Resolution (City and Housing Authority) Niles Street (TEFRA)
RESOLUTION NO. ____________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING A PLAN OF FINANCE FOR THE ISSUANCE BY THE HOUSING
AUTHORITY OF THE COUNTY OF KERN OF MULTIFAMILY HOUSING
REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $12 MILLION FOR THE CONSTRUCTION OF A 51 -UNIT AFFORDABLE HOUSING COMPLEX
LOCATED ON APN: 132-010-29 IN BAKERSFIELD, CALIFORNIA.
WHEREAS, the Housing Authority of the County of Kern (the “ Housing Authority”) is authorized pursuant to the provisions of Chapter 1 of Part 2 of Division 24 of the California Health and Safety Code to issue revenue bonds for the purpose of financing rental housing projects; and
WHEREAS, the Housing Authority proposes to undertake a plan of finance to issue its rental housing revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $ 12,000,000 outstanding at any one time (the “ Housing Authority Bonds”) for the purpose of financing the development and construction of approximately 51 units of affordable rental housing known as Niles Street Apartments , to be located on APN: 132-010-29, a site on the north side of Niles Street, on an approximately 3.16 acre site between Valencia Drive and Cranesbill Avenue, approximately 800 feet east of Valencia Drive within the City of Bakersfield, California (the “Project”); and WHEREAS, proceeds of the Housing Authority Bonds are expected by the Housing Authority to be used to make a loan to Niles RAD LP, a California limited partnership, the initial owner of the Project, by which Kern Niles LLC, controlled by the Housing Authority, will be the Administrative General Partner, and GEAHI Niles LLC, controlled by Golden Empire Affordable Housing, Inc., will be the Managing General Partner, to finance the Project; and
WHEREAS, the Housing Authority Bonds will be qualified “private activity bonds” for purposes of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, pursuant to Section 147(f) of the Code, the proposed plan for the issuance of private activity bonds to finance the Project is required to be approved by the “applicable elected representative” of the governmental unit having jurisdiction over the area in which the facility financed by such bonds is to be located, after a public hearing held following reasonable public notice (collectively, the “TEFRA Actions”); and
Resolution (City and Housing Authority) Niles Street (TEFRA)
WHEREAS, the Project is located in the City of Bakersfield (the “City”) and the members of the City Council (this “City Council”) are the applicable elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the plan for the proposed issuance of the Housing Authority Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on the date hereof by this City Council, at which time an opportunity was provided to interested parties to be heard with respect to the proposed plan for the issuance of the Housing Authority Bonds and financing of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the Housing Authority Bonds or any responsibility for the Project; and WHEREAS, it is intended that this resolution shall constitute the approval of the proposed plan for the issuance of the Housing Authority Bonds required by Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield as follows:
1. The City Council finds and declares that the foregoing recitals are true and correct and are incorporated herein by reference.
2. Approval of Plan of Finance for the Issuance of Housing Authority Bonds.
This City Council hereby approves the proposed plan of finance for the issuance of the Housing Authority Bonds by the Housing Authority for the purposes of financing the Project. It is the purpose and intent of this City Council that this resolution constitutes approval of the proposed plan for the issuance of the Housing Authority Bonds for the purposes of Section 147(f) of the Code.
3. No City Liability for Authority Bonds. The issuance of the Housing Authority Bonds shall be subject to the approval by the Housing Authority of all financing documents relating thereto to which the Housing Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Housing Authority Bonds.
4. No City Responsibility for Project. The adoption of this resolution shall not obligate the City or any department thereof to:
Resolution (City and Housing Authority) Niles Street (TEFRA)
i. Provide any financing to construct the Project or any refinancing of the Project, as a result of the TEFRA Actions; 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, or operation of the Project;
iii. Make any contribution or advance any funds whatsoever to the Housing Authority; or
iv. Take any further action with respect to the Housing Authority, its issuance of the Housing Authority Bonds, or its acquisition, construction, or operation of the Project.
5. Effective Date . This resolution shall take effect immediately upon its passage.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted, by the Council of the City of Bakersfield at a regular meeting thereof held on ______________________________ by the following vote:
AYES: COUNCILMEMBER ARIAS, GONZALES, WEIR, SMITH, KOMAN, BASHIRTASH, KAUR NOES: COUNCILMEMBER _______________________________________________________________ ABSTAIN: COUNCILMEMBER _______________________________________________________________ ABSENT: COUNCILMEMBER ______________________________________________________________ _
________________________________
JULIE DRIMAKIS, MMC
CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED: _________________
By: __________________________
KAREN GOH
Mayor
[Additional signatures next page]
Resolution (City and Housing Authority) Niles Street (TEFRA)
APPROVED AS TO FORM:
VIRGINIA GENNARO, CITY ATTORNEY
By: _________________________
JOSHUA H. RUDNICK
Deputy City Attorney II
JHR/vlg
S:\COUNCIL\Resos\24-25\HousingAuthority(Niles)-TEFRA.Reso.docx