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HomeMy WebLinkAbout09_038 CC Resolution' RESOLUTION NO. 09-38 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING THE ISSUANCE OF MULTI- FAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF THE CREEKSIDE APARTMENTS THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The City Council of the City of Temecula finds, determines and declares as follows: A. The California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver multi-family housing revenue obligations for the purpose of financing the acquisition, construction/rehabilitation and development of multi-family residential rental facilities located within the area of operation of the Authority which are to be occupied, in part, by very low and low income tenants. B. Bettencourt Properties, Inc. or a limited liability company or other limited partnership to be formed by Bettencourt Properties, Inc. (the "Borrower") has requested the Authority to issue and deliver multi-family housing revenue obligations in the anticipated principal amount of $2,500,000 (the "Obligations"), the proceeds of which may only be used for the purpose of financing the acquisition and rehabilitation of a 49- unit multi-family residential rental facility, commonly known as the Creekside Apartments, located at 28955 Pujol Street in the City of Temecula, California (the "Project"). C. The Obligations which are expected to be issued and delivered to finance the acquisition and rehabilitation of the Project would be considered "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 Project hold a public hearing on the issuance and delivery of the Obligations. D. The City Council of the City of Temecula as the "applicable elected representatives" to hold said public hearing, has held said public hearing at which all those interest in speaking with respect to the proposed financing of the Project were heard. Section 2. The City Council hereby finds and determines that the foregoing ' recitals are true and correct: R:/Resos 2009/Resos 09-38 ' A. For purposes of the requirements of the Code only, the City Council hereby approves the proposed financing of the Project by the Authority with the proceeds of the Obligations. B. The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority. C. The adoption of this Resolution is solely for the purpose of meeting the requirements of the Code and shall not be construed in any other manner, the City nor its staff having fully reviewed or considered the financial feasibility of the Project or the expected financing or operation of the Project with regards to any State of California statutory requirements, and such adoption shall not obligate (1) the City to provide financing to the Borrower for the acquisition, rehabilitation and development of the Project or to issue the Obligations for purposes of such financing; or (2) the City, of or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the acquisition, rehabilitation, development or operation of the Project. Section 3. The City Clerk of the City shall forward a certified copy of this Resolution and a copy of the affidavit of publication of the public hearing notice to: ' Thomas A. Downey Orrick, Herrington & Sutcliffe LLP 405 Howard Street San Francisco, California 94105 Section 4. This resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula this 28th day of April, 2009. Maryann Edwards, Mayor ATTEST: Susan . Jo es, MMC erk [SEALj-' R:/Resos 2009/Resos 09-38 ' STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, City Clerk of the City of Temecula, do hereby certify that the foregoing Resolution No. 09-38 was duly and regularly adopted by the City Council of the City of Temecula at a meeting thereof held on the 28th day of April, 2009, by the following vote: AYES: 5 COUNCIL MEMBERS: Comerchero, Naggar, Roberts, Washington, Edwards NOES: 0 COUNCIL MEMBERS: None ABSENT: 0 COUNCIL MEMBERS: None ABSTAIN: 0 COUNCIL MEMBERS: None i J R:/Resos 2009/Resos 09-38