HomeMy WebLinkAbout2008-054 - Financing the Acquistion and Rehabilitation of Multifamily Rental Housing6!20108 les
RESOLUTION NO. 2008-054
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 MULTIFAMILY RENTAL
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 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. Northwood Associates, L.P., a California limited partnership, or such other
limited partnership or a limited liability company to be formed by WNC and
Associates, has requested the Authority to issue and sell revenue bonds
in an expected principal amount of $23,000,000 (the "Bonds") pursuant to
the procedures specified in the Law for the purpose of providing financing
for the acquisition and rehabilitation of 200 units of multifamily rental
housing commonly known as the Rosswood Villa Apartments located at
100 North Ross 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.
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
Resolution No. 2008-054
Page 1 of 3
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
representative" 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 representative 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 7~h day of Jam, 2008.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By: ~~
Lisa E. Storck
Assistant City Attorney
Resolution Na. 2008-054
Page 2 of 3
AYES: Councilmembers: Alvarez Benavides Bustamante Martinez,
Pulido Sarmiento Tinaiero (7)
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. 2008-054 to be the original resolution adopted by the City Council of the
City of Santa Ana on Julv 7 2008.
/.: ,
Date: 7 /D,. ~ ~
Patricia E. Healy
Clerk of Council
City of Santa Ana
Resolution No. 2008-054
Page 3 of 3