HomeMy WebLinkAbout2022-78 CC ResolutionRESOLUTION NO.2022-78
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE ISSUANCE BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF
NOT TO EXCEED $25,000,000 AGGREGATE PRINCIPAL
AMOUNT OF THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY REVENUE OBLIGATIONS
FOR THE PURPOSE OF FINANCING, REFINANCING
AND/OR REIMBURSING THE COST OF ACQUISITION,
CONSTRUCTION, INSTALLATION, EQUIPPING OF
MULTIFAMILY RENTAL HOUSING FOR THE BENEFIT
OF VINE CREEK APARTMENTS AFFORDABLE
DEVELOPMENT AND OTHER MATTERS RELATING
THERETO HEREIN SPECIFIED
WHEREAS, Temecula Pacific Associates, a California Limited Partnership (the
"Borrower") a partnership of which Pacific West Communities, Inc. (the "Developer") or a related
person to the Developer is the general partner, has requested that the California Municipal Finance
Authority (the "Authority") adopt a plan of financing and providing for the issuance of exempt
facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal
Revenue Code of 1986 (the "Code") in one or more series issued from time to time, including
bonds issued to refund such exempt facility bonds in one or more series from time to time, and at
no time to exceed $25,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance
the acquisition, construction, improvement and equipping of a multifamily rental housing project
to be located at the northwest corner of Main Street and Pujol Street (APNs 922-053-047-6, 922-
053-021-2 and 922-053-048-7), Temecula, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority must be approved by the City of Temecula (the "City") because the Project is located
within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is one of the "applicable elected representatives" required to approve the
issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of the
Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the
Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the
California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice
duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve
the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TEMECULA, AS FOLLOWS:
Section 1. The foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitutes approval
of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the area
in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the
Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority
of all financing documents relating thereto to which the Authority is a party. The City shall have
no responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to:
Provide any financing to acquire or construct the Project or any refinancing
of the Project.
2. Approve any application or request for or take any other action in
connection with any planning approval, permit or other action necessary for the acquisition,
construction, rehabilitation, installation, or operation of the Project.
3. Make any contribution or advance any funds whatsoever to the Authority.
4. Take any further action with respect to the Authority or its membership
therein.
Section 5. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which they
deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula
this 27th day of September, 2022.
ATTEST:
ndi J , i y Clerk
[SEAL]
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Matt Rahn, Mayor
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the foregoing
Resolution No. 2022-78 was duly and regularly adopted by the City Council of the City of
Temecula at a meeting thereof held on the 271h day of September, 2022, by the following vote:
AYES: 5 COUNCIL MEMBERS: Alexander, Edwards, Rahn, Schwank,
Stewart
NOES: 0 COUNCIL MEMBERS: None
ABSTAIN: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
Randi Johl, City Clerk
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