HomeMy WebLinkAbout25094RESOLUTION NO. 25094
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING THE
ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $20,000,000 FOR THE PURPOSE OF
FINANCING OR REFINANCING THE ACQUISITION,
REHABILITATION, IMPROVEMENT AND EQUIPPING OF
SUNNYVIEW VILLA AND CERTAIN OTHER MATTERS
RELATING THERETO.
WHEREAS, Sunnyview Villa Community Partners, LP, (the 'Borrower") a
partnership of which Community Preservation Partners, LLC (the "Developer") or a
related person to the Developer is the general partner, has requested that the California
Municipal Finance Authority (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 $20,000,000 in
aggregate principal amount (the 'Bonds"), to finance or refinance the acquisition,
rehabilitation, improvement and equipping of a multifamily rental housing project located
at 2900-2950 North Indian Canyon Drive, Palm Springs, California (the 'Project'); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City of Palm Springs (the "City') because the
Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City of Palm Springs (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 under Section 147(f) of
the Code; 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 requirements of Section 4 of the Joint
Exercise of Powers Agreement Relating to the California Municipal Finance Authority,
dated as of January 1, 2004 (the "Agreement'), among certain local agencies, including
the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the Bonds,
and now desires to approve the issuance of the Bonds by the Authority;
Resolution No. 25094
Page 2
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS: I
SECTION 1. That the foregoing Recitals are true and correct and are
incorporated herein by this reference.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute
approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section
147(f) of the Code by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located, in accordance with said
Section 147(f) and (b) 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 City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (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, construction, rehabilitation, installation or operation of the Project; (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 5. 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 6. This resolution shall take effect immediately upon its adoption.
ADOPTED THIS 9 TH DAY OF MARCH, 2023
Scott Stiles
City Manager
ATTEST:
Brenda Pree ,
City Clerk
Resolution No. 25094
Page 3
11
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF PALM SPRINGS)
CERTIFICATION
ss.
I, BRENDA PREE, City Clerk of the City of Palm Springs, hereby certify that
Resolution No.25094 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 March 9, 2023, by the
following vote:
AYES: Councilmembers deHarte, Holstege, Middleton, Mayor Pro Tern Bernstein
and Mayor Garner
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, this 23 day of ' Karch , a4.23
Brenda Pree, MMC, CERA, City Clerk
City of Palm Springs, California