HomeMy WebLinkAbout2016-070 - Multifamily Housing Revenue Bonds for the Heninger Village ApartmentsRESOLUTION NO. 2016 -070
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY OF MULTIFAMILY HOUSING REVENUE
BONDS FOR THE HENINGER VILLAGE APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code
Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement'), among certain local agencies
throughout the State of California, including the City of Santa Ana (the "City "), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California
Health and Safety Code for the purpose of financing multifamily rental housing projects;
and
WHEREAS, Heninger 2016 LP or a partnership created by KDF Communities LLC
(the "Developer"), consisting at least of the Developer or a related person to the Developer
and one or more limited partners, has requested that the Authority adopt a plan of
financing providing for the issuance of multifamily housing revenue bonds (the 'Bonds ") in
one or more series issued from time to time, including bonds issued to refund such
revenue bonds in one or more series from time to time, and at no time to exceed
$14,000,000 in outstanding aggregate principal amount, to finance the acquisition and
rehabilitation of a 58 -unit senior multifamily rental housing project located at 200 S.
Sycamore Street, Santa Ana, California, generally known as Heninger Village
Apartments (the 'Project') and operated by VPM Management Inc.; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds' for
purposes of the Internal Revenue Code of 1986 (the "Code'); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a
governmental unit having jurisdiction over the entire area in which any facility financed by
such bonds is to be located, after a public hearing held following reasonable public notice;
and
WHEREAS, the members of this City Council (this "City Council ") are the
applicable elected representatives of the City of Santa Ana (the "City "); and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding
the Bonds would be held on a date specified in such notice; and
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WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against
the issuance of the Bonds; and
WHEREAS, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the `Refunding Bonds "), but only in
such cases where federal tax laws would not require additional consideration or
approval by the City Council; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the
Code and (b) Section 9 of the Agreement; provided, however, that this Resolution shall not
constitute an approval by the Council of the Project for any other purposes, including
compliance thereof with CEQA, nor does it constitute an approval of the underlying credit
or financial structure of the Bonds. The City shall not bear any responsibility for the
issuance of the Bonds, the tax - exempt status of the Bonds, the repayment of the Bonds or
any other matter related to the Bonds.
Section 3. 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 that
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 approved hereby.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing for the Project; (ii) approvQ any application
or request for or take any other action in connection with any planning approval, permit or
other action necessary for the acquisition, construction, rehabilitation or operation of the
Project; or (iii) make any contribution or advance any funds whatsoever to the Authority.
Section 5. This resolution shall take effect immediately upon its passage.
ADOPTED this 2nd day of August, 2016.
APPROVED AS TO FORM:
Sonia R. Carvalho
City Attorney
By: got,i "Ia I • �m.�jiPu
Ryan O. Hodge
Assistant City Attorney
AYES: Councilmembers: Benavides, Martinez, Pulido, Reyna, Tinaiero (5)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers: None (0)
NOT PRESENT: Councilmembers: Amezcua, Sarmiento (2)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of Council, do hereby attest to and certify the attached
Resolution No. 2016 -070 to be the original resolution adopted by the City Council of the
City of Santa Ana on August 2, 2016.
'D -
Clerk of Council
City of Santa Ana
Resolution No. 2016 -070
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