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Home My WebLink AboutTax Equity and Fiscal Responsibility Act - TEFRA - Public He Council/Agency Meeting Held: / Deferred/Continued to: Approved ❑ Conditionally Approved ❑ Denied City rk's ignatu Council Meeting Date, March 17, 2008 Department ID Number ED 08-10 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL MEMBERS/REDEVELOPMENT AGENCY MEMBERS / SUBMITTED BY: PAUL EMERY, Interim Executive Director/City Administrator✓ PREPARED BY: STANLEY SMALEWITZ, Deputy Executive Director/Director ofC�k Economic Development SUBJECT: Conduct a TEFRA Public Hearing, Adopt Resolution for the Issuance of Bonds, and Pre-Commitment of HOME/RDA funds for the Pacific Court Apartments. IFStatement of Issue,Funding Source,Recommended Action,Alternative Action(s),Analysis, Environmental Status,Attachment(s) Statement of Issue: The City Council is asked to approve the Resolution authorizing issuance of Bonds and the Agency Board is asked to approve a pre-commitment of Federal HOME Investment Partnership Funds and Redevelopment Housing Set Aside funds for the acquisition and rehabilitation of Pacific Court Apartments located at 2200- 2222 Delaware Street. Funding Source: No funds from the City or Redevelopment Agency are currently requested at this time. The Resolution will authorize the California Statewide Communities Development Authority (CSCDA) to issue Multifamily Housing Revenue Bonds in the anticipated amount of $10,000,000 for the acquisition and rehabilitation of the Pacific Court Apartments (Pacific Court). In addition, Federal HOME Investment Partnership Funds and Redevelopment Housing Set Aside funds in an amount not to exceed $500,000 and $8.8 million respectively, will be used for the acquisition and rehabilitation of Pacific Court. At a later date, staff will submit for approval agreements that will delineate the details of the assistance to be provided. All bond payments and security will be supported by the project. The City will have no pecuniary liability for the bonds. Recommended Action: Motion to: /ll cs�co b'- City Council Actions: 1. Open the TEFRA public hearing, take testimony, and close the public hearing on the proposed issuance of Multifamily Housing Revenue Bonds. D / REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: March 17, 2008 DEPARTMENT ID NUMBER: ED 08-10 Recommended Action: (Cont'd) 2. Adopt Resolution Number 2008-21 a Resolution of the City Council of the City of Huntington Beach Approving the Issuance of Bonds by the California Statewide Communities Development Authority Relating to the Financing of the Pacific Court Apartments. 3. Approve a pre-commitment of HOME funds in an amount not to exceed $500,000, authorize the Interim City Administrator to execute documents confirming this commitment, and direct staff to move forward with the preparation of an OPA that will delineate the specific terms of the financial assistance to be provided for the Pacific Court Apartments. Redevelopment Agency Action: 1. Approve a pre-commitment of RDA funds in an amount not to exceed $8.8 million, authorize the Executive Director to execute documents confirming this commitment, and direct staff to move forward with the preparation of an OPA that will delineate the specific terms of the financial assistance to be provided for the Pacific Court Apartments. Alternative Action(s): Do not approve the proposed resolution for the issuance of bonds and direct staff not to move forward with the aforementioned agreements. Analysis: The 48-unit Pacific Court Apartments have been the focus of code enforcement and City Attorney actions due to resident complaints and noticeable code violations over the past several years. The owner of the property had attempted to mitigate and address the numerous resident complaints and code enforcement actions on his own, but has been unable to address and correct all the problems. Most recently, the City Attorney's office had taken the pending code enforcement citations to court to require the owner to correct the noted deficiencies. Orange Housing Development Corp. (OHDC) and C&C Development LP, along with several other nonprofit developers, were contacted by the owner's broker to offer them the property. Based on a review of the proposal by staff and Keyser Marston Associates, the proposal was determined to be fiscally sound. In addition, the proposal met the Agency's Housing Strategy and City's proposed Housing Element. OHDC and C&C Development have worked together since 1990 to provide affordable communities throughout Orange County and the State of California. Together and/or individually, they have developed new and/or acquired and rehabilitated over 3,100 units In the City of Huntington Beach, OHDC built, owns, and manages the 20-unit Bowen Court senior apartment project located adjacent to City Hall at 1978 Lake Street. OHDC is a non-profit 501 (c) (3) organization with a commitment to develop secure, clean, and attractive housing for families and seniors of low and moderate incomes. OHDC was founded in 1990 to increase the number of affordable housing units in California and to fill the -2- 3/4/2008 4:12 PM REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: March 17, 2008 DEPARTMENT