HomeMy WebLinkAboutCity Council - 2025-65 RESOLUTION NO. 2025-65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY EXEMPT FACILITY BONDS IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $20,000,000 FOR THE PURPOSE OF REFINANCING THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF PELICAN
HARBOR(FORMERLY REFERRED TO AS HUNTINGTON BEACH SENIOR HOUSING)
AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, the California Municipal Finance Authority (the "Authority") executed and
delivered its California Municipal Finance Authority Multifamily Housing Revenue Note
(Huntington Beach Senior Housing) 2022 Series A (the "Prior Bonds") for the purpose of
making a loan (the "Loan") to Beach Housing Partners LP, a California limited partnership (the
• "Borrower") a partnership of which Jamboree Housing Corporation (the "Developer") or a
related person to the Developer is the general partner,to finance the acquisition, construction,
improvement and equipping of a senior multifamily rental housing project generally known as
Pelican Harbor (formerly referred to as Huntington Beach Senior Housing) located at 18431
Beach Boulevard, Huntington Beach, California(the "Project") which is owned by the Borrower;
and
The multifamily rental housing project has been fully constructed, and the Borrower is
working with one or more lenders to make certain amendments to the terms of the Loan, which
amendments and modifications will constitute a"reissuance" of the Prior Bonds for purposes of
federal income taxation requiring a new public hearing and approval pursuant to Section 147 of
the Internal Revenue Code of 1986 (the "Code"), which reissuance does not involve the
incurrence by the Borrower of new debt; and
To facilitate such reissuance for federal tax purposes, the Borrower 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 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 $20,000,000 in aggregate
principal amount(the "Bonds"), to refinance the acquisition, construction, improvement and
equipping of the Project; and
Pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must
be approved by the City of Huntington Beach(the "City") because the Project is located within
the territorial limits of the City; and
The City Council of the City (the "City Council") is the elected legislative body of the
City and is one of the"applicable elected representatives"required to approve the issuance of the
Bonds under Section 147(f) of the Code; and
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RESOLUTION NO. 2025-65
The Authority has requested that the City Council approve the issuance of the Bonds by
the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code
and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the
California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
Pursuant to Section 147(f) of the Code, following notice duly given, representatives of
the Authority conducted a public hearing on behalf of the City Council regarding the issuance of
the Bonds in compliance with the requirements of Section 147(f) of the Code and provided
minutes of the hearing; and
The City Council now desires to approve the issuance of the Bonds by the Authority,
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute approval
of the issuance of the Bonds by the Authority, for the purposes of(a) Section 147(f) of the Code
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) and (b) Section 4 of
the Agreement.
SECTION 3. The issuance of the Bonds shall be subject to the approval of the Authority
of any financing documents or execution of amendments relating thereto to which the Authority
is a party. The City shall have no responsibility or liability whatsoever with respect to the
Bonds.
SECTION 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (ii) approve any application or request for or take any other action in
connection with any planning approval, permit or other action necessary for the acquisition,
construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or
advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the
Authority or its membership therein.
SECTION 5. 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 which 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 transaction approved hereby.
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RESOLUTION NO. 2025-65
SECTION 6. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
special meeting thereof held on the 20-day of October, 2025.
Mayor
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Manager Director of Community Development
APPROVED AS TO FORM:
City tto ey
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Res. No. 2025-65
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, LISA LANE BARNES, 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 special meeting thereof held on October
28, 2025, by the following vote:
AYES: Twining, McKeon, Van Der Mark, Gruel
NOES: Kennedy, Burns, Williams
ABSENT: None
ABSTAIN: None
hatt4tt
Cit Clerk and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California