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Home My WebLink AboutAG RPTS 2002 0619 CC SPCNOTICE AND CALL OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF MOORPARK TO THE MEMBERS OF THE CITY COUNCIL OF THE CITY OF MOORPARK: NOTICE IS HEREBY GIVEN that a Special Meeting of the City Council of the City of Moorpark is hereby called to be held Wednesday, June 19, 2002, commencing at 6:15 p.m. Said meeting will convene in the Community Center located at 799 Moorpark Avenue, Moorpark, California. Said Special Meeting shall be for the purpose of considering the following: 1. CALL TO ORDER: 2. ROLL CALL: 3. PUBLIC COMMENT: 4. PRESENTATION /ACTION /DISCUSSION: A. Consider Approval of Resolution for USA Properties Fund, Inc., Development of Vintage Crest Senior Apartments Project (GPA 2002 -01, ZC 2002 -01 and RPD 2002 -02) to Set Forth City's Intent to Issue Multi- Family Housing Revenue Bonds and Authorize Reimbursement of Certain Expenses Associated with this Project. Staff Recommendation: Adopt Resolution No. 2002- 5. ADJOURNMENT: Dated: June 18, 2002. Deborah S. Traffenstedt, ity Clerk Moorpark City Council Special Meeting Notice June 19, 2002 - page 2 Any member ^of the - public may address the Council during the Public Comments portion of the Agenda, unless it is a Public Hearing or a Presentation /Action /Discussion item. Speakers who wish to address the Council concerning a Public Hearing or Presentations /Action /Discussion item must do so during the Public Hearing or Presentations /Action /Discussion portion of the Agenda for that item. Speaker cards must be received by the City Clerk for Public Comment prior to the beginning of the Public Comments portion of the meeting and for Presentation /Action /Discussion items prior to the beginning of the first item of the Presentation /Action /Discussion portion of the Agenda. Speaker Cards for a Public Hearing must be received prior to the beginning of the Public Hearing. A limitation of three minutes shall be imposed upon each Public Comment and Presentation /Action /Discussion item speaker. Copies of each item of business on the agenda are on file in the office of the City Clerk and are available for public review. Any questions concerning any agenda item may be directed to the City Clerk at 517 -6223. In compliance with the Americans with Disabilities Act, if you need assistance to participate in this meeting, please contact the City Clerk's Department at (805) 517 -6223. (28 CPR 35.102 - 35.104 ADA Title II) TO: FROM: ITEM qbko CTTV far � f?t'y?P�1 T , c fir,'T'ORNTA of ACTT ON 2-C' 1 - MOORPARK CITY COUNCIL �^ AGENDA REPORT EY' Honorable City Council Nancy Burns, Senior Management DATE: June 18, 2002 (CC Special Analys Mtg. of une 19, 2002) SUBJECT: Approval of Resolution No. 2002 - for USA Properties Fund, Inc. Development of Vintage Crest Senior Apartments Project (GPA 2002 -01, ZC 2002 -01, RPD 2002 -02) to Set Forth City's Intent to Issue Multi- Family Housing Revenue Bonds and Authorize Reimbursement of Certain Expenses Associated with this Project DISCUSSION At the June 19, 2002, Regular Meeting of the City Council, the Council will be asked to consider scheduling a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing to consider the issuance of multifamily housing revenue bonds to finance the USA Properties Fund, Inc., senior housing project, known as Vintage Crest Senior Apartments. The attached Resolution authorizes the City to apply to the California Debt Limit Allocation Committee (CDLAC) for an allocation from the state ceiling of private activity bonds. It does not bind the City to issue the bonds. Certain expenses associated with the development of this project may be reimbursed to the developer with the proceeds of the sale of the bonds. The attached Resolution will authorize this reimbursement, as provided for in U. S. Treasury Regulations, cited in the Resolution. STAFF RECOMMENDATION: Adopt Resolution No. 2002 - Attachment RESOLUTION No. 2002 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, SETTING FORTH THE CITY'S OFFICIAL INTENT TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS AND AUTHORIZING RELATED ACTIONS TO FINANCE THE PROPOSED VINTAGE CREST SENIOR APARTMENTS PROJECT (GPA 2002 -01, ZC 2002 -01, RPD 2002 -02) NEAR INTERSECTION OF SOUTHERLY TERMINUS OF PARK LANE AND PARK CREST LANE IN THE CITY OF MOORPARK WHEREAS, pursuant to Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California, as amended (the "Act ") , the City Council of the City of Moorpark (the "City ") is authorized to issue revenue bonds for the purpose of financing the acquisition, construction, rehabilitation, refinancing, or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to the multifamily rental housing; and WHEREAS, USA Properties Fund, Inc., or its successors or assignees (the "Developer ") , has requested that the City issue and sell multifamily housing revenue bonds (the "Bonds ") pursuant to the Act for the purpose of financing the acquisition and construction by the Developer, or Vintage Crest Senior Apartments, L.P., a California