HomeMy WebLinkAbout2001-080 - Wycliffe Plaza ApartmentsRESOLUTION NO. 2001-080
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 WYCLIFFE PLAZA
APARTMENTS
bk: 10/25/01
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
The Housing Authority of the City of Santa Ana (the "Authority") is
authorized by Chapter 1 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 multifamily rental
housing for families and individuals of Iow and very Iow income.
Providance Housing L.L.C., or a limited partnership or a limited liability
company to be formed by such entity (the "Developers") have requested
the Authority to issue and sell revenue bonds in a principal amount not to
exceed seventeen million dollars ($17,000,000) (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 200-unit multifamily residential rental located
at 1401 North Flower Street in the City of Santa Ana, California (the
"Project").
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(0 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.
The Authority has determined that the City Council of the City of Santa
Ana is the "applicable elected representatives" to hold said public hearing.
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
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.
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3. The City Council hereby approves the financing of the acquisition
and rehabilitation of the Project by the Authority under the Law.
Section 4. 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.
Section 5. This resolution shall take effect immediately.
ADOPTED this ~ day of November, 2001.
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Miguel A. Pulido \
Mayor
:D~'~AS TO~ORM:
· n Kaufman
Assistant City Attorney
Councilmembers:
Councilmembers:
Councilmembers:
Councilmembers:
Bist, Christy, Franklin, McGuigan, Solorio
None
None (0)
Pulido (1)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
Date:
I, PATRICIA E. HEALY, Clerk of Council, do hereby attest to and certify the attached
Resolution No. 2001-080 to be the original resolution adopted by the City Council of the
City of Santa Ana on November 5~h, 2001.
Clerk of Council
City of Santa Ana