HomeMy WebLinkAboutReso 2009-131RESOLUTION NO. 2009-131
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTI-FAMILY HOUSING REVENUE
BONDS OF THE HOUSING AUTHORITY OF THE CITY OF
CHULA VISTA FOR THE LANDINGS II AFFORDABLE
APARTMENTS
WHEREAS, the Housing Authority of the City of Chula Vista (the "Authority") intends
to issue a not to exceed $39,000,000 aggregate principal amount ofmulti-family housing revenue
bonds (the "Bonds") to finance the acquisition and construction of a 143-unit multi-family rental
housing project (the "Project") located at the northwest corner of Discovery Falls Drive and
Crossroads Street in the City of Chula Vista; and
WHEREAS, the Project will be owned and/or operated by a limited partnership of which
Chelsea Investment Corporation (CIC), or an affiliate thereof, will be the administrative general
partner (the "Owner"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the Bonds aze 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 (the "City"); and
WHEREAS, the City Council (the "City Council") is the elected legislative body of the
City; and
WHEREAS, the City has caused a notice to appeaz in the Staz News, which is a
newspaper of general circulation in the City, on May 22, 2009 to the effect that a public hearing
would be held by the City Council on June 9, 2009, regazding the issuance of the Bonds by the
Authority; and
WHEREAS, on June 9, 2009, the City Council held said public hearing, at which time an
opportunity was provided to present azguments 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:
Section 1. The City Council does hereby find and declaze that the above recitals aze
true and correct.
Resolution No. 2009-131
Page 2
Section 2. Pursuant to Section 147(f) of the Code, the City Council hereby approves
the issuance of the Bonds by the Authority in one or more series, in an aggregate principal
amount not to exceed $39,000,000 and with a final maturity not later than forty-five (45) yeazs
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 Bonds 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).
Section 3. This Resolution shall take effect from and after its adoption.
ednby Approved as to form by ~
Deputy City dl~Ianager/Development Services City Attorney
Director
PASSED, APPROVED, and ADOPTED by the City Cbun~
California, this 9th day of June 2009 by the following vote:
of the City of Chula Vista,
AYES: Councilmembers: Bensoussan, Castaneda, McCann, Ramirez, and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
onna R. Nom , CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
-~l~
Cheryl Cox ay r
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2009-131 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 9th day of June 2009.
Executed this 9th day of June 2009.
Donna R. Noms, CM ,City Clerk