limited partnership formed by the Developer for the purpose of owning the proposed facility (the "Borrower "), of a certain proposed multifamily rental housing development identified in the attached Exhibit A (the "Project ") ; and WHEREAS, the City, in the course of assisting the Borrower in financing the Project, expects that the Borrower has paid and may pay certain expenditures (the "Reimbursement Expenditures ") in connection with the Project within the period from the date which is 60 days prior to the adoption of this Resolution to the date of issuance of the Bonds; and WHEREAS, Section 1.103- 8(a) (5) and Section 1.150 -2 of the United States Treasury Regulations (the "Treasury Regulations ") require the City to declare its reasonable official intent to reimburse the Reimbursement Expenditures for the Project with proceeds of a subsequent tax - exempt borrowing if the proceeds Resolution No. 2002 - Page 2 of the borrowing are to be used to finance the Reimbursement Expenditures; and WHEREAS, the City wishes to declare its intention to authorize the issuance of the Bonds for the purpose of financing costs of the Project (including reimbursement of the Reimbursement Expenditures) upon such terms and conditions as may then be agreed upon by the City, the Borrower and the purchaser of the Bonds, in an aggregate principal amount not to exceed the amount set forth in Exhibit A; and WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of multifamily housing mortgage revenue bonds that may be issued in any calendar year by entities within a state (the "state ceiling ") and authorizes the governor or the legislature of a state to provide the method of allocation within the state; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the California Government Code governs the allocation of the state ceiling among governmental units in the State of California to permit the City to issue private activity bonds; and WHEREAS, Section 8869.85 of the California Government Code requires a local agency desiring an allocation of the state ceiling for a particular financing to file an application with the California Debt Limit Allocation Committee ( "CDLAC ") for such an allocation, and CDLAC has certain policies that are to be satisfied in connection with any such allocation. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Finding and Determination. The above recitals, and each of them, are true and correct. The City determines that it is necessary and desirable to provide financing for the Project (including reimbursement of the Reimbursement Expenditures) by the issuance and sale of the Bonds pursuant to the Act in an aggregate principal amount not to exceed the amount set forth in Exhibit A, subject to final authorization of the issuance of the Bonds by resolution of the City adopted at a meeting of the City Council. SECTION 2. Declaration of Official Intent. This Resolution is being adopted by the City solely for purposes of establishing compliance with the requirements of Section 1.103- 8(a) (5) and +, fi e. ,, t e,,, rr*, c Resolution No. 2002 - Page 3 Section 1.150 -2 of the Treasury Regulations. In that regard, the City declares its official intent to use proceeds of the Bonds to reimburse the Reimbursement Expenditures. This action is taken expressly for the purpose of inducing the Borrower to undertake the Project, and nothing contained in this Resolution shall be construed to signify that the Project complies with any planning, zoning, subdivision and building laws and ordinances applicable thereto or to suggest that the City or any officer or agent of the City will grant any such approval, consent or permit that may be required in connection with the acquisition and construction of the Project, or that the City will make any expenditure, incur any indebtedness, or proceed with the financing of the Project. SECTION 3. Application to CDLAC. The officers and /or the program managers of the City are authorized and directed to apply to CDLAC for an allocation from the state ceiling of private activity bonds to be issued by the City for the Project in an amount not to exceed the amount set forth in Exhibit A, and to take any and all other actions as may be necessary or appropriate in connection with such application, including but not limited to the payment of fees, the posting of deposits and the provision of certificates, and any such actions previously taken by such officers and program managers are ratified by this Resolution. SECTION 4. Effectiveness of Resolution. 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 19th day of June, 2002. Patrick Hunter, Mayor ATTEST: Deborah S. Traffenstedt, City Clerk Exhibit A Resolution No. 2002 - Page 4 EXHIBIT A DESCRIPTION OF PROPOSED VINTAGE CREST SENIOR APARTMENTS Project Location Number of Units Maximum Bond Amount General Plan Amendment No. 2002 -01, Zone Change No. 2002 -01, Residential Planned Development No. 2002 -02 Near intersection of southerly terminus of Park Lane and Park Crest Lane, south of New Los Angeles Avenue 190± $20,000,000 �.. v a. ....9