HomeMy WebLinkAboutReso 2014-257 RESOLUTION ?�'O. 2014-2�7
RESOLUTION OF THE CITY COUNCIL OF THE CITl' OF
CHLTLA VISTA APPROV[NG THE ISSUAI�'CE. SALE AND
DELIVERY OF ?�4ULTIFAI�4ILY HOUSI?�'G REVENUE
BOi�'DS OF THE HOUSII�'G AUTHORITY OF THE CITY OF
CHULA VISTA FOR A4ILLENIA AFFORDABLE
APARTMEI�'TS
�'HEREAS. the Housine Authority of the City of Chula Vista (the "Authority") intends
to issue not to e�ceed �16.981.000 aggreeate principal amount of multi-famil}� housing revenue
bonds (the "Bonds `) to finance the acquisition and de��elopment of a 84-unit multi-famil�� rental
housine project for seniors (the "Project") located near the soutfi�est comer of Birch Road and
Eastlal:e Parkway �vithin the Otay Ranch Millenia master planned communih� in the Cit�� of
Chula Vista, California (the "City`); and
�'�'HEREAS. the Project �ti�ill be o"�ned and/or operated b}� Chelsea Investment
Corporation. or another limited partnership affiliated H�ith Chelsea Im�estment Corporation (the
"O���ner'); and
WHEREAS, pursuant to Section 147(� of the Intemal Revenue Code of 1986, as
amended (the "Code"), the Bonds are required to be approved, follo�+�ine a public hearing, by an
elected representative of the govemmental unit having jurisdiction o��er the azea in H�hich the
Project is located; and
�1'HEREAS, the Project is located wholh� within the eeoeraphic jurisdiction of the Cih�;
and
VJHEREAS, the City Council (the "Cih� Council") is the elected leeislative bod�� of the
Cit��: and
WHEREAS, the City has caused a notice to appeaz in the Star Ne�+�s, which is a
newspaper of Qeneral circulation in the City, on I�iovember 28. 2014 to the effect that a public
hearine �j�ould be held by the Cit�� Council on December 16, 2014, regarding the issuance of the
Bonds bv the Authoritv: and
�i%HEREAS, on December 16, 2014, the Cit�� Council held said public hearing, at ��hich
time an opportunit�� ���as provided to present arguments both for and aeainst the issuance of the
Bonds.
I�rOV�'. THEREFORE. BE IT RESOLVED. b�� the Cit� Council of the Citv of Chula
Vista. as follo���s:
Section 1. The Citv Council does hereb� find and dedaze that the above recitals are true
and correct.
Resolution No. 2014-2�7
Page No. 2
Section 2. Pursuant to Section 147(� 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 ezceed $16;981,000 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. ]t 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
� � .
Kelly G. Broughton, FASLA Gl n R. G gins
Director of Development Services Cit Atto y
Resolution No. 2014-2�7
Paae No. 3
PASSED, APPROVED, and ADOPTED b}� the City Council of the Cit�• of Chula Vista,
Califomia. this 16th dav of December 2014 b�� the follo«�ins ��ote:
AYES: Councilmembers: Aeuilaz. Bensoussan. McCann and Salas
N.AYS: Councilmembers: None
ABSEI�TT: Councilmembers: None
Maz�� alas. Mavor
ATTEST:
���� � ���
Donna R. Noms. Cn4C. Citv Clerk
STATE OF CALIFORNIA )
COUI�'TY OF SAN DIEGO )
CITY OF CHiJLA VISTA )
I. Donna R. Noms. Cirv Clerk of Chula Vista. California, do hereb�� certifi� that the foreeoina
Resolution No. 2014-2�7 was duh� passed; approved, and adopted by the Cit�� Council at a
reeular meeting of the Chula V ista Cin� Council held on the 16th da}� of December 2014.
Esecuted this 16th dav of December 2014.
� �
Donna R. Norris. CMC Citv Clerk