2005/01/25 City Council Resolution (3)RESOLUTION NO. 2005 -25
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
CONSTRUCTION OF THE ARBORS APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority ") is authorized by the laws of the State of California (the "Law ") to execute and
deliver multifamily housing revenue obligations for the purpose of financing the acquisition,
construction 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, Burbank Housing Development Corporation, a California nonprofit public
benefit corporation (collectively, with any limited partnership or limited liability company
formed by Burbank Housing Development Corporation, the 'Borrower ") has requested the
Authority to issue and deliver multifamily housing revenue obligations in the anticipated
principal amount of not to exceed $11,500,000 (the "Obligations "), the proceeds of which shall
be used for the purpose of financing the acquisition and construction of a 56 -unit multifamily
residential rental facility to be commonly known as The Arbors Apartments which is to be
located at 450 City Hall Drive in the City of Rohnert Park, California (the "Project "); and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition and
construction of the Project will 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 Rohnert Park 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 financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true
and correct.
2. The City Council hereby approves the financing of the Project by the Authority
with the proceeds of the Obligations.
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 the
Authority is a party and subject to the sale of the Obligations by the Authority.
4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the provisions of the Internal Revenue Code of 1986, as amended, and shall
not be construed in any other manner, with neither the City nor its staff having fully reviewed
or considered the financial feasibility of the Project or the expected operation of the Project with
regards to any State of California statutory requirements, and such adoption shall not obligate,
without further formal action to be taken by this City Council, including, but not limited to, the
approval of the financing documents by the City Council by resolution, (i) the City to provide
financing to the Developer for the acquisition, construction and development of the Project or
to issue the Obligations for purposes of such financing; or (ii) the City, 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, construction, development or operation of the Project.
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, 18th Floor
San Francisco, California 94108
6. This resolution shall take effect upon its adoption.
DULY AND REGULARLY ADOPTED this 25th day of January, 2005, by the following
vote of the City Council of the City of Rohnert Park:
ATTEST:
CITY OF ROHNERT PARK
— 7r*5--- rf�� '17
M�yor Ake Mackenzie
FIDRES: AYE SWIM.- AYE Si"1n'r'+'uL"�'i': AYE `JIiiAaTi -INNIA 1 TINEi15": AYE RACEEiTZIE: AVE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)