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HomeMy WebLinkAboutResolutions 2011-140 N.C.S. 09/19/2011 Resolution No. 2011 -140 N.C.S. of the City of Petaluma, California APPROVING THE ISSUANCE BY THE CALIFORNIA MUNICIPAL FINANCE AGENCY OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF LOGAN PLACE APARTMENTS WHEREAS, the California Municipal Finance Agency (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, Logan Place LP, a California limited partnership, or such other limited liability company or limited partnership related thereto or formed by Burbank Housing Development Corporation (the "Borrower ") has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated principal amount of $ 20,000,000 (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 Logan Place to be located at 1200 Petaluma Blvd., North 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 representatives" 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 (the "City ") as the "applicable elected representatives" 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 a public hearing and has held said public hearing at which all those interest in speaking or providing timely written comments 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. 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. Resolution No. 2011 -140 N.C.S. Page 1 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, neither the City nor its staff having fully reviewed or considered the financial feasibility of the Project or the expected financing or operation of the Project with regards to any State of California statutory requirements, 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 Ai•raed Cs to Council of the City of Petaluma at a Regular meeting on the 19 day of September, ft_rm• 2011, by the following vote: City Attorney AYES: Albertson, Barrett, Mayor Glass, Harris, Vice Mayor Healy, Kearney, Renee NOES: None ABSENT: None ABSTAIN: None // ATTEST: l I I 1 1 1 4 11 City Clerk Resolution No. 201 1 -140 N.C.S. Page 2