HomeMy WebLinkAboutReso 2010-139RESOLUTION NO. 2010-139
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE
BONDS OF THE HOUSING AUTHORITY OF THE CITY OF
CHULA VISTA FOR THE LANDINGS II APARTMENTS
WHEREAS, the Housing Authority of the City of Chula Vista (the "Authority") intends
to issue not to exceed $30,000,000 aggregate principal amount of multifamily housing revenue
bonds (the "Bonds") to finance the acquisition and construction of a 143-unit multifamily rental
housing project (the "Project") located at the northwest corner of Discovery Falls Drive and
Crossroads Street in the City of Chula Vista, California (the "City"); and
WHEREAS, the Project will be owned and/or operated by Landings II, L.P., a California
limited partnership (the "Borrower"), a limited partnership of which an affiliate of Chelsea
Investment Corporation (CIC) 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 azea in which the
Project is located; and
and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City;
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 21, 2010 to the effect that a public hearing
would be held by the City Council on June 8, 2010, regarding the issuance of the Bonds by the
Authority; and
WHEREAS, on June 8, 2010, 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 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 declare that the above recitals are true
and correct.
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 $30,000,000 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
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).
Resolution No. 2010-139
Page 2
Section 3. This Resolution shall take effect from and after its adoption.
Presented by
Gary albe , P.E., AICP
Deputy Cit Manager/Development Services
Director
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 8th day of June 2010 by the following vote:
AYES: Councilmembers: Bensoussan, Castaneda, Ramirez, Thompson and
Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Cheryl Cox ay r
ATTEST:
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Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2010-139 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 8th day of June 2010.
Executed this 8th day of June 2010. Q ~~
iC.~Olu~~ (x C/ro ftJ4,v4
Donna R. Norris, CMC, City Clerk
Approved as to form by