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HomeMy WebLinkAboutRES CC 2002 1994 2002 0821RESOLUTION NO. 2002 -1994 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, EXPRESSING THE CITY'S INTENT TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS FOR THE FINANCING OF THE PROPOSED VINTAGE CREST SENIOR APARTMENTS AND APPROVING RELATED ACTIONS 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, USA Properties Fund, Inc. (the "Developer ") has requested the City to issue revenue bonds in one or more series (the "Bonds ") pursuant to the Act for the purpose of financing the acquisition and construction by a partnership in which the Developer and Riverside Charitable Corporation, or affiliates, will be partners expected to be known as Vintage Crest Senior Apartments LP, a California limited partnership, or a related entity or a transferee or assignee of the Developer or an entity in which the Developer has an interest (the "Owner ") of a multifamily rental housing project (the "Project ") to be known as Vintage Crest Senior Apartments, and located on a site that is south of the intersection of Park Lane and Park Crest Lane in the City; and WHEREAS, it is intended that the interest on the Bonds be excluded from gross income for federal tax purposes; and WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code "), and Section 147(f) of the Code requires that the applicable elected representative with respect to the City hold a public hearing on and approve the issuance of the Bonds following a public hearing on the Bonds, in order for the interest on the Bonds to be tax - exempt; and WHEREAS, this City Council is an applicable elected representative of the City for purposes of the Code; and WHEREAS, a notice of said public hearing has been duly given as required by the Code, and this City Council has heretofore held such public hearing at which all such interested persons were given an opportunity to be heard on all matters relative to the location, operation and financing of the Project and the City's issuance of the Bonds therefor; and Resolution No. 2002 -1994 Page 2 WHEREAS, the City Council now desires to express its intent to issue the Bonds and to direct the City's Finance Director to take all actions necessary to apply for a private activity bond allocation for the Project from the California Debt Limit Allocation Committee ( "CDLAC "). NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The City intends to issue the Bonds in a principal amount not to exceed $20,000,000 for the purpose of making a loan to the Owner to finance costs of the acquisition and construction by the Owner of the Project. Said bonds shall be secured by the Owner. SECTION 2. The City Council directs the Finance Director to take all actions necessary or desirable to obtain an allocation for the issuance of private activity bonds for the Project from CDLAC in the aggregate amount of not to exceed $20,000,000 (the "Allocation ") The Finance Director shall take all actions required or desirable under the procedures of CDLAC and Chapter 11.8 of Division 1 of Title 2 (commencing with Section 8869.80) of the California Government Code to apply for the Allocation from CDLAC. In accordance with the procedures of CDLAC concerning a deposit, the City shall obtain the deposit required by CDLAC from moneys made available by the Owner. The City Manager or the Finance Director is authorized to negotiate a Deposit Agreement between the City and the Developer and /or any other entity involved with the Project to provide for safekeeping of any such deposit. SECTION 3. The adoption of this Resolution is solely for the purpose of satisfying the requirements of CDLAC related to the Allocation and the public hearing requirement of the Code, and shall not be construed as for any other purpose. The City has not fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project, and the adoption of this Resolution shall not obligate the City in any manner with respect to the Bonds or the Project without further formal action to be taken by this City Council, including, but not limited to, the approval of the financing documents by this City Council by resolution. Specifically, this Resolution shall not obligate (i) the City to provide financing to the Developer or the Owner for the acquisition or construction of the Project or to issue the Bonds 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, zoning, building or any other permit or other Resolution No. 2002 -1994 Page 3 action necessary for the acquisition, construction or operation of the Project. SECTION 4. This resolution shall take effect immediately upon its adoption. SECTION 5. 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. PASSED AND ADOPTED this 21st day /ofJAugust,—m-,G-,Q2. ATTEST: Deborah S. Traffens t, City Clerk trick Hunger, Mayor Resolution No. 2002 -1994 Page 4 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) CITY OF MOORPARK ) ss. I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2002 -1994 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 21St day of August, 2002, and that the same was adopted by the following vote: AYES: Councilmembers and Mayor Hunter NOES: None ABSENT: None ABSTAIN: None Harper, Mikos, Millhouse, Wozniak WITNESS my hand and the official seal of said City this 21sT day of August, 2002. Deborah S. Traffensted , City Clerk (seal)