HomeMy WebLinkAboutReso 2014-256 RESOLUTION NO. 2014-256
RESOLUTION OF THE CITY COUI�'CIL OF THE CITI' OF
CHULA VISTA APPROVTI�'G THE ISSUANCE. SALE AND
DELIVERY OF MULTI-FAI�4ILY HOUSIi�'G REVENiJE
BOI�TDS OF THE HOUSII�'G AUTHORITY OF THE CITY OF
CHULA VISTA FOR A4ILLEI�'IA SENIOR AFFORDABLE
APARTMEI�'TS
WHEREAS, the Housine Authoritv of the City of Chula Vista (the "Authoriri%') intends
to issue not to exceed �21,019,000 aeeregate principal amount of multi-famil}� housing revenue
bonds (the "Bonds") to finance the acquisition and development of a 126-unit multi-family rental
housing project for seniors (the "Project ') located near the south«�est corner of Buch Road and
Eastlake Parkway within the Ota}� Ranch Millenia master planned communitv in the Cit�� of
Chula Vista Califomia (the "City'); and
A'HEREAS, the Project will be o«med and/or operated by Chelsea In��estment
Corporation, or another limited partnership affiliated with Chelsea In�estment Corporation (the
"Owmer'); and
N'HEREAS. pursuant to Section 147(� of the Intemal Revenue Code of 1986, as
amended (the "Code `), the Bonds aze required to be approved, follo�vine a public hearine; bv an
elected representative of the governmental unit having jurisdiction o��er the area in which the
Project is located; and
VJHEREAS, the Project is located ���holly N�ithin the eeoeraphic jurisdiction of the City;
and
R'HEREAS, the Citv Council is the elected leeislative bod�� of the City: and
WHEREAS, the City has caused a notice to appeaz in the Star I�'e�as, which is a
ne���spaper of general circulation in the City, on No��ember 28, 2014, to the effect that a public
hearing ���ould be held by the Cin� Council on December 16, 2014, reQarding the issuance of the
Bonds bv the Authoritv: and
WHEREAS; on December 16, 2014, the City Council held said public hearing, at which
time an opportunit}� ���as pro��ided to present arguments both for and against the issuance of the
Bonds. �
NOW, THEREFORE, BE IT RESOLVED, bv the Citv Council of the City of Chula
Vista. as follows: �
Section l. The City Council does hereby find and declare that the abo��e recitals aze true
and correct.
Section 2. Pursuant to Section 147(� of the Code; the City Council hereby appro��es
the issuance of the Bonds b}� the Authoritv in one or more series. in an aogregate principal
Resolution No. 2014-2�6
Page No. 2
amount not to exceed $21,019;000 and with a final maturity not later than 45 years from the date
of issuance to finance the acquisition, construction 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 azea in which the Project is located, in accordance with said Section 147(�.
Section 3. This Resolution shall take effect from and afrer its adoption.
Prese � � Approved as to form by
/ / -
`
Kelly . Broughton, FASLA Glen R. oogids
Director of Development Services orney
PASSED, APPROVED, and ADOPTED by the City Council ofthe City of Chula Vista,
California, this 16th day of December 2014 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, McCann and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
3
k����
Mary las, Mayor
ATTEST:
� �
Donna R. Norris, CM City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
], Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2014-256 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 16th day of December 2014.
Executed this 16th day of December 2014.
����� ������
Donna R. Norris, CMC, City Clerk