HomeMy WebLinkAbout24664RESOLUTION NO. 24664
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING THE
ISSUANCE BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS FOR THE
PACIFIC PALMS APARTMENTS.
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section
6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement'), among certain local agencies
throughout the State of California, including the City of Palm Springs (the "City"), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health
and Safety Code for the purpose of financing multifamily rental housing projects; and
WHEREAS, Pacific Palms Apartments, LP or a partnership of which Spira Equity
Partners (the "Developer") or a related person to the Developer is the general partner, has
requested that the Authority adopt a plan of financing providing for the issuance of exempt
facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the
Internal Revenue Code of 1986 (the "Code") in one or more series issued from time to time,
including bonds issued to refund such exempt facility bonds in one or more series from time
to time, and at no time to exceed $23,000,000 in outstanding aggregate principal amount
(the "Bonds"), to finance or refinance the acquisition, rehabilitation and development of a
140-unit multifamily rental housing project located at 410 South Calle Encilia, Palm
Springs, California (the "Project'), and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a
governmental unit having jurisdiction over the entire area in which any facility financed by
such bonds is to be located, after a public hearing held following reasonable public notice;
and
WHEREAS, the members of this City Council (this "City Council") are the applicable
elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the
Bonds would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and
Resolution No. 24664
Page 2
WHEREAS, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or approval
by the City Council; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS AS FOLLOWS:
SECTION 1. The above recitals are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code
and (b) Section 9 of the Agreement.
SECTION 3. 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 that
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 approved hereby.
SECTION 4. This resolution shall take effect immediately upon its passage.
ADOPTED THIS 23RD DAY OF OCTOBER, 2019.
David H. Ready, Esq. Ph .
City Manager
ATTEST:
THON EJIA M
City Clerk
Resolution No. 24664
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) Ss.
CITY OF PALM SPRINGS)
I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24664 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on October 23, 2019, by the
following vote:
AYES: Councilmembers Holstege, Middleton, Roberts, Mayor Pro Tern
Kors, and Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this31 -5+- day of c�c u,:_ - 2-_ <<,
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nthony J. e'MM
City Clerk