HomeMy WebLinkAbout2006-088 - Rehabilitation of Seventeen Buildings of Multifamily Rental Housing by Wilshire/Minnie L.P.
12/11/06 les
RESOLUTION NO. 2006-088
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE BY THE
HOUSING AUTHORITY OF THE CITY OF SANTA ANA OF
MULTIFAMILY HOUSING REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED FIFTEEN MILLION FIVE
HUNDRED THOUSAND DOLLARS FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND
REHABILITATION OF SEVENTEEN BUILDINGS OF
MULTIFAMILY RENTAL HOUSING BY WILSHIRE/MINNIE,
LP
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 revenue bonds for the purpose of financing the acquisition, construction,
rehabilitation and development of multifamily rental housing for families and
individuals of low and very low income.
B. Orange Housing Development Corporation, a California nonprofit public
benefit corporation, on behalf of Wilshire/Minnie, LP., a California limited
partnership, formed by Orange Housing Development Corporation and C&C
Development Company LLC, has requested the Authority to issue and sell
revenue bonds in an expected principal amount of $15,500,000 (the "Bonds")
pursuant to the procedures specified in the Law for the purpose of providing
financing for the acquisition and rehabilitation of 164-units of multifamily
rental housing located at 1201,1209,1213,1221,1225,1229, and 1233 E.
Wilshire Avenue and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437,
and 1439 S. Minnie Street in the City of Santa Ana, California (the "Project"),
located within the area of operation of the Authority.
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.
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.
Resolution No. 2006-088
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E. 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 therefore.
F. The Project is located wholly within the geographic jurisdiction of the City.
G. The City Council of the City of Santa Ana, as the "applicable elected
representatives" of the Authority, approves of the issuance of the Bonds as in
the public interests of the Authority.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 2: The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3: Pursuant to the Code, the City Council hereby approves the
issuance of the Bonds by the Authority to finance the Project. It is the purpose and
intent of this City Council that this resolution constitute approval of the issuance of the
Bonds by the applicable elected representatives of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with the Code.
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 1Sth day of December, 2006.
APPROVED AS TO FORM:
Joseph W. Fietcher, City Attorney
f
Resolution No. 2006-088
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AYES Councilmembers Alvarez, Benavides, Bustamante, Martinez, Pulido,
Tinaiero, (6)
NOES Councilmembers None (0)
ABSTAIN: Councilmembers None (0)
NOT PRESENT: Councilmembers None (0)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E, HEALY, Clerk of Council, do hereby attest to and certify the attached
Resolution No. 2006-088 to be the original resolution adopted by the City Council of the City of
Santa Ana on December 18, 2006,
Date: (/~ 7
Patricia E. Healy
Clerk of Council
City of Santa Ana
Resolution No. 2006-088
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