2012-037 - Multifamily Housing Revenue Bonds By the Housing Authority of the City of Santa Ana

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RESOLUTION NO. 2012-037 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. Washington Place Partners, LP, a California limited partnership, or such other limited partnership or a limited liability company to be formed by Vitus Development, LLC, has requested the Authority to issue and sell revenue obligations in an expected principal amount of $30,000,000 (the "Obligations") pursuant to the procedures specified in the Law for the purpose of providing financing for the acquisition and rehabilitation of a 200-units of multifamily rental housing facility located at 1401 N. Flower Street in the City of Santa Ana, California (the "Project"), and 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 relative to the financing and operation of the Project and the Authority's issuance of the Obligations 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 Obligations as in the public interests of the Authority. Resolution No. 2012-037 Page 1 of 3