of the City of Chula Vista will
conduct a public hearing as required by Section 147(0 of the Internal Revenue Code of 1966, as
amended, at which it will hear and consider information concerning the issuance by the Housing
Authority of the City of Chula Vista (the "Authority") of bonds (the "Bonds") to finance a
proposed multifamily rental housing and a senior housing project of approximately 180 family
units and 91 units for seniors to be known as "Heritage Town Center" located on 9.3 acres of
vacant land in the Otay Ranch Village 1 tentative map area C1 and R-47, on East Palomar
Street be~een Santa Rita and Santa Andrea in the City of Chula Vista, California. The Proje~
(the "Project") is to be owned and/or operated by South Bay Community Villas, L.P., a California
limited partnership. The Authority proposes to issue the Bonds in an aggregate principal
amount not to exceed $25,000,000.
At least 20 percent of the rental units in the Project are required to be available for
occupancy by persons or families whose income does not exceed 50 percent of the median
income for the San Diego, California Primary Metropolitan Statistical Area, or, alternatively, at
least 40 percent of the rental units are required to be available for occupancy by persons or
families whose income does not exceed 60 percent of the median income for the Area, in each
case at affordable rents established by applicable State law.
ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE PROPOSED
ISSUANCE OF THE BONDS DESCRIBED ABOVE ARE HEREBY INVITED TO APPEAR AT
THE TIME AND PLACE MENTIONED ABOVE TO PRESENT SUCH INFORMATION TO THE
CITY COUNCIL.
If you wish to challenge the City's action on the matter in court, you may be limited to
raising only those issues you or someone else raised at the public hearing described in this
notice, or in written correspondence delivered to the City Clerk's Office at or prior to the public
hearing.
For further information, contact Juan P. Arroyo, Housing Manager of the City of Chula
Vista, at (619) 585-5722.
Is/Susan Bigelow
City Clerk of the City of Chula Vista
Publish by: May 14, 2001