City Council Meeting: October 8, 2024 Santa Monica, California RESOLUTION NUMBER _______ (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING A PLAN OF FINANCE INCLUDING THE
ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY TO FINANCE AND REFINANCE A QUALIFIED
RESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF 1634 20th
STREET, LP, AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Venice Community Housing Corporation, a California nonprofit public benefit corporation (the “Sponsor”), and Community Corporation of Santa Monica, its joint developer (“CCSM”), on behalf of 1634 20th Street, LP, a California limited partnership, or another ownership entity created by 1634 20th Street MGP LLC, a California limited liability company, its general partner (the “General Partner”), or by another affiliate of the Sponsor and/or CCSM (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 that includes the issuance and reissuance from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $45,000,000 (the “Bonds”) to finance and refinance the acquisition, construction, development and equipping of a 78-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located at 1634 20th Street within the City of Santa Monica, 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 (“Code”); and 2 WHEREAS, the City Council of the City (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; 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 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 Santa Monica, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance for the Project that includes the issuance and reissuance from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $45,000,000. 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.
3 Section 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.
Section 4. 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, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This resolution shall take effect immediately upon its adoption.
APPROVED AS TO FORM:
Douglas Sloan, City Attorney