RESOLUTION ______
A RESOLUTION OF THE City Council OF THE City of Santa Clara APPROVING THE ISSUANCE BY THE CALIFORNIA municipal FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND construction OF A MULTIFAMILY RENTAL HOUSING FACILITY FOR THE BENEFIT OF CRP THE MERIDIAN LP, AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, CRP Affordable Housing and Community Development LLC, a Delaware limited liability company (the “Sponsor”), on behalf of CRP The Meridian LP, a California limited partnership (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 $50,000,000 (the “Bonds”), including but not limited to revenue bonds issued as part of a plan to finance or refinance the acquisition, construction, improvement and equipping of a 59-unit multifamily rental housing facility for low-income households (the “Project”), to be located in the City of Santa Clara, California (the “City”) at 3941 Stevens Creek Boulevard, and to be owned and operated by the Borrower; WHEREAS, the Project is located within the City;
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), 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; WHEREAS, the City Council of the City (the "City Council”) is the elected legislative body of the City and is the applicable elected representative under Section 147(f) of the Code; //
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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 issuance of the Bonds by the Authority; and WHEREAS, the City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of the Bonds, and said City Council expressly conditions its approval of this Resolution on that understanding.
NOW THEREFORE, BE IT RESOLVED BY THE CITY OF SANTA CLARA AS FOLLOWS:
1. The foregoing recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds by the Authority, including but not limited to Bonds issued as part of a plan to finance and refinance the facilities described herein. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority 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.
3. 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.
4. Effective date. This resolution shall become effective immediately. //
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I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2025, BY THE FOLLOWING VOTE:
AYES: COUNCILORS:
NOES: COUNCILORS:
ABSENT: COUNCILORS:
ABSTAINED: COUNCILORS:
ATTEST: ______________________________
Nora Pimentel, MMC
Assistant City Clerk
CITY OF SANTA CLARA
Attachments incorporated by reference: None
Resolution/Meridian-3941 Stevens Creek TEFRA Page 1 of 3 Rev: 11/22/17
Resolution/Meridian-3941 Stevens Creek TEFRA Page 3 of 3 Rev: 11/22/17