HomeMy WebLinkAboutReso 2024-252RESOLUTION NO. 2024-252
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A PLAN OF FINANCE FOR THE
ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY TO FINANCE AND
REFINANCE A QUALIFIED RESIDENTIAL RENTAL
PROJECT LOCATED AT 1250 SANTA CORA AVENUE FOR
THE BENEFIT OF CG TERESINA APTS LP, AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, Nuveen Alternatives Advisors LLC, a Delaware limited liability company
(the “Sponsor”), on behalf of CG Teresina Apts LP, a Delaware limited partnership, or another
ownership entity created by the Sponsor or by another affiliate of the Sponsor (such limited
partnership or other ownership entity, the “Borrower”), has requested that the California Municipal
Finance Authority (the “Authority”) undertake a proposed plan of finance that includes the
issuance and reissuance by the Authority from time to time of one or more series of revenue bonds
in an outstanding principal amount not to exceed $100,000,000 (the “Bonds”) to finance and
refinance the acquisition, rehabilitation, improvement and equipping of a 440-unit qualified
residential rental project commonly known as Teresina Apartments (the “Project”) to be owned
and operated by the Borrower and located at 1250 Santa Cora Avenue within the City of Chula
Vista, California (the “City”); and
WHEREAS, in accordance with Chula Vista Housing Authority Resolution No. 2024-004,
Housing Authority staff have approved the use of the Authority as an outside issuer after
determining that the Authority is uniquely suited to provide an allocation of recycled bonds,
rending the project’s financing more viable; and
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project
is to be located is required to approve the proposed plan of finance for the Project under Section
147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the City Council of the City of Chula Vista (the “City Council”) is the elected
legislative body of the City and is an “applicable elected representative” for purposes of Section
147(f) of the Code; and
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a plan of
finance to issue an original issue of Bonds and to issue or reissue one or more additional series of
Bonds from time to time after the original issue of Bonds, if necessary or desirable under applicable
legal requirements, all in an aggregate principal amount not to exceed $100,000,000 outstanding
at any one time, and all to provide long term financing and refinancing of the Project within the
three-year period commencing on the date of the issuance of the first series of Bonds pursuant to
this resolution; and
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Resolution No. 2024-252
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WHEREAS, the Authority has requested that the City Council approve the proposed plan
of finance 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 proposed plan of finance for the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance to issue and
reissue from time to time of one or more series of revenue bonds for the Project in an outstanding
principal amount not to exceed $100,000,000. It is the purpose and intent of the City Council that
this resolution constitute approval of the proposed plan of finance for the Project for the purposes
of (a) Section 147(f) of the Code by the applicable elected representative of a governmental unit
having jurisdiction over the area in which the Project is to be located, in accordance with said
Section 147(f) and (b) Section 4 of the Agreement.
Section 3. 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 do cuments 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 4. The City 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 5. This resolution shall take effect immediately upon its adoption.
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Resolution No. 2024-252
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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 17th day of December 2024 by the following vote:
AYES: Councilmembers: Chavez, Fernandez, Inzunza, 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. 2024-252 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 December 2024.
Executed this 17th day of December 2024.
Kerry K. Bigelow, MMC, City Clerk
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