HomeMy WebLinkAbout16-134 - Resolutions RESOLUTION NO. 16-134
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$13,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF VILLA PACIFICA II
APARTMENTS AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Villa Pacifica II, LP (the "Borrower") or a partnership created by C&C
Development Co., LLC (the "Developer"), consisting at least of the Developer or a related person
to the Developer and one or more limited partners, has requested that the California Municipal
Finance Authority (the "Authority") participate in the issuance of one or more series of revenue
bonds issued from time to time, including bonds issued to refund such revenue bonds in one or
more series from time to time, in an aggregate principal amount not to exceed $13,000,000 (the
"Bonds") for the acquisition, construction, improvement and equipping of a 60-unit senior
multifamily rental housing project located at 7418 Archibald Avenue, Rancho Cucamonga,
California, generally known as Villa Pacifica II Apartments (the "Project") and operated by
Advanced Property Services, LLC; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the"Code"),
the issuance of the Bonds by the Authority must be approved by the City of Rancho Cucamonga
(the "City") because the Project is to be 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 Rancho Cucamonga
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 constitute approval of the
issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the
Resolution No. 16-134 — Page 1 of 3
applicable elected representative of the governmental unit having jurisdiction over the area in
which the Project is to be 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 (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) 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; (iii) make any contribution or advance any funds
whatsoever to the Authority; or (iv) 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.
Resolution No. 16-134 — Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 17" day of August 2016.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
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Agfe-1:1-17. Michael, Mayor
ATTEST:
ahice C. Reynolds, City 1lerk
I, JANICE C. REYNOLDS, 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 17" day of August 2016.
Executed this 18th day of August 2016, at Rancho Cucamonga, California.
e C. Reynolds, City Cl-r,
ice
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Resolution No. 16-134 - Page 3 of 3