HomeMy WebLinkAboutReso 2026-066RESOLUTION NO. 2026-066
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE, AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE
OBLIGATIONS OF THE CHULA VISTA HOUSING
AUTHORITY FOR THE SOL VISTA APARTMENTS PROJECT
WHEREAS, the Chula Vista Housing Authority (“Housing Authority”) intends to issue
multifamily housing revenue notes in an aggregate principal amount not to exceed $14,000,000
(“Obligations”) to finance the acquisition and construction of a 96-unit multifamily rental housing
project, aka the Sol Vista Apartments Project (“Project”) to be located at the southwest corner of
Santa Victoria Road and Santa Diana Road; and
WHEREAS, the Project will be owned and/or operated by MU2 Affordable LP, a
California limited partnership (“Owner”); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended
(the “Code”), the Obligations 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 of
Chula Vista (“City”); and
WHEREAS, the City Council of the City of Chula Vista (“City Council”) is the elected
legislative body of the City; and
WHEREAS, the City published a notice in a newspaper of general circulation on April 3,
2026, informing the public that a public hearing would be held by the City Council on April 21,
2026, regarding the financing of the Project and the issuance of the Obligations; and
WHEREAS, on April 21, 2026, 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
Obligations.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
as follows:
1. The City Council does hereby find and declare that the above recitals are true and
correct;
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Resolution No. 2026-066
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2. Pursuant to Section 147(f) of the Code, the City Council hereby approves the issuance
of the Obligations by the Housing Authority in one or more series, in an aggregate
principal amount not to exceed $14,000,000 and with a final maturity not later than 45
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
constitute approval of the issuance of the Obligations 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
3. This Resolution shall take effect from and after its adoption.
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Resolution No. 2026-066
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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 21st day of April 2026, 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. 2026-066 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 21st day of April 2026.
Executed this 21st day of April 2026.
Kerry K. Bigelow, MMC, City Clerk
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