HomeMy WebLinkAboutRESOLUTION 2025-039 N.C.S. 04/07/2025
Resolution No. 2025-039 N.C.S. Page 1
Resolution No. 2025-039 N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING A PLAN OF FINANCING FOR THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $65,000,000 TO FINANCE AN AFFORDABLE RENTAL
HOUSING FACITLIY FOR THE BENEFIT OF DANCO COMMUNITIES, FOR THE MERIDIAN AT
PETALUMA NORTH STATION PROJECT, LOCATED AT 890 NORTH MCDOWELL BLVD,
AND CERTAIN OTHER MATTERS RELATING THERETO, AND FINDING THAT THIS ITEM IS
NOT A "PROJECT" PURSUANT TO CEQA GUIDELINES
WHEREAS, Petaluma Corona Station LP (the “Borrower”) a partnership of which Danco Communities
(the “Developer”) or a related person to the Developer is the general partner, has requested that the California
Municipal Finance Authority (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 $65,000,000 in aggregate principal
amount (the “Bonds”), to finance or refinance the acquisition, construction, improvement and equipping of a
multifamily rental housing project located at 890 N. McDowell Street, Petaluma, California (the “Project”); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be
approved by the City of Petaluma (the “City”) because the Project is located within the territorial limits of the
City; and
WHEREAS, 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
WHEREAS, 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
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given,
held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds
by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Petaluma as follows:
Section 1. The foregoing resolutions 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.
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Resolution No. 2025-039 N.C.S. Page 2
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents
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.
Section 6. This resolution shall take effect immediately upon its adoption.
Section 7. Finds that the proposed action is exempt from the requirements of the California Environmental
Quality Act (CEQA) in accordance with CEQA Guidelines Section 15378, as the action does not meet CEQA's
definition of a “project,” because holding a TEFRA Bond Hearing for the project is not considered a project as
this action constitutes a fiscal activity or an organizational or administrative activities of governments that will
not result in direct or indirect physical changes in the environment.
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
Council of the City of Petaluma at a Regular meeting on the 07 day of April 2025,
by the following vote:
Approved as to
form:
__________________________
City Attorney
AYES: McDonnell, Barnacle, Cader Thompson, DeCarli, Nau, Quint, Shribbs
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: ______________________________________________
City Clerk ____________________________________________
Mayor
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