HomeMy WebLinkAboutReso 2015-239 RESOLUTION NO. 2015-239
RESOLliTION OF THE CIT1' COU1'CIL OF THE CIT1' OF
CHLiL.4 VISTA APPRO�'I?�'G THE ISSUAIvCE. S.4LE .A_\'D
DELI�%ER1' OF MULTI-FAn4ILl' HOUSI?�'G RE\'ENUE
BONDS OF THE HOliSII�'G AUTHORITY OF THE CITY OF
CHiiL.A VIST.A FOR MILLE?�'IA .AFEORD.ABLE
.APART?�4EI�'TS
WHEREAS, the Housing Authority of the Cit�� of Chula Vista (the "Authorih�") intends
to issue not to eaceed 519,�00,000 aegregate principal amount of multi-familp housine revenue
bonds (the "Bonds") to finance the acquisition and de��elopment of appro�imatel�� 87 units for a
multi-famih� rental housing project (the "Projecr') located near the southH�est comer of Birch
Road and Eastlal:e Parkwa�- ��ithin the Otav Ranch A4illenia master planned communit�� in the
Cit�� of Chula Vista, California (the "City'); and
l�%HEREAS, the Project ���ill be o��ned and/or operated b�� Chelsea [n��estment
Corporation, or another limited partnership affi]iated with Chelsea Im�estment Corporation (the
"O��ner'`); and
W"IIEREAS. pursuant to Section 147(� of the Intemal Revenue Code of 1956, as
amended (the "Code"), the Bonds are required to be approved, follo���ine a public heazine; b�� an
elected representative of the go��emmenta] unit having jurisdiction o��er the area in ���hich the
Project is located; and
WHEREAS, the Project is located ���holl}� tiithin the geographic jurisdiction of the City;
and
V�'HEREAS. the Cit} Council (the "City Council `) is the elected legislative body of the
Cit�c and
�'HEREAS, the City caused a notice to appear in the Star Ne�as, �+�hich is a ne���spaper of
eeneral circulation in the Cit��, on No�ember 28, 2014 to the effect that a public hearine was held
bv the Cin- Council on December 16. 2014. �vherebv the Cit�� Council authorized the issuance
sale and deliverv of the Bonds bv the .Authoritv in an a;�reeate amount of�]6.981.000: and
R'HEREAS, since such time, construction plans and costs estimates for the Project have
been advanced. construction costs ha��e escalated and lender requirements have changed_ the
Project requires additional financing offered through the issuance of the Bonds, approsimatel��
�2.419.000: and
A'HEREAS, the Cin has caused a notice to appear in the San Dieso Union 7�ribune.
which is a ne���spaper of seneral circulation in the Cit��_ on September 28. 201� to the effect that
a public hearing «ould be held b} the Cit} Council on October li. 201�, regarding the issuance
of the Bonds bv the Authorin�: and
Resolution No. 2015-?39
Paee No. 2
A'HEREAS. on October 13; 201�, the City Council held said public hearing. at which
time an opportunit�� was provided to present arguments both for and against the issuance of the
Bonds.
NO�', THEREFORE, BE IT RESOLVED; by the City Council of the Cin� of Chula
Vista. as folloti�s:
Section 1. The City Council does hereby find and declare that the above recitals aze true
and correct.
Section 2. Pursuant to Section 147(� of the Code, the City Council hereby approves
the issuance of the Bonds bti� the Authority in one or more series, in an aggregate principal
amount not to eaceed �19;400.000 and N�ith a final maturity not later than 4� vears 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 constitutes approval of the issuance of the
Bonds by the applicable elected representati��e of the eo��emmental unit ha��ing jurisdictiou over
the area in which the Project is located, in accordance with said Section 147(�.
Section 3. This Resolution shall take effect from and afrer its adoption.
Presented by Approved as to form by
�
.
Kell} . Broughton, FASLA Glen R. oo�gins
Director of Development Services City Att Ey
Resolution No. 201�-239
Paee ?�o. 3
PASSED, APPROV'ED, and .ADOPTED b�� the Cit�� Council of the Cit�� of Chula Vista.
Califomia, this 13th da�� of October 201� by the followin� ��ore:
AI'ES: Councilmembers: Aeuilar. Bensoussan. McCann and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIiv: Councilmembers: Miesen
�/
I�4ar�� las. t�9a��or
ATTEST:
���� �
Donna R. Norris. CMC. Ci - Clerk
STATE OF CALIFORNIA )
COUI�'TY OF SAN DIEGO )
CITP OF CHiJLA \'ISTA )
I, Donna R. ?`'orris. Cit� Clerk of Chula \'ista, California. do hereb�� cenif}� that the foreeoino
Resolution No. 201�-239 ���as duh� passed, appro��ed, and adopted b�� the Cit�� Council at a
reeulaz meetine of the Chula Vista Cit�� Council held on the 13th dav of October 201�.
Executed this 13th da� of October 201�.
/
Donna R. Noms. CI�4C. Cit�� Clerk