HomeMy WebLinkAboutReso 2015-238 RESOLUTION NO. 2015-238
RESOLliTION OF THE CITY COUTCIL OF THE CITY OF
CHtiL.A VISTA .APPRO\'ING THE ISSUANCE. SALE AND
DELIVERY OF ?�4[JLTI-FAI�4IL1' HOUSTNG REVENUE
BO?�TDS OF THE HOUSI?�'G .4UTHORITY OF THE CITY OF
CHULA VISTA FOR A4ILLENIA SENIOR AFFORDABLE
APARTMEI�'TS
R'HEREAS. the Housin� Authoritv of the Citv of Chula Vista (the "Authorin%`) intends
to issue, a not to ezceed $21.700,000 aggregate principal amount of multi-familv housine
re��enue bonds (the "Bonds ') to finance the acquisition and development of approximately 123
units of a multi-famih� rental housins project for seniors (the `'Project") located neaz the
south�vest comer of Birch Road and Eastlake Parkwav �vithin the Otav Ranch A4illenia master
planned communin in the Cirn of Chula Vista, California (the "Cin�`); and
W"HEREAS, the Project �ill be oHned and/or operated b}� Chelsea Investment
Corporation, or another limited pannership affiliated with Chelsea Investment Corporation (the
"O�ner'); and
W�I-IEREAS. pursuant to Section 147(� of the Intemal Re�enue Code of ]986; as
amended (the "Code°), the Bonds are required to be appro�ed, follo�vine a public hearine. b.� an
elected representative of the go�emmental unit ha��ine jurisdiction over the azea in ���hich the
Project is located; and
WHEREAS, the Project is located Nfiollv ��ithin the eeoeraphic jurisdiction of the Citv;
and
W�HEREAS. the Cit�� Council (the "City Council") is the elected lesislati��e bodv of the
Cit��: and
WHEREAS. the City caused a notice to appeaz in the Star\'e���s, �ahich is a newspaper of
general circulation in the City, on Norember 28, 2014 to the effect that a public hearin� ��as held
bv the Cit�� Council on December 16. 2014. �tihereb� the Cit�� Council authorized the issuance
sale and deliverv of the Bonds bv the Authoritv in an as�reeate amount of�16.981.000: and
V1IIERE.AS, since such time, construction plans and costs estimates for the Project ha��e
been ad��anced, construction costs have escalated and lender requirements have chaneed. the
Project requires additional financine offered throueh the issuance of the Bonds. approximatel��
�4.719.000: and
\'�'HERE.AS. the Citv has caused a notice to appeaz in the San Dieeo Union 'Tribune:
which is a newspaper of general circulation in the Cih. on September 28, 201� to the effect that
a public hearing would be held b�� the Cit� Council on October li, 201�, reeardine the issuance
of the Bonds bv the .Authorit��: and
Resolution No. 20]�-238
Pa�e No. 2
WHEREAS, on October 13; 2015, the City Council held said public hearing, at which
time an opportunity N�as pro��ided to present arguments both for and against the issuance of the
Bonds.
NOW; THEREFORE, BE IT RESOLVED, by the City Council of the Cih- of Chula
Vista. as folloN�s:
Section ]. The City Council does hereby find and declam that the above recitals are true
and correct.
Section 2. Pursuant to Section 147(� of tl�e 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 $2I.700;000 and with a final mamrity 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 Cih� Council that this Resolution constitutes approval of the issuance of the
Bonds by the applicable elected representati��e of the governmental unit having jurisdiction over
the area in N�hich the Project is located, in accordance N�ith said Section 147(�.
Section 3. This Resolution shall take effect from and afrer its adoption.
Presented by Approved as to form by
Ke , . Broughton, FASLA len R. G ogins
Director of Development Services ity Ario ey
Resolution No. 201�-235
Paee No. 3
PASSED. APPROVED. and ADOPTED bv the Cit� Council of the Cit�� of Chula \%ista_
Califomia. this 13th da� of October 201� b�� the follo���ine ��ote:
AI'ES: Councilmembers: Asuilar. Bensoussan. A4cCann and Salas
N.AI'S: Councilmembers: None
.ABSENT: Councilmembers: None
.ABSTAIN: Councilmembers: Miesen
_ �'
Man� las. ?�4a��or
ATTEST:
��� � ��
Donna R. Norris. C. 4C. Cit�� Clerk
ST.ATE OF CALIFOR\'IA )
COiI�'TY OF SAiv DIEGO )
CITY OF CHtiLA VISTA )
I. Donna R. Noms. Cit�� Clerk of Chula Vista. Califomia. do hereb�� certifi� that the foreeoine
Resolution No. 201�-238 ���as duh passed. appro�ed, and adopted by the Citv Council at a "
reeular meetine of the Chula \'ista Cit�� Council held on the 13th da�� of October 201�.
Executed this 13th da�� of October 201�.
���-
Donna R. I�'orris. CMC. Citv Clerk