HomeMy WebLinkAboutCity Council - 6649 RESOLUTION NO._rscsag
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF HLRgMGTON BEACH
FOR THE PURPOSE OF PROVIDING FINANCING FOR A MULTIFAMILY
RENTAL HOUSING DEVELOPMENT TO BE OWNED BY BERTRAM
PARTNERS V,A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS,the Redevelopment Agency of the City of Huntington Beach(the"Agency")
is authorized by Part 1 of Division 24 of the Health and Safety Code of the State of California,
as amended (the"Redevelopment Law"),and particularly Chapter 8 thereof,to issue and sell
revenue bonds for the purpose of financing the acquisition and rehabilitation of multifamily
rental housing facilities;and
WHEREAS, Bertram Partners V,a California limited partnership (the"Borrower")has
requested that the Agency issue and sell revenue bonds(the"Bonds")under the Redevelopment
Law secured,in part,by a pledge of tax increment revenues required to be deposited to the
Agency's Low and Moderate Income Housing Fund under and pursuant to the Redevelopment
Law,including Section 33334.3 thereof,all for the purpose of making a loan to the Borrower to
enable the Borrower to acquire and rehabilitate a multifamily rental housing development
known as Mora Kai Apartments (the"Development")located in the City of Huntington Beach
(the "City");and
WHEREAS,a portion of the housing units in the Development will be rented to persons
and families of very low income as required by the Redevelopment Law and the Internal
Revenue Code of 1986,as amended (the"Code"),and the financing of the acquisition and
rehabilitation of the Development with the proceeds of the Bonds will otherwise allow the
Borrower to maintain other units in the Development as rental housing affordable by persons
and families of very low and low income;and
WHEREAS,the Bonds will be considered to be"qualified exempt facility bonds"under
Section 142(a) of the Code,and Section 147(f) of the Code requires that the "applicable elected
representative"with respect to the Agency hold a public hearing on the issuance of the Bonds
and approve the issuance of the Bonds following such hearing;and
WHEREAS,the Agency has determined that the City Council of the City is the
"applicable elected representative"to hold said public hearing;and
WHEREAS,notice of said public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested persons
were given an opportunity to be heard on all matters relative to the location,operation and
financing of the Development and the Agency's issuance of the Bonds therefore;and
WHEREAS,the Redevelopment Law also requires that the City Council approve the
issuance of the Bond by reason of the pledge of said tax increment revenues as security for the
payment of the Bonds;and
WHEREAS,it is in the public interest,for the public benefit and in furtherance of the
public purpose of the City that the City approve the issuance of the Bonds by the Agency for
the aforesaid purposes.
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington
Beach as follows:
Section 1. The City Council of the City of Huntington Beach hereby approves the
issuance of the Bonds by the Agency under the Redevelopment Law and the Code for the
purpose of providing funds to make a loan to the Borrower to enable the Borrower to finance
the acquisition and rehabilitation of the Development.
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6649
Section 2. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 7th day of November, 1994.
Mayor
ATTEST: APPROVED AS TO FORM:
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City Clerk City Attorney
Gv�d
REVIEWED AND APPROVED: INITIATED AND PROVED:
Cary M g � is t ty Mana r/
Chief of A trative Services
I9025-04:JI498
10/24/94
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6649
Res. No. 6649
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said
City, do hereby certify that the whole number of members of the City Council of
the City of Huntington Beach is seven;that the foregoing resolution was passed
and adopted by the affirmative vote of at least a majority of all the members of said
City Council at a regular meeting thereof held on the 7th dayof November,
1994, by the following vote:
AYES: Councilmembers:
Silva, Bauer, Robitaille, Moulton-Patterson, Winchell, Leipzig,
Sullivan
NOES: Councilmembers:
None
ABSENT: Councilmembers:
None
City Clerk and ex-officio erk
of the City Council of the City
of Huntington Beach, California