HomeMy WebLinkAbout2008-060 RESOLUTION NO. 2008-060
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS FOR THE
PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF CALIFORNIA MANOR
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to issue and deliver
multifamily housing revenue obligations for the purpose of financing the acquisition,
construction/rehabilitation and development of multifamily residential rental facilities located
within the area of operation of the Authority which are to be occupied, in part, by very low and
low income tenants, and
WHEREAS, Atascadero California Manor, LP, a California limited partnership, or a
limited liability company or other limited partnership to be formed by Micon Real Estate (the
"Borrower") has requested the Authority to issue and deliver multifamily housing revenue
obligations in the anticipated principal amount of $11,500,000 (the "Obligations"), the proceeds
of which may only be used for the purpose of financing the acquisition and rehabilitation of a 95-
unit multifamily residential rental facility commonly known as California Manor located at
10165 El Camino Real in the City of Atascadero, California (the "Project"), and
WHEREAS, the Obligations which are expected to be issued and delivered to finance the
acquisition and rehabilitation of the Project would be considered "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 representative" with respect
to the Project hold a public hearing on the issuance and delivery of the Obligations and
WHEREAS, the City Council of the City of Atascadero as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interest in speaking with respect to the proposed financing of the Project were heard.
NOW, THEREFORE,BE IT RESOLVED as follows
Section 1 The City Council hereby finds and determines that the foregoing recitals
are true and correct.
Section 2. For purposes of the requirements of the Code only, the City Council
hereby approves the proposed financing of the Project by the Authority with the proceeds of the
Obligations
Section 3. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the Authority of all financing documents relating thereto to which
am the Authority is a party and subject to the sale of the Obligations by the Authority
City of Atascadero
Resolution No. 2008-060
Page 2 of 2
Section 4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the Code and shall not be construed in any other manner, the City nor its staff
having fully reviewed or considered the financial feasibility of the Project or the expected
financing or operation of the Project with regards to any State of California statutory
requirements, and such adoption shall not obligate (i) the City to provide financing to the
Borrower for the acquisition, rehabilitation and development of the Project or to issue the
Obligations for purposes of such financing; or (ii) the City, of or any department of the City, to
approve any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any other permit or other action necessary for the
acquisition, rehabilitation, development or operation of the Project.
Section 5. The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the public hearing notice to
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 181h Floor
San Francisco, California 94108
Section 6. This resolution shall take effect upon its adoption
On motion by Council Member O'Malley and seconded by Council Member Clay, the
foregoing Resolution is hereby adopted in its entirety on the following roll call vote:
AYES Council Members Beraud, Clay, Luna, O'Malley and Mayor Brennler
NOES None
ABSENT None
ADOPTED September 23, 2008
ATTEST CIT F TAS E O
Marcia McClure Torgerson City Clerk/I Mie i3remiler, Mayor
APPRO D 7j"ORM.
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�"""' Brian Pienk, City Attorney