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Home My WebLink AboutAGENDA REPORT 2002 1120 CC REG ITEM 09BCITY OF MOORPARK AGENDA REPORT TO: Honorable Mayor and City Council ITEM q • B. ACT BY: L17ZGt� +dirt' Z/_�16 FROM: Hugh R. Riley, Assistant City Manage DATE: November 8, 2002 (regular Meeting of 11/20/02) SUBJECT: Consider Resolution Authorizing the Issuance of Revenue Bonds Related to the Financing of Vintage Crest Senior Apartments, Authorizing the Execution and Delivery of Related Documents and Approving Actions in Connection Therewith DISCUSSION: On June 19, 2002, the City Council adopted Resolution No. 2002 -1987, which expressed the City's intent to issue multifamily housing revenue bonds (the "Bonds ") to encourage the development of a 190 -unit multifamily rental housing project known as Vintage Crest Senior Apartments (the "Project "). The Project is to be located on a site that is south of the intersection of Park Lane and Park Crest Lane. On July 17, 2002, the Council also conducted a public hearing on the issuance of the Bonds for the purpose of financing the Project. The Project is to be built and owned by Vintage Crest Senior Apartments L.P., a California Limited Partnership. As stated above, the proposed project is a 190 -unit multifamily rental housing project for seniors. The developer will provide affordable rental units in the project consistent with the Development Agreement with USA Properties. City Council Agenda Report Vintage Crest Senior Apartments November 8, 2002 Page 2 During the 55 -year term of the bonds, the City will receive on an annual basis, $40,000 to administer the affordability covenants of the Project. Tonight the Council is being asked to approve the following documents pertaining to the City of Moorpark Multifamily Housing Revenue Bonds (Vintage Crest Senior Apartments) 2002 Series A. (Copies of these documents are on file in the office of the City Clerk): a) Indenture of Trust between the City and U.S. Bank b) Loan Agreement, among the City, the Bond Owners Representative and the Borrower c) Regulatory Agreement and Declaration of Restrictive Covenants d) Administrator Agreement RECOMMNDATION: Adopt Resolution No. 2002 - Attachments: 1. Resolution No. 2002- RESOLUTION NO. 2002- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF REVENUE BONDS RELATED TO THE FINANCING OF VINTAGE CREST SENIOR APARTMENTS, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND APPROVING ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Moorpark (the "City ") is authorized by Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act "), to issue and sell revenue bonds for the purpose of providing financing for the acquisition and construction of multifamily rental housing facilities located within the City to be occupied in part by low income tenants; and WHEREAS, Vintage Crest Senior Apartments, L.P., a California limited partnership (the "Borrower'') has requested that the City issue and sell revenue bonds (the "Bonds'') under the authority granted by the Act for the purpose of making a loan to the Borrower to finance the acquisition, development and construction of a multifamily rental housing project to be known as Vintage Crest Senior Apartments (the "Project ") , and to be located on a site that is south of the intersection of Park Lane and Park Crest Lane in the City; and WHEREAS, on July 17, 2002, the City Council conducted a public hearing on the issuance of the Bonds for the purpose of financing the Project and adopted a Resolution expressing the intent of the City to issue the Bonds; and WHEREAS, there has been presented to the City Council at this meeting proposed forms of an Indenture, a Loan Agreement, and a Regulatory Agreement and Declaration of Restrictive Covenants relating to the Bonds and the City Council now desires to approve such agreements so that the Bonds can be issued to finance the Project; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the financing of the Project as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act, and the City now desires to authorize the issuance of the Bonds, as provided herein. ATTACHMENT NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The City hereby finds and declares that the above recitals are true and correct. SECTION 2. Pursuant to the Act and the Indenture (hereinafter defined), the Bonds, to be designated as "City of Moorpark Multifamily Housing Revenue Bonds (Vintage Crest Senior Apartments), 2002 Series All (the "Bonds'') and to be in the principal amount of up to $16,000,000, are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Mayor, the seal or facsimile of the seal of the City shall be reproduced thereon and attested by the manual or facsimile signature of the City Clerk, in the form set forth in and otherwise in accordance with the Indenture. SECTION 3. The documents listed below relating to the Bonds, in the respective forms on file with City Clerk, are hereby approved: (a) Indenture (the "Indenture "), between the City and U.A. Bank, N.A., as bondowner representative (the "Bondowner Representative"); (b) Loan Agreement, among the City, the Bondowner Representative and the Borrower; and (c) Regulatory Agreement and Declaration of Restrictive Covenants, among the City, the Bondowner Representative and the Borrower. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver each of the above - listed documents, and the City Clerk is hereby authorized and directed, for and in the name and on behalf of the City, to attest the City Manager's signature where indicated in any of such documents, in said forms, together with such additions thereto or changes therein as are recommended or approved by the City Manager upon consultation with the City's Financial Advisor and Bond Counsel, including (without limitation) such additions or changes as are deemed necessary or advisable by the City Manager in accordance with Section 6 hereof, the approval of such additions or changes to any of such documents to be conclusively evidenced by the execution and delivery by the City of the respective document. The date, maturity dates, aggregate principal amount, annual maturity amounts, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Indenture, as finally executed. SECTION 4. The Bonds, when executed, shall be delivered to the Bondowner Representative for authentication. The Bondowner Representative is hereby requested and directed to authenticate the Bonds by executing the certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, in accordance with written instructions executed on behalf of the City by the City Manager, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Bondowner Representative. SECTION 5. The law firm of Quint & Thimmig LLP is hereby designated as Bond Counsel to the City for the Bonds. All fees and expenses of such firm for matters related to the Bonds shall be payable solely from the proceeds of the Bonds or contributions by the Borrower. SECTION 6. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City, including the Mayor, City Manager, City Clerk and City Attorney, are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution and resolutions heretofore adopted by the City relating to the financing of the Project, including but not limited to those certificates, agreements and other documents described in the documents herein approved and any certificates, agreements or documents as may be necessary to further the purpose hereof or provide additional security for the Bonds, but which shall not create any obligation or liability of the City other than with respect to the revenues and assets derived from the proceeds of the Bonds or otherwise pledged under the documents listed in Section 3 above. SECTION 7. This Resolution shall take effect immediately upon its adoption by the City Council. SECTION 8. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original Resolutions. 3 PASSED AND ADOPTED this 20th day of November, 2002. Patrick Hunter, Mayor ATTEST: Deborah S. Traffenstedt, City Clerk ' ;' •U0) � ��