HomeMy WebLinkAbout22543 - RESOLUTIONS - 7/15/2009 RESOLUTION NO. 22543
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS AUTHORIZING THE ISSUANCE OF TAX-
EXEMPT MULTI-FAMILY HOUSING REVENUE BONDS BY
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
NOT TO EXCEED $10,000,000 AGGREGATE PRINCIPAL
AMOUNT FOR THE BENEFIT OF THE SA INVESTMENT
LLC, A CALIFORNIA LIMITED LIABILITY PARTNERSHIP,
FOR THE ACQUISTION, CONSTRUCTION AND
DEVELOPMENT OF THE VISTA SAN JACINTO
APARTMENTS AT 301 ROSA PARKS ROAD.
WHEREAS, Sherman Associates, Inc. ("SAI") has requested that the California
Municipal Finance Authority (the "Authority") issue one or more series of revenue bonds
in an aggregate principal amount not to exceed $10,000,000 (the `Bonds"), and lend the
proceeds of the Bands to a limited partnership to be sponsored by SAI, or related
entities, (the 'Borrower") for the purpose of financing the costs of construction by the
Borrower of a 73-unit multifamily residential rental facility currently known as Vista San
Jacinto (the "Facilities") to be owned by the Borrower and to be located at 301 Rosa
Park Road in the City of Palm Springs (the "City"); and
WHEREAS, the City of Palm Springs (the "City") had determined that it is in the
public interest and for the public benefit that the City become a Member of the Authority
in order to facilitate the promotion of economic, cultural and community development
activities in the City, including the financing of projects therefore by the Authority; and
WHEREAS, the City Council of the City (the "City Council") approved entering
into the Joint Exercise of Powers Agreement Relating to the California Municipal
Finance Authority (the "Agreement') on July 9, 2008, among certain local agencies; and
WHEREAS, the Obligations will be considered to be "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 City hold a public hearing on and approve the
issuance of the Bonds; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in
the City has been published, to the effect that a public hearing would be held by this
City Council on the date hereof regarding the issuance of the Bonds by the Authority
and the nature and location of the Facilities; and
WHEREAS, on July 15, 2009 the City Council held said public hearing, at which
time an opportunity was provided to present arguments both for and against the
issuance of such Bonds and the nature and location of the Facilities; and
Resolution No.22543
Page 2
WHEREAS, it is in the public interest and for the public benefit that the City
approve the issuance and delivery of the Bonds for the purpose of financing the
acquisition, construction and development of the Facilities; and
WHEREAS, the City shall not have any liability for the repayment of the
Obligations or any responsibility for the Facilities;
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1, The City Council hereby finds and determines that the foregoing
recitals are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds in an
aggregate principal amount not to exceed $10,000,000 by the Authority. It is the
purpose and intent of the City that this resolution constitute approval of the issuance of
the Bonds (a) by the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Facilities is to be located, in accordance with said
Section 147(f) and (b) by the City 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 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 Facilities or
any refinancing of the Facilities; (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 or operation of the Facilities; (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 Mayor, or designee thereof, the Clerk and all other proper
officers and officials of the City are hereby authorized and directed to execute such
other agreements, documents and certificates, and to perform such other acts and
deeds, as may be necessary or convenient to effect the purposes of this Resolution and
the transactions herein authorized.
SECTION 6. The Clerk shall forward a certified copy of this Resolution to the
Authority in care of its counsel:
Paul J. Thimmig, Esq.
Quint & Thimmig LLP
575 Market Street, Suite 3600
San Francisco, CA 94105-2874
SECTION 7. This resolution shall take effect upon its adoption.
Resolution No.22543
Page 3
ADOPTED THIS 15TH DAY OF JULY, 2009.
David H. Ready, Citager
ATTEST:
mes Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) Ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 22543 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 July 15, 2009, by the
following vote:
AYES: Councilmember Hutcheson, Councilmember Weigel and Mayor Pougnet.
NOES: None.
ABSENT: Councilmember Foat and Mayor Pro Tern Mills.
ABSTAIN: None.
mes Thompson, City Clerk . / p
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