2024/06/11 City Council Resolution 2024-040 RESOLUTION NO. 2024-040
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK,
CALIFORNIA APPROVING THE ISSUANCE OF TAX EXEMPT REVENUE BONDS
PURSUANT TO A PLAN OF FINANCE IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $166,000,000 BY THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY FOR THE PURPOSE OF FINANCING AND REFINANCING THE
ACQUISITION AND IMPROVEMENT OF THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF CERTAIN PROPERTIES CONSISTING OF
MOBILE HOME PARKS AND AN APARTMENT COMPLEX BY ONE OR MORE
CALIFORNIA LIMITED LIABILITY COMPANIES WHOSE SOLE MEMBER WILL
BE CARITAS AFFORDABLE HOUSING, INC.,AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, one or more California limited liability companies ("LLCs"), whose sole
member is or will be Caritas Affordable Housing, Inc. (the "Corporation" and, together with the
LLCs, the "Borrowers"), a California nonprofit public benefit corporation and an organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"),
have requested that the California Municipal Finance Authority(the"Authority")participate in the
issuance of one or more series of tax exempt revenue bonds in a maximum aggregate principal
amount not to exceed$166,000,000(the"Bonds"),pursuant to a plan of financing,to: (a)pay costs
of the 2024 New Money Project(as defined below)and(b) refund all or a portion of the Authority's
outstanding Mobile Home Park Senior Revenue Bonds (Caritas Affordable Housing, Inc.
Projects),Series 2014A(the"2014A Bonds"),and Mobile Home Park Subordinate Revenue Bonds
(Caritas Affordable Housing, Inc. Projects), Series 2014B (the "2014B Bonds"and, together with
the 2014A Bonds,the"2014 Bonds"), which 2014 Bonds were issued to finance and refinance the
2014 Project (as defined below, and as referred to herein collectively with the 2024 New Money
Project, the "Project"); and
WHEREAS, the term "2024 New Money Project" means all or a portion of the costs of:
(a)the acquisition, construction, improvement and equipping of property located at 220 Camino
Corto, Vista, California 92083 (the "Estrella Apartment Project") and at 2441 South El Camino
Real, San Clemente, California 92672 (the "San Clemente Project"); (b) certain capital
expenditures for the properties comprising the 2014 Project, including, but not limited to, the
replacement of asphalt surfaces in and about such properties (the "Improvement Project"); and
(c) certain working capital expenditures as permitted by the Code and the Treasury Regulations
promulgated thereunder; and
WHEREAS, the term "2014 Project" means financing and refinancing all or a portion of
the costs of the acquisition, construction, improvement and equipping of: (a) a 285-space mobile
home park known as Valley Village Mobile Home Park, located at 6401 Country Club Drive,
Rohnert Park, California 94928 (the "2014 Valley Village Project" and, together with the portion
of the Improvement Project at the 2014 Valley Village Project, the "Valley Village Project"); (b) a
67-space mobile home park known as Sterling Shores Estates Manufactured Housing Community,
located at 5830 Robin Hill Drive, Lakeport, California 95453 (the "2014 Sterling Shores Project"
and, together with the portion of the Improvement Project at the 2014 Sterling Shores Project,the
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"Sterling Shores Project"); (c) a 123-space mobile home park known as Desert Sands Estates
Mobile Home Park,located at 4511 25th Street East,Lancaster,California 93535(the"2014 Desert
Sands Project"and,together with the portion of the Improvement Project at the 2014 Desert Sands
Project, the "Desert Sands Project"); (d) a 164-space mobile home park known as Aztec Mobile
Home Estates, located at 7425 Church Street, Yucca Valley, California 92284 (the "2014 Aztec
Project" and, together with the portion of the Improvement Project at the 2014 Aztec Project, the
"Aztec Project"); (e) a 100-space mobile home park known as Rancho Brea Mobile Home Estates,
located at 1414 West Central Avenue, Brea, California 92821 (the "2014 Rancho Brea Project"
and, together with the portion of the Improvement Project at the 2014 Rancho Brea Project, the
"Rancho Brea Project"); (f) a 465-space mobile home park known as Friendly Village Mobile
Home Park, located at 1301 East Avenue 1, Lancaster, California 93535 (the "2014 Friendly
Village Project" and, together with the portion of the Improvement Project at the 2014 Friendly
Village Project, the "Friendly Village Project"); (g) a 264-space mobile home park known as
Hacienda Mobile Estates, located at 2330 East Avenue J 8, Lancaster, California 93535 (the"2014
Hacienda Project"and,together with the portion of the Improvement Project at the 2014 Hacienda
Project, the "Hacienda Project"); (h) a 107-space mobile home park known as Estrella De Oro,
located at 220 Camino Corto,Vista,California 92083 (the"2014 Estrella Project"and,collectively
with the portion of the Improvement Project at the 2014 Estrella Project and the Estrella Apartment
Project, the "Estrella Project"); and (i) a 159-space mobile home park known as Vista Manor
Mobile Home Park, located at 200 Olive Avenue, Vista, California 92083 (the "2014 Vista Manor
Project"and,together with the portion of the Improvement Project at the 2014 Vista Manor Project,
the"Vista Project"); and
WHEREAS, the maximum aggregate principal amount of Bonds to be issued for: (a) the
Vista Project will not to exceed $12,900,000; (b) the San Clemente Project will not to exceed
