HomeMy WebLinkAboutR-10916 approving the issuance of revenue bonds not to exceed 44000000 to finance a 107 unit multifamily facility for the benefit of Judson TerranceRESOLUTION NO. 10916 (2018 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $44,000,000
TO FINANCE A 107 -UNIT MULTIFAMILY RENTAL HOUSING
FACILITY FOR THE BENEFIT OF JUDSON TERRACE SENIOR
HOUSING, L.P. (OR AN AFFILIATE), AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Judson Terrace Senior Housing, L.P., a California limited partnership, or
another entity to be created by Beacon Communities, Inc., or an affiliate thereof (the "Borrower"),
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 $44,000,000, including but
not limited to revenue bonds issued as part of a plan to finance the Project described herein (the
"Bonds") for the acquisition and rehabilitation of a 107 -unit multifamily rental housing facility
(the "Project") to be owned and operated by the Borrower and located at 3000 Augusta Street
within the City of San Luis Obispo (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Cade"), the issuance of the Bonds by the Authority must be approved by 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 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
WHEREAS, per Federal regulations upon issuance of the Bonds, the active long-term
affordability covenant with the U.S. Department of Housing and Urban Development will be
extended for an additional fifty-five (55) years, ensuring affordability; and
WHEREAS, the City will not be a party to any of the agreements or other documents
related to the Bonds and the financing of the Project, the City will have no liability or responsibility
related to the repayment or administration of the Bonds, and the issuance of the Bonds and the
financing of the Project will not impose any legal, financial or moral obligation on the City; and
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Resolution No. 10916 (2018 Series) Page 2
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purpose of the City that the Council approve the issuance by the Authority of the Bonds for
the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo
declares as follows:
SECTION 1. Annroval of Issuance of Bonds. The Council of the City of San Luis Obispo
hereby approves the issuance by the Authority of the Bonds for the purposes of the Code.
SECTION 2. This Resolution shall take effect immediately upon its adoption.
Upon motion of Council Member Rivoire, seconded by Vice Mayor Christianson, and on the
following roll call vote:
AYES: Council Members Gomez, Pease and Rivoire,
Vice Mayor Christianson and Mayor Harmon
NOES: None
ABSENT: None
The foregoing resolution was adopted this 10th day c
ATTEST:
iN�+ury
Teresa Purrington, City Cl
APPROVED AS TO FORM:
istine Dietrick, City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this WO day of
Teresa Purrington, City Cle
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