ID NUMBER: ED 08-10 void that cannot be filled by the private sector. OHDC is a Community Housing Development Organization (CHDO). C & C Development LP is an affordable housing developer with a commitment to develop and preserve quality affordable housing communities. By combining both entities respective experiences, talents, and personnel, we are able to provide to our residents and the City a higher level of expertise and quality of development. OHDC and C&C Development LP are currently in escrow to acquire the property contingent on obtaining permanent financing for the acquisition and the proposed rehabilitation of the property. The apartments were built circa 1964 and have experienced accelerated deterioration due to the lack of proper maintenance over the years. As part of the overall rehabilitation plan for the Pacific Court Apartments, OHDC and C&C will be doing work to the interiors of the units to repair damaged walls, flooring, heating/cooling systems, plumbing, appliances, and other work as needed. The exterior of the buildings will also have wall repairs, new stucco and/or other finish, roof replacement, new dual pane low E windows, new garage doors, and other work as needed. The pool will be removed and replaced with drought tolerant landscaping. Green building materials, energy star appliances, instant hot water heaters or solar water heaters, solar energy panels, and other energy efficient materials will be used to rehabilitate the apartments. The City Council's adoption of the Resolution and the Agency's Board approval of the pre- commitment of HOME and RDA funds will allow the developer to proceed with the application for the State tax credits and issuance of bonds. Strategic Plan Goal: This project will help meet the City of Huntington Beach Strategic Plan Goal L-3, "Preserve the quality of our neighborhoods," by enhancing the quality of existing housing and providing affordable housing Environmental Status: Categorically excluded under the National Environmental Protection Act (NEPA). Categorically exempt under the California Environmental Quality Act (CEQA), Section 15061(b)(3). Attachment(s): e . o ® 1011 1 Adopt Resolution Number 2008-21 a Resolution of the City Council of the City of Huntington Beach Approving the Issuance of Bonds by the California Statewide Communities Development Authority Relating to the Financing the Pacific Court Apartments. -3- 3/4/2008 4:12 PM ATTACHMENT # 1----------Al RESOLUTION NO. 2008-21 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE ISSUANCE OF BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY RELATING TO THE FINANCING OF THE PACIFIC COURT APARTMENTS WHEREAS, the California Statewide Communities Development Authority, a joint exercise of powers agency consisting of California public agencies, which was created to assist in obtaining financing for projects and purposes serving the public interest (the "Authority"), proposes to issue multifamily housing revenue bonds (the `Bonds") in an amount not to exceed $10,000,000 and to lend the proceeds thereof to Pacific Court Apartments LP, a California limited partnership established by Orange Housing Development Corporation or an affiliate thereof (the "Borrower"), to be used for acquisition, and rehabilitation of a 48-unit multifamily rental housing development commonly known as the Pacific Court Apartments located at 2200 Delaware Street in the City of Huntington Beach, California (the "Project"), to be owned and operated by the Borrower. WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the City Council (the "City Council "), as the elected representative of the City of Huntington Beach(the "City"), the host jurisdiction of such facilities, to approve the issuance of the Bonds after a public hearing has been held following reasonable notice; WHEREAS, a public hearing was held by the City Council on the 17th day of March, 2008, following duly published notice thereof, and all persons desiring to be heard have been heard;and WHEREAS, it is in the public interest and for the public benefit that the City Council, as the elected representatives of the City, the host jurisdiction of such facilities, approve the issuance and delivery by the Authority of the Bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH DOES HEREBY RESOLVE,DETERMINE AND ORDER AS FOLLOWS: Section 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. Section 2. The City Council hereby approves the financing of the Project by the Authority with the proceeds of the Bonds. Section 3. The issuance and delivery of the Bonds shall be subject to approval by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Bonds by the Authority to the purchasers thereof. Resolution No. 2008-21 Section 4. The Bonds will be paid entirely from repayments by the Borrower. Neither the full faith and credit nor the taxing power,if any,of the City,the Authority and its members, the State of California (the "State") or any other political corporation, subdivision or agency of the State is pledged to the payment of the principal of,premium,if any,or interest with respect to the Bonds,nor shall the City, the Authority and its members, the State, or any other political corporation, subdivision or agency of the State be liable or obligated to pay the principal of, premium,if any,or interest with respect to the Bonds. Section 5. 