HomeMy WebLinkAboutResolutions 2011-028 N.C.S. 02/28/2011Resolution No. 2011 -028 N.C.S.
of the City of Petaluma, California
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
BY THE ASSOCIATION OF BAY AREA GOVERNMENTS FINANCING AUTHORITY
FOR NONPROFIT CORPORATIONS FOR THE PURPOSE OF FINANCING
THE ACQUISITION AND CONSTRUCTION OF
THE VINTAGE CHATEAU II APARTMENTS
WHEREAS, the Association of Bay Area Governments Financing Authority for
Nonprofit Corporations (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, construction/rehabilitation and development of multifamily residential
rental facilities located within the area of operation of the Authority which are to be occupied by
very low and low income tenants; and,
WHEREAS, Vintage Chateau, L. P., a California limited partnership, or such other
limited liability company or limited partnership related thereto or formed by USA Properties
Fund, Inc. (the "Borrower ") has requested the Authority to issue and deliver multifamily
housing revenue obligations in the anticipated principal amount of $8,500,000 (the
"Obligations "), the proceeds of which may only be used for the purpose of financing the
acquisition and construction of a 68 -unit multifamily residential rental facility to be commonly
known as Vintage Chateau II and to be located at 325 North McDowell Blvd. in the City of
Petaluma, California (the "Project "); and,
WHEREAS, the Obligations which are expected to be issued and delivered to finance
the acquisition and construction of the Project would be considered "qualified exempt facility
bonds" under Section 142(a) of the Internal Revenue Code of 1976, as amended (the "Code "),
and Section 147(f) of the Code requires that the "applicable elected representative" with respect
to the jurisdiction in which the Project is located hold a public hearing on the issuance and
delivery of the Obligations; and,
WHEREAS, the City Council of the City of Petaluma as the "applicable elected
representative" to hold said public hearing, has published, at least 14 days prior to the date hereof
in a newspaper of general circulation within the City, notice of, and has held, said public hearing,
at which all timely written comments were received and all those interested in speaking with
respect to the proposed financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true and
correct.
2. For purposes of the requirements of the Code only, the City Council hereby approves
the proposed financing of the Project by the Authority with the proceeds of the
Obligations.
Resolution No. 2011-028 N.C.S. Page
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 the Resolution is solely for the purpose of meeting the requirements
of the Code and shall not be construed in any other manner, and such adoption shall
not obligate (i) the City to provide financing to the Borrower for the acquisition,
construction 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, construction, 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
The Orrick Building
Orrick, Herrington & Sutcliffe, LLP
405 Howard Street
San Francisco, CA 94105
6. This Resolution shall take effect upon its adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the ppro e,
Council of the City of Petaluma at a Regular meeting on the 28` day of February,
2011, by the following vote:
City At
AYES: Albertson, Barrett, Mayor Glass, Harris, Vice Mayor Healy, Ren6e
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
City Clerk
to
Resolution No. 2011 -028 N.C.S. Page 2