HomeMy WebLinkAbout06-109 - Resolutions RESOLUTION NO. 06-109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF THE PEPPERWOOD APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to execute and
deliver multifamily housing revenue obligations for the purpose of financing the acquisition,
rehabilitation and development of multifamily 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; and
WHEREAS, LINC Housing Corporation, a California nonprofit public benefit
corporation (collectively, with any other limited partnership or limited liability company formed by
LINC Housing Corporation, the 'Borrower") has requested the Authority to issue and deliver
multifamily housing revenue obligations in the anticipated principal amount of not to exceed
$30,000,000 (the "Obligations"), the proceeds of which shall be used for the purpose of
financing the acquisition and rehabilitation of a 230-unit multifamily residential rental facility
commonly known as the Pepperwood Apartments which is located at 9055 Foothill Boulevard in
the City of Rancho Cucamonga, California (the "Project"); and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition
and rehabilitation of the Project will 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; and
WHEREAS, the City Council of the City of Rancho Cucamonga 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 financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are
true and correct.
2. The City Council hereby approves the financing of the Project by the
Authority with the proceeds of the Obligations.
3. 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.
Resolution No. 06-109
Page 2 of 3
4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the provisions of the Internal Revenue Code of 1986, as
amended, and shall not be construed in any other manner, with neither the
City nor its staff having fully reviewed or considered the financial feasibility of
the Project or the expected operation of the Project with regards to any State
of California statutory requirements, and such adoption shall not obligate,
without further formal action to be taken by this City Council, including, but
not limited to, the approval of the financing documents by the City Council by
resolution, (i) 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 (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, General Plan, zoning or any other permit or other
action necessary for the acquisition, rehabilitation, development or operation
of the Project.
5. The Bonds will not constitute an indebtedness or obligation, or a pledge of
the faith and credit of, the City. The Bonds will be special, limited obligations
of the Authority, payable solely from the revenues of the Project.
6. 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
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
7. This resolution shall take effect upon its adoption.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 06-109
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 19th day of April 2006.
AYES: Alexander, Michael, Spagnolo, Williams
NOES: None
ABSENT: Gutierrez
ABSTAINED: None
William J. Ale der, Mayor
ATTEST:
bra J. Ad s, CMC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 19`h day of April 2006.
Executed this 20`h day of April 2006, at Rancho Cucamonga, California.
Debra J. fyns, CMC, City Clerk