HomeMy WebLinkAbout2003-074 - Acquisition and Rehabilitation of Fairview Gardens Senior Housing7/03 LS
RESOLUTION NO. 2003-074
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 ANAFOR
THE PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF FAIRVIEW GARDENS SENIOR
HOUSING
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:
A. 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; and
B. The Authority has been requested to issue and sell revenue bonds in a
principal amount not to exceed Thirty-Three Million Dollars ($33,000,000) (the
"Bonds") by 1901 Fairview Partners, LLC, a California limited liability company,
or a limited partnership or a limited liability company to be formed by such entity
or Frank and Catherine Jao (the "Developer"), pursuant to the procedures
specified in the Law for the purpose of financing the acquisition and rehabilitation
by the Developer of certain land and facilities to consist of an approximately 250-
unit multifamily senior housing facility to be located at 1901 and 1919 Fairview
Street, Santa Ana, California and to be commonly known as Fairview Gardens
Senior Housing (the "Project"); and
C. 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
D. 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 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
Resolution No. 2003-074
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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 therefore; and
Section 2. The City Council of the City of Santa Ana, as the "applicable elected
representative" of the Authority, hereby approves of the issuance of the Bonds as in the
public interests of the Authority.
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. The adoption of this Resolution shall not obligate (i) the City to provide
financing to the Developer for the acquisition, rehabilitation and development of the
Project or to issue the Bonds 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.
Section 6. This resolution shall take effect immediately.
ADOPTED this 2nd day of September, 2003.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
Lisa E. Storck
Assistant City Attorney
Resolution No. 2003-074
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AYES:
NOES:
ABSTAIN:
Councilmembers:
Councilmembers:
Councilmembers:
NOT PRESENT: Councilmembers:
Alvarez, Bist, Franklin, Garcia, Pulido, Solorio (6)
None (0)
None (0)
Christy (1)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2003-074 to be the original resolution adopted by the City
Council of the City of Santa Aha on September 2, 2003.
Date:
Clerk of the Council
City of Santa Ana
Resolution No. 2003-074
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