HomeMy WebLinkAboutReso 2012-163RESOLUTION NO. 2012-163
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE
BONDS OF THE HOUSING AUTHORITY OF THE CITY OF
CHULA VISTA FOR CONGREGATIONAL TOWERS
WHEREAS, the Housing Authority of the City of Chula Vista (the "Authority") intends
to issue not to exceed $21,000,000 aggregate principal amount of multifamily housing revenue
bonds (the "Bonds") to finance the acquisition and rehabilitation of a 186-unit multifamily rental
housing project (the "Project") located at 288 F Street in the City of Chula Vista, California (the
"City"); and
WHEREAS, the Project will be owned and/or operated by Congregational Tower
Partners, LP, a California limited partnership, or another limited partnership affiliated with
Retirement Housing Foundation (the "Owner"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the Bonds are required to be approved, following a public hearing, by an
elected representative of the governmental unit having jurisdiction over the area in which the
Project is located; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City;
and
WHEREAS, the City Council (the "City Council") is the elected legislative body of the
City; and
WHEREAS, the City has caused a notice to appear in the Star News, which is a
newspaper of general circulation in the City, on July 27, 2012 to the effect that a public hearing
would be held by the City Council on August 14, 2012, regarding the issuance of the Bonds by
the Authority; and
WHEREAS, on August 14, 2012, the City Council held said public hearing, at which
time an opportunity was provided to present arguments both for and against the issuance of the
Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista, as follows:
Section 1. The City Council does hereby find and declare that the above recitals are true
and correct.
Resolution No. 2012-163
Page No. 2
Section 2. Pursuant to Section 147(f) of the Code, the City Council hereby approves
the issuance of the Bonds by the Authority in one or more series, in an aggregate principal
amount not to exceed $21,000,000 and with a final maturity not later than 45 yeazs from the date
of issuance to finance the acquisition, rehabilitation and equipping of the Project. It is the
purpose and intent of the City Council that this Resolution constitute approval of the issuance of
the Bonds by the applicable elected representative of the governmental unit having jurisdiction
over the area in which the Project is located, in accordance with said Section 147(f).
Section 3. This Resolution shall take effect from and after its adoption.
ed by ~ Approved as to form by
Gary e t, P.E., AICP G n R. gins
Assistan ty Manager/Director of Cit tto y
Development Services
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 14th day of August 2012 by the following vote:
AYES: Councilmembers: Aguilaz, Bensoussan, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: Castaneda
Cheryl Cox, M or
ATTEST:
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Noms, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2012-163 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 14th day of August 2012.
Executed this 14th day of August 2012. ,/'
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Donna R. Norris, CMC, City Clerk