RESOLUTION NO. 2023-____
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE SALE, EXECUTION, AND
DELIVERY OF ADDITIONAL MULTIFAMILY HOUSING
REVENUE NOTES OF THE HOUSING AUTHORITY O F THE
CITY OF CHULA VISTA FOR OTAY RANCH APARTMENTS
WHEREAS, in December, 2020, the Housing Authority of the City of Chula Vista (the “Authority”) executed and delivered its Multifamily Housing Revenue Note (Otay Ranch Apartments), 2020 Series A in an original aggregate principal amount of $35,000,000 (the “2020 Note”) and loaned the proceeds of the 2020 Note to Otay Affordable I V8, L.P. , a California limited partnership (the “ Owner”) to finance the acquisition, construction and equipping of a 173-unit plus two manager’s units multifamily rental housing pro ject located east of La Media Parkway and bounded by Main East Street and Main West Street within the Otay Ranch Escaya master planned community in the City of Chula Vista, California (the “City”) known as the “Otay Ranch Apartments” (the “Project”); and
WHEREAS, th e Owner has requested additional tax-exempt financing for the Project; and
WHEREAS, the Housing Authority of the City of Chula Vista (the “Authority”) intends to execute and deliver not to exceed $4,000,000 aggregate principal amount of multifa mily housing revenue notes (the “Notes”) to provide additional financing f or finance the acquisition, construction and equipping of the Project; and
WHEREAS, the Project will be owned and/or operated by Owner; and
WHEREAS, pursuant to Section 147(f) of t he Inter nal Revenue Code of 1986, as amended (the “Code”), the Notes are required to be approved, following a public hearing, by an elected representative of the governmental unit having jurisdiction over the area in which the Project is located; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City; and
WHEREAS, the City Council (the “City Council”) is the elected legislative body of the City; and
WHEREAS, the City posted a notice on the Authority’s primary public website in an area used to informed residen ts about such events such as public meetings located at https://www.chulavistaca.gov/departments/development-services/housing/building-affordable- housing on March 15, 2023 informing the public that a public hearing w ould be held by the City Council on March 28, 2023 regarding the execution and delivery o f the Notes by the Autho rity; and
Resolution No.
WHEREAS, on March 21, 2023, the City Council held said public hearing, at which time an opportunity was provided to present argument s both for a nd against the execution and delivery of the Notes by the Authority.
NOW, THER EFORE, BE IT RESOLVED, by the City Council of the City of Chula Vista, as follows:
Section 1. The City Council does hereby find and declare that the ab ove recitals are true and correct.
Section 2. Pursuant to Section 147(f) of the Code, the City Council he reby approves the execution and delivery of the Not es by the Autho rity in one or more series, in an aggregate principal amount not to exceed $4,000,000 and with a final maturity not later than 45 years from the date of execution and delivery to provide add itional financing for the acquisition, construction and equipping of the Project. It is the purpose and intent of the City Council that this Resolution constitute approval of th e execution and delivery of the Not es by the Autho rity by the applicable elect ed representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f).
Section 3. This Resolution shall take effect from and after its adoption.
Presented by Approved as to form
By:
Stacey Kurz Jill D.S. Maland
Director of Housing & Homeless Services Lounsbery Ferguson Altona & Peak Acting City Attorney