HomeMy WebLinkAboutReso 2026-092RESOLUTION NO. 2026-092
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
RENTAL PROJECT IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $80,000,000 FOR THE PURPOSE
OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT, AND EQUIPPING OF
OTAY RANCH II AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Otay Affordable II V8, LP (“Borrower”), a partnership of which Meta
Development, LLC (“Developer”) or a related person to Developer is the general partner, intends to
develop an affordable multifamily rental housing project to be located at the northwest corner of
State Route 125 and Rock Mountain Road in the City of Chula Vista, California (the “Project”); and
WHEREAS, Borrower intends to finance the Project partly with an issuance of exempt
facility bonds pursuant to Section 142(f) of the Internal Revenue Code of 1986 (“Code”); and
WHEREAS, in order to submit a competitive application for exempt facility bonds, the
Project must also have received a commitment for recycled bonds, which the Chula Vista Housing
Authority does not possess; and
WHEREAS, the California Municipal Finance Authority (”CMFA”) does have a recycled
bond allocation available to deploy to the Project; and
WHEREAS, Borrower has requested that the CMFA 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 Code in one or more series issued from time to time, and at no time to
exceed $80,000,000 in aggregate principal amount (the “Bonds”), to finance or refinance the
acquisition, construction, improvement, and equipping of the Project; and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
CMFA must be approved by the City of Chula Vista (“City”) because the Project is located within
City’s territorial limits; and
WHEREAS, the City Council of the City of Chula Vista (“City Council”) is the elected
legislative body of 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 CMFA has requested that City Council approve the issuance of the Bonds
by the CMFA 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 (“Agreement”), among many certain
local agencies, including City; and
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Resolution No. 2026-092
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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
of the issuance of the Bonds by the CMFA.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
as follows:
Section 1. The foregoing resolutions are true and correct.
Section 2. City Council hereby approves the issuance of the Bonds by the CMFA. It is the
purpose and intent of the City Council that this resolution constitute approval of the issuance of
the Bonds by the CMFA, 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 Agreem ent.
Section 3. The issuance of the Bonds shall be subject to the approval of the CMFA of all
financing documents relating thereto to which the CMFA is a party. City shall have no
responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate 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 CMFA; or (iv) take any further action with respect to the CMFA or its
membership therein.
Section 5. The officers of 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. This resolution shall take effect immediately upon its adoption.
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Resolution No. 2026-092
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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 19th day of May 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. 2026-092 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 19th day of May 2026.
Executed this 19th day of May 2026.
Kerry K. Bigelow, MMC, City Clerk
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