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 Borrower 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. Section 6. 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,18th Floor San Francisco,California 94108 Section 7. This resolution shall take effect immediately. Resolution No. 2008-21 PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting held thereof on the 17 t n day of March ,200g Mayor REVIEWED AND APPROVED APPROVED AS TO FORM: City Adminis ator Attorney KANE, BALLMER& BERKMAN Special Counsel ""lee z zz�v��/ Deborah Rhoads INITIATED AND APPROVED: Director of E 'nomic Developm t Res. No. 2008-21 STATE OF CALIFORNIA COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, JOAN L. FLYNN 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 March 17, 2008 by the following vote: AYES: Hansen, Hardy, Bohr, Cook, Coerper, Green, Carchio NOES: None ABSENT: None ABSTAIN: None CIV Clerk and ex-offici Jerk of the City Council of the City of Huntington Beach, California R A ROUTING SHEET INITIATING DEPARTMENT: Economic Development SUBJECT: Multifamily Housing Revenue Bonds - Pacific Court Apartments COUNCIL MEETING DATE: March 17, 2008 RCA ATTACHMENTS STATUS Ordinance (w/exhibits & legislative draft if applicable) Attached ❑ Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached Not Applicable ❑ Tract Map, Location Map and/or other Exhibits Attached ❑ Not Applicable Contract/Agreement (w/exhibits if applicable) Attached ❑ (Signed in full by the City Attorney) Not Applicable Subleases, Third Party Agreements, etc. Attached ❑ (Approved as to form by City Attorney) Not Applicable Certificates of Insurance (Approved by the City Attorney) Attached ❑ Not Applicable Fiscal Impact Statement (Unbudgeted, over $5,000) Attached ❑ Not Applicable Bonds (If applicable) Attached ❑ Not Applicable Staff Report (if applicable) Attached t Applicable Commission, Board or Committee Report (If applicable) Attached ❑ Not Applicable Findings/Conditions for Approval and/or Denial Attached ❑ Not Applicable EXPLANATION FOR MISSING ATTACHMENTS REVIEWED RETURNED F® A QED Administrative Staff ' ( ) ( /'i) Deputy City Administrator Initial) ( ) ( ) City Administrator Initial) ( ) ( ) City Clerk ( ) EXPLANATION FOR RETURN OF ITEM: - a RCA Author Morales NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Huntington Beach (the "City"), at its regular meeting on March 17, 2008 will hold a public hearing and consider approval of the issuance by the California Statewide Communities Development Authority (the "Issuer') of multifamily housing revenue bonds (the "Bonds") in a principal amount not to exceed Ten Million Dollars ($10,000,000) to assist in the financing of the acquisition and rehabilitation of a 48-unit multifamily rental housing development commonly known as the Pacific Court Apartments located at 2200 Delaware Street in the City of Huntington Beach,California (the "Project"). The owner of the Project is Pacific Court Apartments, LP, a California limited partnership established by Orange Housing Development Corporation, a California nonprofit corporation,or another affiliate of Orange Housing Development Corporation. The Bonds will not constitute an indebtedness or obligation, or a pledge of the faith and credit of, the Issuer or the City. The Bonds are special, limited obligations of the Issuer,payable solely from the revenues of the Project. Those wishing to comment on the issuance of the Bonds or the nature and location of the Project may either appear in person at the public hearing or submit written comments, which must be received by the City prior to the hearing. Written comments should be sent to the City of Huntington Beach,2000 Main Street, Huntington Beach, Ca. 92648, Attention: City Clerk. The hearing will commence at 6:00 p.m. and will be held in the Council Chambers, 2000 Main Street, Huntington Beach, California. If you have any questions regarding this matter, please call Terrence Murphy of the California Statewide Communities Development Authority,at (925) 933-9229. By: /s/ loan Flynn City Clerk Dated: February 28,2008 08-1474/19568 ,1&- Aq-S—)Ce NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Huntington Beach (the "City"), at its regular meeting on March 17, 2008 will hold a public hearing and consider approval of the issuance by the California Statewide Communities Development Authority (the "Issuer') of multifamily housing revenue bonds (the "Bonds") in a principal amount not to exceed Ten Million Dollars ($10,000,000) to assist in the financing of the acquisition and rehabilitation of a 48-unit multifamily rental housing development commonly known as the Pacific Court Apartments located at 2200 Delaware Street in the City of Huntington Beach,California(the"Project"). The owner of the Project is Pacific Court Apartments, LP, a California limited partnership established by Orange Housing Development Corporation, a California nonprofit corporation,or another affiliate of Orange Housing Development Corporation. The Bonds will not constitute an indebtedness or obligation, or a pledge of the faith and credit of, the Issuer or the City. The Bonds are