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HomeMy WebLinkAboutCC Reso 2016-25 RESOLUTION 2016-25 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CATHEDRAL CITY ACTING IN ITS OWN CAPACITY AND IN ITS CAPACITY AS THE HOUSING SUCCESSOR TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $23,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND REHABILITATION OF MOUNTAIN VIEW APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Mountain View Community Partners, LP or a partnership created by Community Preservation Partners, 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 California Public Finance Authority (the "Authority") participate in the issuance of one or more series of revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an aggregate principal amount not to exceed $23,000,000 (the "Bonds") for the acquisition, rehabilitation, improvement and equipping of a 280-unit senior multifamily rental housing project located at 68680 Dinah Shore Drive, Cathedral City, California, generally known as Mountain View Apartments (the "Project") and operated by MBS Property Management, Inc.; and WHEREAS, the Project is located within the City of Cathedral City (the "City"); and WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to Section 12 of the Joint Exercise of Powers Agreement (the "Agreement") relating to the California Public Finance Authority; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is the applicable elected representative under Section 147(f) of the Code; and WHEREAS, the City Council also serves as the Housing Successor to the former Redevelopment Agency of the City of Cathedral City (the "Housing Successor"); and WHEREAS, pursuant to Section 147(f) of the Code, the City Council and the Housing Successor have, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; WHEREAS, the City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of the Bonds, and said City Council expressly conditions its approval of this Resolution on that understanding; and WHEREAS, the Housing Successor consents to becoming a third party beneficiary of the Regulatory Agreement entered into relative to the Project and has the right, but not the obligation, to enforce the provisions of the Regulatory Agreement. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Cathedral City acting in its own capacity as in its capacity as the Housing Successor to the former Redevelopment Agency of the City of Cathedral City, as follows: Section 1. The City hereby requests to become an Additional Member of the Authority pursuant to Section 12 of the Agreement. The Agreement is hereby approved and the Mayor of the City and all other proper officers and officials of the City, or a designee thereof, are hereby authorized and directed to execute the Agreement. The City Council hereby approves the issuance of the Bonds by the Authority for the purposes of financing the Project. 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 purpose 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 is located. Section 2. The officers of the City Council are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments 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. Any actions heretofore taken by such officers are hereby ratified and approved. Section 3. The City Council expressly conditions its approval of this Resolution on its understanding that the City and the Housing Successor shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority's issuance of the Loan for the financing of the Project. Section 4. The Housing Successor consents to the inclusion of the Housing Successor as a third party beneficiary to the Project Regulatory Agreement and has the right, but not the obligation, to enforce the provisions of said Regulatory Agreement. Section 5. This Resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cathedral City held on this 25th day of May, 2016. // 0 " - Stan ey Henry, Mayor ATTEST: APPROVED AS TO FORM: Gary F. H:iNell, Ci i Cler Eric S. Vail, ity Attorney I, GARY F. HOWELL, CITY CLERK of the City of Cathedral City, do hereby certify that the foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the City of Cathedral City held on the 25th day of May, 2016 by the following vote: AYES: Council Members Aguilar, Carnevale and Kaplan; Mayor Pro Tem Pettis and Mayor Henry NOES: None ABSENT: None ABSTAIN: None ■ Gary F, Ho-,ell, Cit Clerk __ -