Resolution 2001-72
RESOLUTION NO. 2001-72
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND REHABILITATION OF THE LILLY GARDENS
APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to execute and
deliver multifamily housing revenue obligations for the purpose of financing the acquisition,
construction and rehabilitation of multifamily residential rental facilities located within the area
of operation of the Authority which are to be occupied, in part, by very low and low income
tenants; and
WHEREAS, Avalon Communities, LLC, or another limited liability company or limited
partnership to be formed by Avalon Communities, LLC (the "Borrower") has requested the
Authority to issue and deliver multifamily housing revenue obligations in the anticipated
principal amount of $13,000,000 (the "Obligations"), the proceeds of which shall be used for the
purpose of financing the acquisition and construction of a 84-unit multifamily residential rental
facility to be commonly known as the Lilly Gardens Apartments which is located at 8800 Lilly
Avenue in the City of Gilroy (the "Project"); and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition and
rehabilitation of the Project will be considered "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 Project hold a
public hearing on the issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Gilroy as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interest in speaking with respect to the financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true
and correct.
2. The City Council hereby approves the financing of the Project by the Authority
with the proceeds of the Obligations.
RESOLUTION NO. 2001-72
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3. The issuance and delivery of the Obligations 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 Obligations by the Authority.
4. The City Clerk of the City shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
5. This resolution shall take effect upon its adoption.
PASSED AND ADOPTED this 15th day of October, 2001, by the following roll call
vote:
AYES:
COUNCILMEMBERS: G. ARELLANO, P. ARELLANO, MORALES,
PINHEIRO, SUDOL, VELASCO, SPRINGER
NOES:
COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
APPROVED:
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Rhonda Pellin, City Oerk
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Thomas W. Springer, ~r
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RESOLUTION NO. 2001-72
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I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certity that the attached
Resolution No. 2001-72 is an original resolution, duly adopted by the Council of the City of
Gilroy at a regular meeting of said Council held on the 15th day of October, 2001, at which
meeting a quorum was present,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of
the City of Gilroy this 23rd day of October, 2001.
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City Clerk ofthe-City of Gilroy
(Seal)