HomeMy WebLinkAboutReso 2020-263
RESOLUTION NO. 2020-263
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE NOTES
OF THE CHULA VISTA HOUSING AUTHORITY FOR OTAY
RANCH APARTMENTS
WHEREAS, the Chula Vista Housing Authority (the “Authority”) intends to issue not to
exceed $35,000,000 aggregate principal amount of multifamily housing revenue notes (the
“Notes”) 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 Notes 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, on October 1, 2019, the City Council held the requisite public hearing, at
which time an opportunity was provided to present arguments both for and against the issuance of
the Bonds and City Council approved by its Resolution No. 2019-193 the issuance, sale and
delivery of Multifamily Housing Revenue Notes of the Chula Vista Housing Authority for Otay
Ranch Apartments, but more than 12 months has lapsed since those actions; and
WHEREAS, the City posted a notice 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.gov/departments/mayor-council/council-meeting-agenda and
https://www.chulavistaca.gov/departments/development-services/planning/public-notices/public-
notices on November 20, 2020 informing the public that a public hearing would be held by the
City’s Hearing Officer, as appointed by the City Council by its Resolution No. 2020-248, on
November 30, 2020, regarding the issuance of the Notes by the Authority; and
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Resolution No. 2020-263
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WHEREAS, on November 30, 2020, the City’s Hearing Officer held the public hearing, at
which time the public was provided an opportunity to present arguments both for and against the
issuance of the Bonds and the Hearing Officer (City Manager) informed the City Council of all
comments received at the public hearing, for the City Council’s consideration prior to taking action
on this matter.
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 Notes by the Authority in one or more series, in an aggregate principal amount
not to exceed $35,000,000 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 Notes
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.
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Resolution No. 2020-263
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Presented by Approved as to form by
Tiffany Allen Glen R. Googins
Director of Development Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 1st day of December 2020 by the following vote:
AYES: Councilmembers: Diaz, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, 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. 2020-263 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 1st day of December 2020.
Executed this 1st day of December 2020.
Kerry K. Bigelow, MMC, City Clerk
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