Resolution 2026-XX Page 1 of 3
RESOLUTION NO. 2026-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FREMONT
APPROVING A PLAN OF FINANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY TO ISSUE AND REISSUE REVENUE BONDS
FOR A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE
BENEFIT OF THORNTON AFFORDABLE HOUSING, L.P., AND
CERTAIN OTHER MATTERS RELATING THERETO AND MAKING
FINDINGS OF CEQA EXEMPTION
WHEREAS, Resources for Community Development, a California nonprofit public benefit corporation (the “Developer”), on behalf of Thornton Affordable Housing, L.P., a California limited partnership, or another ownership entity created by RCD GP II LLC, a California limited liability company, its general partner (the “General Partner”), or by another affiliate of the Developer (such limited partnership or other ownership entity (the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance to issue and reissue from time to time one or more series of revenue bonds in an outstanding principal amount not to exceed $40,000,000 (the “Bonds”) to finance and refinance the acquisition, construction, development and equipping of a 116-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located at 37027 Post Street (formerly 3900 Thornton) within the City of Fremont, California (the “City”); and WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the Fremont City Council (the “City Council”) is the elected legislative body of the City and is an “applicable elected representative” for purposes of Section 147(f) of the Code because the Project is located within the territorial limits of the City; and
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a “plan of finance” to issue an original issue of Bonds and to issue or reissue one or more additional series of Bonds from time to time after the original issue of Bonds, if necessary or desirable to comply with applicable legal requirements, all in an aggregate principal amount not to exceed $40,000,000 to finance the Project, and all within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution; and
WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance 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
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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 proposed plan of finance for the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FREMONT AS FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council finds this action to be exempt from the California Environmental Quality Act (CEQA) pursuant to, without limitation, CEQA Guidelines Sections 15268 and 15369 (ministerial project). Further, additional environmental review under CEQA is not applicable, pursuant to CEQA Guidelines Section 15378(b)(2), (4) and/or (5) and/or 15061(b)(3) (Review for Exemption), each as a separate and independent basis, in that it is an administrative or fiscal activity which has no potential, directly or indirectly, to cause a significant effect on the environment.
Section 3. The City Council hereby approves the proposed plan of finance of the Authority to issue and reissue from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $40,000,000. It is the purpose and intent of the City Council that this resolution constitute approval of the proposed plan of finance for the Project for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of a governmental unit having jurisdiction over the area in which the Project is to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 4. The proposed plan of finance and 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 shall have no responsibility or liability whatsoever with respect to the plan of finance or the Bonds.
Section 5. The adoption of this Resolution shall not obligate the City 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.
Section 6. The officers of the City 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.
Resolution 2026-XX Page 3 of 3
Section 7. The City Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall LLP
4 West 4th Avenue, Suite 406
San Mateo, CA 94402
Section 8. This resolution shall take effect immediately upon its adoption.
ADOPTED , 2026, by the City Council of the City of Fremont by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney