HomeMy WebLinkAbout2001-019 - Rehabilitation of Cornerstone Village ApartmentsRESOLUTION NO. 2001-019
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
HOUSING AUTHORITY OF THE CITY OF SANTA ANA
FOR THE PURPOSE OF FINANCING THE ACQUISITION
AND REHABILITATION OF CORNERSTONE VILLAGE
APARTMENTS
WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is
authorized by Chapter I of Part 2 of Division 24 (commencing with Section 34200) of
the Health and Safety Code of the State of California (the "Law"), to issue and sell its
revenue bonds for the purpose of financing the acquisition, construction, rehabilitation
or development of muitifamily rental housing for families and individuals of Iow and very
Iow income; and
WHEREAS, Civic Center Barrio Housing Corporation and Avalon Communities
(the "Developers") have requested the Authority to issue and sell revenue bonds in a
principal amount not to exceed Eight Million Three Hundred Thousand Dollars
($8,300,000) (the "Bonds") pursuant to the procedures specified in the Law for the
purpose of financing the acquisition and rehabilitation by the Developers (or a limited
partnership or limited liability company to be formed by the Developers) of certain land
and facilities consisting of a 127-unit multifamily residential rental located at 805, 810,
815, 816, 825, 828, 835 and 904 South Minnie Street in the City of Santa Ana,
California (the "Project"); and
WHEREAS, the Bonds will be considered to be "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 representatives"
with respect to the Authority hold a public hearing with respect to the issuance of the
Bonds; and
WHEREAS, the Authority has determined that the City Council of the City of
Santa Ana is the "applicable elected representatives" to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as required by the
Code, and this City Council has heretofore held such public hearing at which all
interested persons were given an opportunity to be heard on all matters relative to the
financing and operation of the Project and the Authority's issuance of the Bonds
therefor; and
WHEREAS, the City Council of the City of Santa Ana, as the "applicable elected
representative" of the Authority, approves of the issuance of the Bonds as in the public
interests of the Authority.
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Resolution No. 2001-019
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
The City Council hereby finds and determines that the foregoing recitals
are true and correct.
The City Council hereby approves the financing through the issuance of
multifamily housing revenue bonds for the purpose of the acquisition and
rehabilitation of the Project by the Authority under the Law.
The issuance of the Bonds shall be subject to approval by the Authority of
all financing documents relating thereto to which the Authority is a party
and subject to the sale of the Bonds bY the Authority to the underwriter
thereof.
This Resolution shall take effect immediately upon its adoption by the City
Council, and the City Clerk shall certify the vote adopting this Resolution.
Adopted this 5t..~h day of March, 2001
Patricia E. Healy ~/ ,/~ Patricia A. McGuigan ~,
Clerk of the Council '~ Mayor Pro Tern
COUNCILMEMBERS:
Pulido Absent
McGuigan Aye
Alvarez Aye
Bist Aye
Christy Aye
Franklin Aye
Solorio Aye
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By: ~ ~ j~
~l~e):~'amir~ I~aufman
,~Ct~ef AssiStant City Attorney
CERTIFICATE OF ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby certify the attached Resolution
No. 2001-019 to be the original resolution adopted by the City Council of the City of
Santa Ana on March 5, 2001.
Date: ~_::~ ~ c,2-./-' ~ ~ ~~-----/Y~
Clerk of the Council v [)
City of Santa Ana
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Resolution No, 2001-019