HomeMy WebLinkAboutCity Council - 2019-39 RESOLUTION NO. 2019-39
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS FOR
HERMOSA VISTA APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California,
including the City of Huntington Beach (the "City"), to issue revenue bonds in accordance with
Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of
financing multifamily rental housing projects; and
WHEREAS, Hermosa 2019 LP or a partnership of which KDF Communities LLC (the
"Developer") or a related person to the Developer is the general partner, has requested that the
Authority adopt a plan of financing providing for the issuance of exempt facility bonds for a
qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of
1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund
such exempt facility bonds in one or more series from time to time, and at no time to exceed
$28,000,000 in outstanding aggregate principal amount (the "Bonds"), to finance or refinance the
acquisition, rehabilitation and development of a 88-unit multifamily rental housing project
located at 15363 & 15425 Goldenwest Street, Huntington Beach, California(the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity
bonds are required to be approved by the "applicable elected representative" of the governmental
units on whose behalf such bonds are expected to be issued and by a governmental unit having
jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a
public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "City Council") are the applicable
elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds
would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an opportunity
was provided to interested parties to present arguments both for and against the issuance of the
Bonds; and
WHEREAS, the Authority is also requesting that the City Council approve the issuance
of any refunding bonds hereafter issued by the Authority for the purpose of refinancing the
Bonds which financed the Project (the "Refunding Bonds"), but only in such cases where federal
tax laws would not require additional consideration or approval by the City Council; and
19-7644/204265 1
Resolution No. 2019-39
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
the Bonds required by Section 147(f)of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of(a) Section 147(f) of the Code and
(b) Section 9 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents that they deem
necessary or advisable in order to carry out, give effect to and comply with the terms and intent of
this resolution and the financing approved hereby.
Section 4. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 3rd day of June , 2019.
Mayor
REVIEWED AND APPROVED: INITIATED AND APPROVED:
a may.
City Manager D uty Director of E omic Development
APPROVED AS TO FORM:
it Attorney Ak/
19-7644/204265 2
Res. No. 2019-39
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ROBIN ESTANISLAU 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 June 3, 2019 by the following vote:
AYES: Brenden, Carr, Semeta, Peterson, Posey, Hardy
NOES: None
ABSENT: None
OUT OF
ROOM: Delgleize
RECUSE: None
City C er and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California