Loading...
HomeMy WebLinkAboutCity Council - 2003-31 RESOLUTION NO. 2603-31 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE HERMOSA VISTA APARTMENTS WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver multifamily housing revenue obligations for the purpose of financing the acquisition, rehabilitation and development of multifamily residential rental facilities located within the area of operation of the Authority which are to be occupied, in part, by very low and low income tenants; and KDF Hermosa, L.P., a California limited partnership (collectively, with any related entity, the 'Borrower") has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated principal amount of not to exceed $9,000,000 (the "Obligations"), the proceeds of which shall be used for the purpose of financing the acquisition and rehabilitation of an 88-unit multifamily residential rental facility to be commonly known as the Hermosa Vista Apartments which is to be located at 15363 and 15425 Golden West in the City of Huntington Beach, California (the "Project"); and The Obligations to be issued and delivered to finance the acquisition and rehabilitation of the Project will be considered "qualified exempt facility bonds" under Section 142(a) of the Internal revenue Code of 1986, as amended(the "Code"), and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the Project hold a public hearing on the issuance and delivery of the Obligations; and The City Council of the City of Huntington Beach as the "applicable elected representative" to hold said public hearing, has held said public hearing at which all those interested in speaking with respect to the financing of the Project were heard. NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby resolve as follows: 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. 2. The City Council hereby approves the financing of the Project by the Authority with the proceeds of the Obligations. 03reso/tefra-hermosal4l22/03 1 Resolution No. 2003--31 3. The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority. 4. The adoption of this Resolution is solely for the purpose of meeting the requirements of the provisions of the Internal Revenue Code of 1986, as amended, and shall not be construed in any other manner, with neither the City nor its staff having fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project with regards to any State of California statutory requirements, and such adoption shall not obligate, without further formal action to be taken by this City Council, including, but not limited to, the approval of the financing documents by the City Council by resolution, (i) the City to provide financing to the Developer for the acquisition, rehabilitation and development of the Project or to issue the Obligations for purposes of such financing, or (ii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the acquisition, rehabilitation, development or operation of the Project. 5. The City Clerk of the City shall forward a certified copy of this Resolution and a copy of the affidavit of publication of the public hearing notice to: Thomas A. Downey Jones Hall, A Professional Law Corporation 650 California Street, 1 Sth Floor San Francisco, California 94108 6. This resolution shall take effect upon its adoption_ PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 51" day of May, 2003. &% rZ Mayor ATTEST: APPROVED AS TO FORM: City Cleric Cit Attorne j f b3 REVIEWED AND APPROVED: INITIA ED AND APPROVED: C�-'v- ,odvd ( 0 City Ad inistrator Director of Economic Development 03reso/tefra-hermosa/4/7/03 2 Res. No. 2003-31 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 an regular meeting thereof held on the 5th day of May 2003 by the following vote: AYES: Sullivan, Coerper, Green, Boardman, Cook, Houchen, Hardy NOES: None ABSENT: None ABSTAIN: None City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California