HomeMy WebLinkAboutReso 2013-258 RESOLUTION N0. 2013-258
RESOLUTIOI�' OF THE CITI' COUNCIL OF THE CITY OF
CHULA VISTA APPROVII�TG THE ISSUAI�'CE. SALE .A?�TD
DELIVERY OF n4ULTIFAI�4ILY HOUSI\'G REVENUE
BOt�'DS OF THE HOUSII�'G AUTHORITY OF THE CITI' OF
CHULA VISTA FOR KIKU G.ARDE\'S APARTn4Ei�'TS
R'HEREAS, the Housing Authorit}� of the City of Chula Vista (the '`Authorit}�`) intends
to issue not to exceed �12,000.000 ageregate principal amount of multifamilv housina revenue
bonds (the "Bonds `) to finance the acquisition and rehabilitation of a 100-unit multifamil}� rental
housina project (the "Projecr') located at 1260 Third A��enue in the Cin� of Chula Vista.
Califomia (the "City`); and
VIHEREAS, the Project �vill be o��med and/or operated by Kiku Gardens Housine
Partners, LP. a California limited partnership. or another limited partnership affiliated with
Hearthstone Housing Foundation (the "O�vner); and
�l'HEREAS, pursuant to Section 147(fl of the Internal Revenue Code of 1986. as
amended (the "Code"); the Bonds are required to be approved. folloti�ing a public hearing, b�� an
elected representative of the eovemmental unit having jurisdiction o��er the area in N�hich the
Project is located; and
l�'HEREAS. the Project is located ���holl}� �rithin the geographic jurisdiction of the Cin;
and
WHEREAS; the Citv Council (the "Citv Council") is the elected leeislative body of the
Cih�: and - -
WHEREAS, the Cit�r has caused a �otice to appear in the Staz \'e�<<s; which is a
newspaper of general circulation in the Cit��, on No��ember 22, 20li to the effect that a public
hearing ���ould be held b}� the Cin� Council on December 10, 20li. regarding the issuance of the
Bonds bv the Authorit��: and
WHEREAS, on December 10, 20li, the Cit�� Council held said public hearine, at ���hich
time an opportuniri� �vas provided to present areuments both for and aeainst the issuance of the
Bonds.
I�'O�l%. THEREFORE. BE IT RESOLVED, bv the Cit�� Council of the Citv of Chula
Vista. as follo�-s:
Section 1. The Citv Council does hereb�� find and declare that the abo��e recitals aze true
and correct.
Resolution No. 20li-2�8
Page 2
Section 2. Pursuant to Section 147(� of the Code, the City Council hereb}� appro��es
the issuance of the Bonds by the Authorit}� in one or more series, in an aogregate principal
amount not to esceed $12;000;000 and with a final maturity not later than 4� years 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(�.
Section 3. This Resolution shall take effect from and after its adoption.
Presented by Approved as to form by
(�7C — � ,� '�/�`"'
Kelly G. roughton, FASLA Glen R.Googins I � I
Director of Development Services C�ty A`tt�ney �� `
Resolution No. 2013-2�8
Paee 3
PASSED. APPROVED. and ADOPTED b��the Cin� Council of the Cin� of Chula Vista_
California, this l Oth da�� of December 2013 bv the foliowing vote:
AYES: Councilmembers: Aeuilaz. Bensoussan. Ramirez. Salas and Cox
\'A1'S: Councilmembers: None
ABSENT: Councilmembers: None
Chen�l Cox. -or
ATTEST:
�,��d��
Donna R. Noms, CMC. C�ty Clerk
STATE OF CALIFORI�'IA )
COUI�'TY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Noms, City Clerk of Chula Vista, California. do hereb}� certify that the foreeoine
Resolution No. 20li-2�8 was dul�� passed, approved, and adopted b}� the Cit�� Council at a
reeulaz meeting of the Chula Vista Cirv Council held on the l Oth da�� of December 20li.
Executed this l Oth dav of December 2013.
�+UO��-a-- ( � �./'��/�c.,b
Donna R. Norris. CMC. Citv Clerk