HomeMy WebLinkAboutReso 2007-210
RESOLUTION NO. 2007-210
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE OF BONDS BY
THE HOUSING AUTHORITY OF THE CITY OF CHULA
VISTA FOR THE PROPOSED DEVELOPMENT OF THE
LANDINGS AFFORDABLE APARTMENTS PURSUANT TO
SECTION 147(F) OF THE INTERNAL REVENUE CODE OF
1986
WHEREAS, on July 17, 2007, pursuant to Housing Authority Resolution No. 2007-034,
the Housing Authority of the City of Chula Vista (Authority) declared its intention to issue
multifamily housing revenue bonds not to exceed $17,500,000 aggregate principal amount
(Bonds) to finance the development of a 92-unit multifamily rental housing project (Project)
located at the comer of Discovery Falls Road and Crossroads Street in Otay Ranch Village II in
the City of Chula Vista to be owned by CIC Landings, L.P.; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (Code), the elected representative of the governmental unit having jurisdiction over the
area in which the Project is located is required to approve the Bonds after a public hearing
following reasonable public notice; and
WHEREAS, the Project is located within the City ofChula Vista (City); and
WHEREAS, the City Council of the City of Chula Vista (City Council) is the elected
legislative body and representative of the City; and
WHEREAS, on July 20, 2007, the City caused a notice to appear in the Star News, which
is a newspaper of general circulation in the City, to the effect that a public hearing would be held
by the City Council on August 7, 2007, regarding the issuance of the Bonds by the Authority;
and
WHEREAS, on August 7, 2007, the City Council held the public hearing, at which time
an opportunity was provided to present arguments both for and against the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista, as follows:
I. That it finds and declares that the above recitals are true and correct.
2. That it approves the issuance of the Bonds by the Authority, in an aggregate principal
amount not to exceed $17,500,000 and with a final maturity not later than 45 years from the date
of issuance, to finance the proposed development of the Landings Affordable Apartments.
Resolution No. 2007-210
Page 2
3. That it intends that this Resolution constitute the approval of the issuance ofthe Bonds
by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project is located, in accordance with Section l47(f) of the Code.
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Approved as to form by
Community Development Acting Director
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Ann Moore '
City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 7th day of August 2007 by the following vote:
AYES:
Councilmembers:
Castaneda, McCann, Ramirez, Rindone, and Cox
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
ATTEST:
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Cheryl Cox, Ma~r
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Susan Bigelow, MMC, City rk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2007-210 was duly passed, approved, and adopted by the City Council at a
regular meeting ofthe Chula Vista City Council held on the 7th day of August 2007.
Executed this 7th day of August 2007.
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Susan Bigelow, MMC, City Cl k