Loading...
HomeMy WebLinkAbout2011-011 - Finance Multifamily Residential Rental FacilitiesRESOLUTION NO. 2011-011 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA TO FINANCE MULTIFAMILY RESIDENTIAL RENTAL FACILITIES FOR SANTA ANA WBBB, 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. Santa Ana WBBB, LP (the "Borrower"), a California limited partnership formed by the Orange Housing Development Corporation and C&C Development, has requested that the Housing Authority of the City of Santa Ana (the "Authority") issue one or more series of revenue bonds in an aggregate principal amount not to exceed $12,500,000 (the "Bonds"), and lend the proceeds of the Bonds to the Borrower for the purpose of financing the costs of the construction by the Borrower of 51 units of multifamily residential rental housing at the following locations in the City of Santa Ana (the "City"): 217-219 South Birch (5 units), 435-437 South Birch (5 units), 2034-2038 North Bush (5 units), and 605-611 East Washington (36 units) (collectively, the "Project'). B. Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires that an "applicable elected representative" with respect to the Project approve the issuance of the Bonds by the Authority after a public hearing has been held concerning the issuance of the Bonds and the financing of the Project. C. The City Council of the City of Santa Ana (the "City Council") is the elected legislative body of the City and is an applicable elected representative with respect to the Project under section 147(f) of the Code, because the Project is located in the City. D. The Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of section 147(f) of the Code; and Resolution No. 2011-011 Page 1 of 3 E. Pursuant to section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds at which all those interested in speaking with respect to the issuance of the Bonds and the financing of the Project were heard, and now desires to approve the issuance of the Bonds by the Authority. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this Resolution constitute approval of the issuance of the Bonds by the Authority for the purposes of section 147(f) of the Code, by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project will be located. Section 3. The issuance of the Bonds shall be subject to approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to repayment or administration of the Bonds. Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (a) provide any financing to construct the Project; or (b) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the construction or operation of the Project. Section 5. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this Resolution and the financing transaction approved hereby. Section 6. This Resolution shall take effect from and after the date of its passage and adoption. Resolution No. 2011-011 Page 2 of 3 ADOPTED this 7th day of March, 2011. APPROVED AS TO FORM: Joseph Straka Interim City Attorney Lisa E. Storck Assistant City Attorney AYES: Councilmembers: Alvarez Benavides Bustamante, Martinez, Pulido Sarmiento Tinaiero (7) NOES: Councilmembers: None (0) ABSTAIN: Councilmembers: None (0) NOT PRESENT: Councilmembers: None (0) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2011-011 to be the original resolution adopted by the City Council of the City of Santa Ana on March 7, 2011. Date: Clerk of the Council City of Santa Ana Resolution No. 2011-011 Page 3 of 3