$16,800,000; (c)the Valley Village Project will not to exceed $33,000,000;(d)the Sterling Shores
Project will not to exceed $11,500,000; (e)the Desert Sands Project will not to exceed
$10,150,000; (f)the Aztec Project will not to exceed $16,300,000; (g)the Rancho Brea Project
will not to exceed $12,350,000; (h)the Friendly Village Project will not to exceed $13,150,000;
(i)the Hacienda Project will not to exceed $12,900,000; and (j)the Estrella Project will not to
exceed $26,950,000 (but in no event will the combined principal amount of Bonds issued for the
Project exceed $166,000,000); and
WHEREAS,the Valley Village Project is or will be located within the territorial limits of
the City of Rohnert Park, California(the "City"), a member of the Authority; and
WHEREAS, the Valley Village Project is, or will be when acquired, owned and operated
by one or more of the Borrowers; and
WHEREAS, not less than twenty percent (20%) of the residential units of the Valley
Village Project shall be occupied by individuals whose income is fifty percent (50%) or less of
area median gross income; and
WHEREAS, pursuant to Section 147(f) of the Code and the Treasury Regulations
promulgated thereunder, the issuance of the Bonds by the Authority and the related plan of
financing must be approved by the City because the Valley Village Project is located within the
territorial limits of the City; and
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WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is one of the applicable elected representatives required to approve the
issuance of the Bonds by the Authority under Section 147(f) of the Code and the Treasury
Regulations promulgated thereunder; and
WHEREAS,the Authority has requested that the City Council approve the issuance of the
Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f)of the
Code and the Treasury Regulations promulgated thereunder, and the requirements of Section 4 of
the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority,
dated as of January 1, 2004 (as amended from time to time, the "Agreement"), among certain
program participants, including the City; and
WHEREAS, on or before June 4, 2024, the Authority's bond counsel caused a notice to
appear in The Community Voice, which is a newspaper of general circulation in the City, stating
that a public hearing with respect to the issuance of the Bonds by the Authority for the Valley
Village Project would be held by the City's City Council on June 11, 2024; and
WHEREAS, pursuant to Section 147(f) of the Code, the City has, following notice duly
given,held a public hearing on June 11,2024 regarding the issuance of the Bonds by the Authority,
and an opportunity was provided for persons to comment on the matter of the Bonds and of the
Valley Village Project; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park as follows:
Section 1. The foregoing recitals with respect to the Project, the Bonds and the use of the
proceeds of the Bonds for the Valley Village Project are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority
and the related plan of financing related to the Valley Village Project. It is the purpose and intent
of the City Council that this resolution constitutes approval of the issuance of the Bonds by the
Authority (a) by the "applicable elected representative" of the governmental unit having
geographic jurisdiction of the area which contains the Valley Village Project in accordance with
Section 147(f) of the Code and Treasury Regulations promulgated thereunder, and (b)by the City
Council in accordance with Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of
all financing documents relating thereto to which the Authority is a party. The approval by the
City of the issuance of the Bonds by the Authority relating to the Valley Village Project is neither
an approval of the underlying credit issues of the proposed Valley Village Project nor an approval
of the financial structure of the Bonds. Neither the City nor any department, official or officer
thereof shall have any responsibility or liability whatsoever with respect to the Bonds or any
portion of the Project. The Bonds shall not constitute an obligation or indebtedness of the City,
and the assets and revenues of the City are not being pledged as security for the payment of
principal or interest on the Bonds.
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Section 4. 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 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. The adoption of this Resolution shall not obligate the City or any department
thereof to (i)provide any financing to acquire, rehabilitate or construct the Project or any
refinancing of the Project or any portion thereof; (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, rehabilitation or operation of the Project or any portion thereof; (iii) make any
contribution or advance any funds whatsoever to the Authority or the Borrowers; or(iv)take any
further action with respect to the Authority or the City's membership therein.
Section 6. This resolution shall take effect immediately upon its adoption.
DULY AND REGULARLY ADOPTED this 11 th day of June, 2024.
CITY OF ' O ERT PARK
Susan H. ' dams, Mayor
ATTEST:
Sylvia Lopez Cuevas, City Clerk
AP ' '+I V, D •. . TO FORM:
IA .1/ )AMIP
lir-ale lb. Kenyon, City Attorney
ELWARI44 RODRIGUEZ: ' / / ANBORN:,t j ' UIDICE:jlift ADAMS•
A ES: (S1 NOES: ABSENT: ... ABSTAITV (,;; )
Resolution 2024-040
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