Loading...
Resolution 2020-25RESOLUTION NO. 2020-25 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $40,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND CONSTRUCTION OF 1ST AND KERN APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, 1st and Kem Apartments, LP or a partnership of which JEMCOR Development Partners, LLC (the "Developer") or a related person to the Developer is the general pattner, has requested that the California Public 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 tin1e, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $40,000 ,000 in outstanding aggregate principal amount (the "Bonds "), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at 1st Street and Kem Avenue (APN 790-21-041), Gilroy, California (the "Project"); and WHEREAS , the Project is located within the City of Gilroy (the "City"); and WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to Section 12 of the Joint Exercise of Powers Agreement (the "Agreement") relating to the California Public Finance Authority ; and WHEREAS , pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City because the Project is located within the tenitorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is the applicable elected representative under Section 147(f) of the Code; 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; and WHEREAS , the City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of the Bonds , and said City Council expressly conditions its approval of this Resolution on that understanding. RESOLUTION NO. 2020-25 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Gilroy as follows: Section 1. The City hereby requests to become an Additional Member of the Authority pursuant to Section 12 of the Agreement. The Agreement is hereby approved and the Mayor of the City and all other proper officers and officials of the City, or a designee thereof, are hereby authorized and directed to execute the Agreement. The City Council hereby approves the issuance of the Bonds by the Auth01ity for the purposes of financing the Project. 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 purpose of Section 14 7(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located. Section 2. The officers of the City Council are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instrnments which they deem necessary or advisable in order to can-y out, give effect to and comply with the terms and intent of this Resolution and the financing transaction approved hereby. Any actions heretofore taken by such officers are hereby ratified and approved. Section 3 . The City Council expressly conditions its approval of this Resolution on its understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Autho1ity's issuance of the Loan for the financing of the Project. Section 4. This Resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Gilroy held on this 4th day of May, 2020, by the following vote : A YES : COUNCILMEMBERS: BLANKLEY, BRACCO, LEROE-MUNOZ, MARQUES, TOY AR, TUCKER and VELASCO NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE Roland Velasco, Mayor RESOLUTION NO. 2020-25 I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2020-25 is an original resolution, or true and correct copy of a city Resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said held on Council held on the 4 th day of May, 2020, 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 thisA1 th day of May, 2020. ---I /~ ' City Clerk of the City of Gilroy (Seal)