HomeMy WebLinkAboutRES CC 2007 2650 2007 1107RESOLUTION NO. 2007 -2650
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA APPROVING THE ISSUANCE OF
TAX- EXEMPT OBLIGATIONS AND DIRECTING CERTAIN
ACTIONS (ESSEX MOORPARK APARTMENTS, LP)
WHEREAS, the City of Moorpark (the "City ") intends to issue tax - exempt
obligations in an amount not to exceed $48,000,000 (the "Obligations ") for the purpose,
among other things, of making a loan to Essex Portfolio, L.P., a California limited
partnership, or a California limited partnership or limited liability company formed by or
related to Essex Portfolio, L.P. (the "Developer "), the proceeds of which shall be used
by the Developer to finance the acquisition, construction and development of an
approximate 200 -unit multifamily housing facility to be located at 150 Casey Road in the
City of Moorpark, California and to be commonly known as Essex Moorpark
Apartments, LP (the "Project "); and
WHEREAS, the City is authorized by Chapter 7 of Part 5 of Division 31 of the
Health and Safety Code of the State of California to issue and sell revenue bonds for
the purpose of financing the acquisition, construction and development of multifamily
rental housing facilities to be occupied in part by low and very low income tenants; and
WHEREAS, in order for the Obligations to be considered "qualified exempt facility
bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended (the
"Code "), Section 147(f) of the Code requires that the "applicable elected
representatives" of the area in which the Project is to be located hold a public hearing
on and approve the issuance of the Obligations; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in
the City has been published, to the effect that a public hearing would be held by this City
Council regarding the issuance of the Obligations by the City and the nature and
location of the Project; and
WHEREAS, this City Council held said public hearing on November 7, 2007, at
which time an opportunity was provided to present arguments both for and against the
issuance of such Bonds and the nature and location of the Project; and
WHEREAS, it is in the public interest and for the public benefit that the City
approve the issuance and delivery of the Obligations for the purpose of financing the
acquisition, construction and development of the Project; and
WHEREAS the City shall not have any liability for the repayment of the
Obligations or any responsibility for the Project.
Resolution No. 2007 -2650
Page 2
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City hereby finds and determines that the foregoing recitals are
true and correct.
SECTION 2. To express the City's consent to the issuance of the Obligations
and for the purpose of fulfilling the requirement of Section 147(f) of the Code, the City
hereby approves the issuance and delivery of the Obligations.
SECTION 3. The City Clerk shat o the adoption of this resolution and
shall cause a certified resolution to bq,,iled in the b ok of original resolutions.
PASSED AND ADOPTED/fhis 7th day of Nov4mber,
ATTEST:
S
Deborah S. Traffenstedt, CifqLClerk
Resolution No. 2007 -2650
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. 2007 -2650 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the 7th
day of November, 2007, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Parvin, Van Dam, and Mayor Hunter
NOES: None
ABSENT: None
ABSTAIN: None
2007.
WITNESS my hand and the official seal of said City this 7th day of November,
Deborah S. Traffenstedt, City Clerk
(seal)