HomeMy WebLinkAboutResolution - 3175 STATE OF CALIFORNIA ) RESOLUTION NO. 3175
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO )
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF THE SAN JACINTO SENIOR 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, construction/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, 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 multifamily housing revenue obligations in
the anticipated principal amount of $3,000,000 (the "Obligations"), the proceeds of
which may only be used for the purpose of financing the acquisition and rehabilitation of
a 46-unit multifamily residential rental facility, commonly known as the San Jacinto
Senior Apartments, located at 633 E. Main Street in the City of San Jacinto, California
(the "Project"); and
WHEREAS, 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; and
WHEREAS, the City Council of the City of San Jacinto 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.
NOW, THEREFORE, BE IT RESOLVED as follows:
SECTION 1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
SECTION 2. 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.
SECTION 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.
SECTION 4. 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 (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, 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 5. 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
SECTION 6. This resolution shall take effect upon its adoption.
APPROVED AND ADOPTED, this 5th day of June, 2008 by the following vote:
Ayes: Ayres, Carlson, Mansperger, Ritchie
Nays: None
Absent: Ritchie
Abstain: None
City of San Jacinto
- A, �-
J Ayres, r
or
ATTEST: /
rothy Ch uinard, City Clerk
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APPROVED AS TO FORM:
BEST BEST & KRIEGER LLP
CrCy"A orney
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