Resolution 2020-68RESOLUTION 2020-68
A 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, 1 st and Kern Apartments, LP or a partnership of which JEMCOR Development
Partners, LLC (the "Developer") or a related person to the Developer is the general partner, 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 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 $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 Kern Avenue (APN 790-21-041), Gilroy,
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 Gilroy (the "City") because the Project is located within
the territorial 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, 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 12 of the Joint Exercise of Powers Agreement Relating to the
California Public Finance Authority, dated as of May 12, 2015 (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; 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.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Gilroy as
follows:
Section 1. The City Council hereby approves the issuance of the Bonds by the Authority
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 purposes of (a)
RESOLUTION NO.2020-68
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 12 of the Agreement.
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 instruments 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.
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 Authority'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 this 19t' day of October, 2020 by the following roll call vote:
AYES
NOES
(ATTE
C
Shawna Freels, ity
COUNCILMEMBERS
COUNCILMEMBERS
COUNCILMEMBERS
F
BLANKLEY, BRACCO, LEROE-MUNOZ,
MARQUES, TOVAR, TUCKER and
VELASCO
NONE
NONE
APPROVE
Roland Velasco, Mayor
I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2020-68 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 19t" day of October, 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 this 20th dayX—October, 2020.
City Clerk of the City of Gilroy
(Seal)