HomeMy WebLinkAboutReso 2018-082 RESOLUTION NO. 2018-082
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTI-FAMILY HOUSING REVENUE
BONDS OF THE CHULA VISTA HOUSING AUTHORITY
FOR TROLLEY TERRACE AND CORDOVA VILLAGE
AFFORDABLE APARTMENTS
WHEREAS, the Chula Vista Housing Authority (the "Authority") intends to issue not to
exceed $8,000,000 aggregate principal amount of multifamily housing revenue bonds (the
"Bonds") to finance the acquisition and rehabilitation of an existing 18-unit multifamily rental
housing project known as Trolley Terrace apartments located at 750 Ada Street and a 40-unit
multifamily rental housing project known as Cordova Village apartments located at 1280 East J
Street (the "Project") in the City of Chula Vista, California (the "City"); and
WHEREAS, the Project will be owned and/or operated by Cordova Trolley L.P., or
another limited partnership affiliated with South Bay Community Services (the "Owner"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986,. as
amended (the "Code"), the Bonds are required to be approved, following a public hearing, by an
elected representative of the governmental unit having jurisdiction over the area in which the
Project is located; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City;
and
WHEREAS, the City Council (the "City Council") is the elected legislative body of the
City; and
WHEREAS, the City has caused a notice to appear in the Star News, which is a
newspaper of general circulation in the City, on April 27, 2018 to the effect that a public hearing
would be held by the City Council on May 15, 2018, regarding the issuance of the Bonds by the
Authority; and
WHEREAS, on May 15, 2018, the City Council held said public hearing, at which time
an opportunity was provided to present arguments both for and against the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula
Vista, as follows:
Section 1. The City Council does hereby find and declare that the above recitals are true
and correct.
Resolution No. 2018-082
Page No. 2
Section 2. Pursuant to Section 147(f) 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 exceed $8,000,000 and with a final maturity not later than 45 years from the date
of issuance to finance the acquisition, rehabilitation 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 representative of the governmental unit having jurisdiction
over the area in which the Project is located, in accordance with said Section 147(f).
Section 3. This Resolution shall take effect from and after its adoption.
[SIGNATURE PAGE TO FOLLOW]
Resolution No. 2018-082
Page No. 3
Presented by Approved as to form by
Kelly G. Broughton, FASLA Glen R. ins
Director of Development Services ity Attorne
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 15th day of May 2018 by the following vote:
AYES: Councilmembers: Diaz, McCann, Padilla, and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: Aguilar
r
Mary Salu, Mayor
ATTEST:
Kerry K. Bigelow,�*MC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2018-082 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 15th day of May 2018.
Executed this 15th day of May 2018.
Kerry KUBigelow, MMC, City Clerk