HomeMy WebLinkAboutReso 2018-144 RESOLUTION NO. 2018-144
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 ST. REGIS PARK APARTMENTS
WHEREAS, the Chula Vista Housing Authority (the "Authority") intends to issue multi-
family housing revenue bonds in an amount not to exceed $25,000,000 in aggregate principal
(the "Bonds") to finance the acquisition and rehabilitation of an existing 119-unit multi-family
rental housing project known as St. Regis Park Apartments located at 1025 Broadway (the
"Project") in the City of Chula Vista, California(the "City"); and
WHEREAS, the Project will be owned and/or operated by St. Regis Park CIC, L.P., or
another limited partnership affiliated with Chelsea Investment Corporation (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 June 29, 2018 to the effect that a public hearing
would be held by the City Council on July 17, 2018, regarding the issuance of the Bonds by the
Authority; and
WHEREAS, on July 17, 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.
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 $25,000,000 and with a final maturity no later than 55 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).
Resolution No. 2018-144
Page No. 2
Section 3. This Resolution shall take effect from and after its adoption.
Presented by Approved as to form by
Kelly roughton, FASLA Gl n R. G gins
Director of Development Services Cit Atto ey
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 17th day of July 2018 by the following vote:
AYES: Councilmembers: Aguilar, Diaz, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
-"—&
Mary CaOs s Salas, Mayor
ATTEST:
Kerry K. B41ow, C, 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. 2018-144 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 17th day of July 2018.
Executed this 17th day of July 2018.
Kerry K. B ge ow, M , City Clerk