HomeMy WebLinkAboutReso 2019-193 RESOLUTION NO. 2019-193
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS
OF THE CHULA VISTA HOUSING AUTHORITY FOR OTAY
RANCH APARTMENTS
WHEREAS, the Chula Vista Housing Authority (the "Authority" or "CVHA") intends to
issue not to exceed$70,000,000 aggregate principal amount of multifamily housing revenue bonds
(the "Bonds") to finance the costs of developing a 175-unit multifamily rental housing project
known as Otay Ranch Apartments located east of La Media Parkway and bounded by Main East
Street and Main West Street within the Otay Ranch Escaya master planned community (the
"Project") in the City of Chula Vista, California(the"City"); and
WHEREAS, the Project will be owned and/or operated by Otay Affordable I V8, LP, or
another limited partnership affiliated with Meta Housing 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 be posted on the Authority's primary public
website in an area used to inform residents about events such as public meetings located at
https://www.chulavistaca. ov�/departments/mayor-council/council-meeting-agenda and
https://www.chulavistaca. og v/del2artments/development-services/planning/public-notices/public-
notices on September 23,2019 to the effect that a public hearing would be held by the City Council
on October 1, 2019, regarding the issuance of the Bonds by the Authority; and
WHEREAS, on October 1, 2019, 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. 2019-193
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 $70,000,000 and with a final maturity not later than 55 years 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 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.
Presented by Approved as to form by
Kelly . Broughton, FASLA Glen R. Googins
Director of Development Services City Attorney
Resolution No. 2019-193
Page No. 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 1 st day of October 2019 by the following vote:
AYES: Councilmembers: Diaz, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary CEyllas Salas, Mayor
ATTEST:
(// L
K rry K. #gelow, 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. 2019-193 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 1 st day of October 2019.
Executed this 1 st day of October 2019.
Kerry K. Bi' low, MYk, City Clerk