HomeMy WebLinkAboutReso 2002-294 RESOLUTION NO. 2002-294
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section
6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement,
dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of
California, including the City of Chula Vista (the "City"), to issue revenue bonds in accordance
with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose
of financing multifamily rental housing projects; and
WHEREAS, Main Plaza, L.P. (collectively, with any related entity, including Avalong
Communities LLC, the "Borrower") has requested that the Authority issue multifamily housing
revenue bonds in an aggregate principal amount not to exceed $10,000,000 (the "Bonds") for the
purpose of providing financing acquisition, construction and development of an approximately
106-unit multifamily rental housing project to be located at the northeast corner of Broadway and
Main Streets in Chula Vista, California, and to generally be known as Main Plaza Apartments;
and
V~-IEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes
of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(0 of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "Council") are the applicable elected
representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the
Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council, at
which time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
WHEREAS, it is intended that this resolutiun shall constitute the approval of the issuance
of the Bonds required by Section 147(0 of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CHULA VISTA AS FOLLOWS:
Section 1. The above recitals are true and correct.
Resolution 2002-294
Page 2
Section 2. The Council hereby approves the issuance of the Bonds by the Authority. It is the
purpose and intent of the Council that this resolution constitute approval of the Bonds for the
purposes of (a) Section 147(0 of the Code and (b) Section 9 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly and severally,
to do any and all things and to execute and deliver any and all documents that they deem
necessary or advisable in order to carry out, give effect to and comply with the terms and intent
of this resolution and the financing approved hereby.
Section 4. The City Clerk of the City shall forward a certified copy of this resolution and a
copy of the affidavit of publication of the hearing notice to:
Ana Made del Rio, Esq.
Onick, Herfington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
Presented by Approved as to form by
~ohn M. I~eny
Community Development Director ~tto.~
Resolution 2002-294
Page 3
- PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 13th day of August, 2002, by the following vote:
AYES: Councilmembers: Davis, Padilla, Rindone, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Shirley HOrt~, Mayor
ATTEST: '
Susan Bigelow, City Clerk ~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2002-294 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 13th day of August, 2002.
Executed this 13th day of August, 2002.
Susan Bigelow, City Clerk