special, limited obligations of the Issuer, payable solely from the revenues of the Project. Those wishing to comment on the issuance of the Bonds or the nature and location of the Project may either appear in person at the public hearing or submit written comments, which must be received by the City prior to the hearing. Written comments should be sent to the City of Huntington Beach,2000 Main Street,Huntington Beach, Ca. 92648, Attention: City Clerk. The hearing will commence at 6:00 p.m. and will be held m the Council Chambers, 2000 Main Street, Huntington Beach, California. If you have any questions regarding this matter, please call Terrence Murphy of the California Statewide Communities Development Authority,at(925) 933-9229. By: /s/ joan Flynn City Clerk Dated: February 28,2008 08-1474/19568 Huntington Beach Independent has been adjudged a newspaper of general circulation in Huntington Beach and Orange County by Decree of the Superior Court of Orange County,State of California,under date of Aug 24, 1994,case A50479 PROOF OF PUBLICAATIOW STATE OF CALIFORNI'A '=Nun4toi#0fuci Ns NOTICE f§;HERBY`GaV, �'TTAATT �T q �Tw + SSA EN that the,City Council COUNTY 1 V T Il ®� ORANGE l�A. of the City,of Huntington seach Ythe�`City"),at its regular, meeting-oN March 17,2008 will hold a,�iibli .c,�jiearing -and considei,approval,of`the am the Citizen of the United States and a issuance by-the Califor- nia Statewide— ComirttJ- resident of the County aforesaid; I am over mttes Development* Ad thorny,{the of the age of eighteen years, and not a party multifannly,housmg,rev- tenmii bdnds;,(Ah'e 'to or interested in the below entitled matter. Jn�,a aprjncipal ot I am a principal clerk of the HUNTINGTON , amqTen--`Munt, li-onto_exceed ilHtin= ll5lla'rs ($k0,000B00)_-to=assist BEACH INDEPENDENT, a newspaper of in-the,financing of;the acgdlsdion-and--reliabili- general circulation, printed and published in tatlorj•of a14$anit_,mul- tifamiiy rental housing the City of Huntington Beach, County of 'development commonly known as .the °Pacific Orange, State of California, and the Coyirt`Apartments locat- ed- at 2200 Delaware attached Notice is a true and complete copy Street in the City of _Huntington Beach,,,Call- as was panted and published on the forma(toe�Pro)ect The owner of=fhe Project following date(s): is Pacific Court Apartme tits, LP, a Cali- forma''limited`partner- ship established by Orange Housing Develop- meet Corporation, 'a California Nonprofit cor- poration, or another,af- filiate of Orange Housing Development- Corpora- tionFEBRUARY 28 2008 - � The Sends Will not con- stitute an indebtedness or obligation,or a pledge of the faith,and credit of,the lssuee&the City The Bonds are special, limited obligations,of the Issuer, payable solely from the rdvenues of the Project Those' wishing -to com- ment on the issuance of the Bonds or the nature and location of the I declare, under penalty of perjury, that the Project may either ap- fore foregoing is true and correct. pear in person at the g g public hearing or submit written comments, which must be received by the City,prior to'the hearing Writteq,�cqm- meiits should bli,simt,"to Executed on FEBRUARY 2 8, 2 0 0 8 the City of Huntington Beach,2000 Main Street, at Huntington Beach, California Huntington .Beach„-Ca 92648,' Attention:,-City Clerk. The hearing will commence a#.' 00 1p`.m. 'and will be Ned in the �� , �Council,Chambers, 2000 Main-Street;'Huntington Beach, California. If you Si nature have ingany questions re- gard this matter, please call 'Terrence Murphy of the California Statewide Communities Development "Authority, at{925)933-9229.,,,,, -By:/s/Joan Flynn City Clerk ® City ®f Huntington Beach 0 ee 2000 Main Street ® Huntington Beach, CA 92648 t�.,g�* ® OFFICE OF THE CITY CLERK ® JOAN L. FLYNN CITY CLERK March 19, 2008 Thomas A. Downey Jones Hall, A Professional Law Corporation 650 California Street, 18th Floor San Francisco, CA 94108 Dear Mr. Downey- Enclosed for your files is a certified copy of Resolution No 2008-21 adopted by the Huntington Beach City Council on March 17, 2008 and a copy of the affidavit of publication of the public hearing notice regarding the Tax Equity and Fiscal Responsibility Act JEFRA). Sincerely, an L. 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CALCULATORS SITE MAP EMAIL SIGNUP ;; ° ' e $ First-Time Homebuyers � Homeownership Partners w Multifamily Partners Mortgage Insurance Partners Tax Equity and Fiscal Responsibility Act (TEFRA) When Ca1HFA proposes to Issue Single Family and Multifamily Bonds, Federal tax law imposes a requirement that a public hearing be held by which the Treasurer of the State of California will approve the Bond issue Public notice of the hearing must be published at least two weeks prior to the hearing The TEFRA Hearing purpose is to allow interested persons an opportunity to express their views for or against the issuance of the Bonds Future Hearings: Multifamily Hearing- February 20, 2008 n r\ L4\C_ (rn 0,2€06 CALIFORNIA HOUSING FINANCE AGENCY I e-Privacy Policy http://www.calhfa.ca.gov/about/events/tefra/tefraindex.htm 1/31/2008 Proj,ect ._ D eas crij f t ton� � P �'acf Court Apts. ti 2200-2222 Delaware Street 5. .... 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