HomeMy WebLinkAboutReso 1999-19353 RESOLUTION NO. 19353
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS FOR THE ACQUISITION AND
REHABILITATION OF PEARTREE APARTMENTS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY
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 Chula Vista (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, Avalon Communities, LLC (collectively, with any related entity, the
"Borrower") has requested that the Authority issue multifamily housing revenue bonds in an
aggregate principal amount not to exceed $7,000,000 (the "Bonds") for the purpose of
providing financing for the acquisition and rehabilitation of a 119-unit multifamily residential
rental project located at 1025 Broadway, Chula Vista, California which shal~ be comprised of
119 units affordable to households earning between 50 percent and 60 percent of the area
median income and generally known as Peartree Apartments ("Project"); and
WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity 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, there has been published, at least 14 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 the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council of the
City of Chula Vista, at which time an opportunity was provided to interested parties to present
arguments both for and against the issuance of the Bonds; and
WHEREAS, the mecnbers of the City Council of the City of Chula Vista (this "Council")
are the applicable elected representatives of the City; 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.
Resolution 19353
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista as
follows:
Section 1. The above recitals are true and correct
Section 2. The Council hereby approves the issuance of the Bonds by the Authority
for purposes of financing the Project. It is the purpose and intent of the Council that this
resolution constitute approval of the Bonds for the purpose of (a) Section 147(f) of the Code
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), 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. The City Clerk of the City of Chula Vista shall forward a certified copy
of this Resolution and a copy of the affidavit of publication of the hearing notice to:
Aria Marie del Rio, Esq
Orrick, Herrington,& Sutcliff LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
Presented by Approved as to form by
Resolution 19353
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chuia Vista,
California, this 2na day of February, 1999, by the following vote:
AYES: Councilmembers: Davis, Padilia and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Moot and Salas
ABSTAIN: Councilmembers: None
ATTEST:
Susan Bigelow, City Clerk
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. 19353 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 2r'I~ day of February, 1999.
Executed this 2I'" day of February, 1999.
Susan Bigelow, City Clerk