HomeMy WebLinkAboutResolution 2012-119 N.C.S. 08/06/2012 Resolution No. 2012-119 N.C.S.
of the City of Petaluma, California
APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS FOR THE PURPOSE OF
FINANCING THE ACQUISITION AND REHABILITATION
OF ROUND WALK VILLAGE APARTMENTS
WHEREAS, the California Municipal Finance Authority (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 rehabilitation 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, Round Walk Village Partners 2, 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
$15,000,000 (the"Obligation"), the proceeds of which may only be used for the purpose of
financing the rehabilitation of a 129-unit multifamily residential rental facility commonly known
as Round Walk Village located at 745 No. 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 rehabilitation 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 as the "applicable elected
representatives"to hold said public hearing, duly noticed and held said public hearing on August
6, 2012, at which time all those interested in commenting 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.
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
Resolution No. 2012-119 N.C.S. Page 1
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 and rehabilitation 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, rehabilitation, 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.
PASSED AND ADOPTED this 6th day of August, 2012 by the following roll call vote:
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 Qj ed as to
Council of the City of Petaluma'at a Regular meeting on the 6`h day of August, l�/1/J orm:
2012,by the following vote:
Ci ttorney
AYES: Albertson, Barrett,Healy, Kearney, Vice Mayor Renee
NOES: None
ABSENT: Mayor Glass,Harris
ABSTAIN: /None 1 / , u
ATTEST: �. ■414&ad d
City Clerk • Vice Mayo
Resolution No.2012-119 N.C.S. Page 2