HomeMy WebLinkAboutReso 2024-171
RESOLUTION NO. 2024-171
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY EXEMPT
FACILITY BONDS FOR A QUALIFIED RESIDENTIAL
PROJECT LOCATED AT 178 THIRD AVENUE, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$25,000,000, FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF THE PROJECT, AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, C.V. Senior Housing Partners, L.P. (the "Borrower") a partnership of which
San Diego Interfaith Housing Foundation (the "Developer") or a related person to the Developer
is the general partner, has requested that the California Municipal Finance Authority (the
"Authority") adopt a plan of financing providing for the issuance of exempt facility bonds for a
qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of
1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund
such exempt facility bonds in one or more series from time to time, and at no time to exceed
$25,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition,
construction, improvement and equipping of a multifamily rental housing project located at 178
Third Avenue, Chula Vista, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority must be approved by the City of Chula Vista (the "City") because the Project is located
within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is one of the "applicable elected representatives" required to approve the
issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of the
Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the
Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the
California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice
duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve
the issuance of the Bonds by the Authority; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes.
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Resolution No. 2024-171
Page No. 2
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula Vista
as follows:
Section 1. On information and belief, the foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code 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) and (b) Section 4 of the
Agreement.
Section 3. The City shall have no responsibility or liability whatsoever with respect to the
Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with any
planning approval, permit or other action necessary for the acquisition, construction, rehabilitation,
installation or operation of the Project; (iii) make any contribution or advance any funds
whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its
membership therein.
Section 5. 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 which 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 transaction approved hereby.
Section 6. The Clerk shall forward a certified copy of this Resolution to the Authority in
care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 7. Owner shall issue payment to the City in the amount of $3,500 as reimbursement
for the costs associated with the public hearing and related actions authorized by this resolution.
Section 8. This resolution shall take effect immediately upon its adoption.
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Resolution No. 2024-171
Page No. 3
Presented by Approved as to form by
Stacey Kurz Marco A. Verdugo
Director of Housing and Homeless Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 13th day of August 2024 by the following vote:
AYES: Councilmembers: Chavez, Gonzalez, Morineau, Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
John McCann, 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. 2024-171 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 2024.
Executed this 13th day of August 2024.
Kerry K. Bigelow, MMC, City Clerk
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