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HomeMy WebLinkAbout2024-03-26; City Council; Resolution 2024-065RESOLUTION NO. 2024-065 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS FOR THE BENEFIT OF METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI- POVERTY OF SAN DIEGO COUNTY, INC., OR A SUBSIDIARY OR AFFILIATE THEREOF, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $45,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF LAUREL TREE APARTMENTS, A MULTIFAMILY RENTAL HOUSING PROJECT LOCATED IN CARLSBAD, CALIFORNIA WHEREAS, Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc., a California nonprofit public benefit corporation (the "Sponsor"), on behalf of a limited partnership or other ownership entity to be created by an affiliate of the Sponsor for the purpose of owning the project described herein (such limited partnership or other ownership entity being referred to herein as the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority") undertake a plan of finance, including the issuance from time to time of one or more series of revenue bonds in an aggregate principal amount not to exceed $45,000,000 (the "Bonds"), to finance and refinance the acquisition, construction, improvement and equipping of a 138-unit qualified residential rental project (the "Project") to be owned and operated by the Borrower and located at 1307 Laurel Tree Lane in the City of Carlsbad, California (the "City"); and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code (the "Code"), the issuance of the Bonds by the Authority must be approved by the City Council of the City of Carlsbad because the Project is located within the territorial limits of the City of Carlsbad; and WHEREAS, the City Council of the City of Carlsbad 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 of Carlsbad; 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 desi res to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. 2. That the above recitations are true and correct. The City Council hereby approves the plan of finance for the Project, including the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitutes approval of the issuance of the Bonds by the Authority, for the purposes of (a) 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 4 of the Agreement. 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 of Carlsbad shall have no responsibility or liability whatsoever with respect to the Bonds. 4. The adoption of this Resolution shall not obligate the City of Carlsbad or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (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, rehabilitation, installation or operation of the Project; (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. 5. The officers of the City of Carlsbad are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents 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. 6. The Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel: Ronald E. Lee, Esq. Jones Hall, A Professional Law Corporation 475 Sansome Street, Suite 1700 San Francisco, California 94111 7. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 26th day of March, 2024, by the following vote, to wit: AYES: NAYS: ABSTAIN: ABSENT: BLACKBURN, BHAT-PATEL, ACOSTA, BURKHOLDER, LUNA. NONE. NONE. NONE. KEITH BLACKBURN, Mayor 0A fr SHERRY FREISINGER, City Clerk (SEAL)