2022/05/24 City Council Resolution 2022-056 RESOLUTION NO. 2022-056
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK,
CALIFORNIA APPROVING, SUBJECT TO THE TERMS AND CONDITIONS
HEREIN SET FORTH,THE ISSUANCE BY THE INDEPENDENT CITIES FINANCE
AUTHORITY OF TAX-EXEMPT MOBILE HOME PARK REVENUE REFUNDING
BONDS AND TAXABLE MOBILE HOME PARK REVENUE REFUNDING BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 FOR
THE REFINANCING OF RANCHO FELIZ MOBILE HOME PARK AND LAS
CASITAS DE SONOMA MOBILE HOME PARK, EACH LOCATED IN THE CITY
OF ROHNERT PARK
WHEREAS, certain cities of the State of California (collectively, the "Members")
have entered into a Joint Powers Agreement(the"Joint Powers Agreement")establishing the
Independent Cities Finance Authority (the "Authority") and prescribing its purposes and
powers, and providing, among other things, for associate members of the Authority (an
"Associate Member"); and
WHEREAS, the Authority has been formed for the purpose, among others, of
assisting its Members and Associate Members in the raising of capital to finance the capital
improvement needs of Local Agencies(as defined in the Joint Powers Agreement),to provide
for home mortgage financing with respect to those Members or Associate Members that are
either a city or a county of the State of California, to provide financing in connection with
the improvement, construction, acquisition, creation, rehabilitation and preservation of
affordable housing within the boundaries of the Members and Associate Members, and to
provide financing in accordance with the provisions of applicable law in connection with
other projects and programs that are in the public interest and which benefit Members and
Associate Members, including making loans to tax-exempt organizations from the proceeds
of mortgage revenue bonds to finance the acquisition of multifamily rental housing,including
mobile home parks,under the provisions of Chapter 8 of Part 5 of Division 31 (commencing
with Section 52100) of the Health and Safety Code (the "Act"); and
WHEREAS, the City of Rohnert Park (the "City") is an Associate Member of the
Authority; and
WHEREAS, the Authority proposes to issue its (i) Mobile Home Park Revenue
Refunding Bonds(Rancho Feliz and Las Casitas de Sonoma)(the"Tax-Exempt Bonds")and
(ii)Mobile Home Park Revenue Refunding Bonds(Rancho Feliz and Las Casitas de Sonoma)
(Federally Taxable) (the "Taxable Bonds", and together with the Tax-Exempt Bonds, the
"Bonds"), each in one or more series; and
WHEREAS, Millennium Housing, LLC, a California limited liability company (the
"Owner"),has requested that the Authority issue and sell the Bonds in an aggregate principal
amount of not to exceed$25,000,000; and
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WHEREAS,the proceeds from the sale of the Bonds, if any are issued, are intended
to be used to make a loan to Owner, or a related party, to be used, along with other funds
available to the Owner, (i)to refund the Authority's Mobile Home Park Revenue Refunding
Bonds (Rancho Feliz and Las Casitas de Sonoma) Series 2012 (the "Refunded Bonds"), (ii)
finance additional renovations to be made to the (a) mobile home park with approximately
126 spaces known as Las Casitas de Sonoma Mobile Home Park located in the City at 7545
Bridgit Drive and (b) mobile home park with approximately 297 spaces known as Rancho
Feliz Mobile Home Park located in the City at 6607 Redwood Drive (together, the
"Projects"); (iii) finance other charitable purposes of the Owner as allowed under the Act;
and (iv) finance certain costs of issuing the Bonds; and
WHEREAS,the Owner is the owner and operator of the Projects; and
WHEREAS,the City has determined that the operation of the Projects by the Owner
provides affordable housing for low and very low-income residents residing in the City; and
WHEREAS, the Tax-Exempt Bonds will be qualified "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS,pursuant to Section 147(f)of the Code,the proposed issuance of private
activity bonds is required to be approved by the "applicable elected representative" of the
governmental units having jurisdiction over the areas in which the Projects are located, after
a public hearing held after reasonable public notice; and
WHEREAS, the members of the City Council are the applicable elected
representatives of the City having jurisdiction over the area in which the Projects are located;
and
WHEREAS, such public hearing was conducted on the date hereof by the City
Council at which time an opportunity was provided to interested parties to be heard with
respect to the proposed issuance of the Tax-Exempt Bonds and the Projects; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
proposed issuance of the Tax-Exempt Bonds required by Section 147(f) of the Code; and
WHEREAS, the Projects are required to be occupied in part by persons of low and
very low income in accordance with California laws and the requirements of the Code; and
WHEREAS, this action is exempt from the California Environmental Quality Act
(CEQA) because it is not a project which has a potential for resulting in either a direct
physical change in the environment, or a reasonably foreseeable indirect physical change in
the environment, pursuant to CEQA Guideline section 15378.
NOW,THEREFORE, BE IT RESOLVED that the Council of the City of Rohnert
Park approves as follows:
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Section 1. The City Council approves the issuance of the Bonds by the Authority
solely to satisfy the requirements of the Joint Powers Agreement, as the elected
representatives of the governmental unit having jurisdiction over the area in which the
Projects are located.
Section 2. The issuance and delivery of the Bonds 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 Bonds by the Authority. It is the purpose
and intent of this City Council that this resolution constitutes approval of issuance of the
Bonds for the purposes of Section 147(f) of the Code.
Section 3. The City shall have no responsibility or liability whatsoever with respect
to the Bonds or the Projects. The payment of the principal,prepayment premium, if any,and
purchase price of and interest on the Bonds shall be solely the responsibility of Owner. The
Bonds shall not constitute a debt or obligation of the City. The adoption of this Resolution
shall not obligate the City or any department thereof to (i) provide any financing to acquire
or construct the Projects or to provide any refinancing of the Projects; (ii) approve any
application or request for or take any other action in connection with any planning approval,
permit or other action necessary for the acquisition or operation of the Projects; (iii) make
any contribution or advance any funds whatsoever to the Authority; or (iv) take any further
action with respect to the Authority or its membership therein.
Section 4. The City Manager, the City Attorney or their designees are hereby
authorized and directed,jointly and severally, to do any and all things and to execute and
deliver any and all documents 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.
Section 5. This Resolution shall take effect immediately upon its adoption.
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PASSED, APPROVED AND ADOPTED this 24th day of May, 2022.
CITY OF ROHNERT PARK
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ATTEST:
Sylvia Lopez Cuev s, City Clerk -
GIUDICE:j i .A1OLLINGSWORTH-ADAMS: STAFFORD:_!i YACANT: ViAal 1 ELWARD. .�
f AYES: ()/ ) NOES: ( ) ABSENT: ( *STAIN: ( ) J
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