RESOLUTION NO. RES-2026-110
RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA APPROVING THE REISSUANCE OF TAX-EXEMPT REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $20 MILLION FOR VIGIL LIGHT SENIOR APARTMENTS – 1945 LONG DRIVE WHEREAS, on April 16, 2024, following a duly noticed public hearing, the Council adopted Resolution No. RES-2024-059 approving the proposed issuance of tax-exempt revenue bonds by the Authority in an aggregate principal amount not to exceed $20 million for the Project; and WHEREAS, the prior public approval is no longer effective for purposes of Section 147(f) of the Code because the applicable bonds were not issued within one year after the Council’s approval; and WHEREAS, the Authority has requested that the Council conduct a new public hearing and provide renewed approval of the issuance of the Bonds; and WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Act”), certain public agencies (the “Members”), have entered into an Amended and Restated Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “CMFA Agreement”) in order to form the California Municipal Finance Authority (the “Authority”), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Santa Rosa (the “City”) is a Member of the Authority; and WHEREAS, the Authority is authorized by Title 1, Division 7, Chapter 5 of the California Government Code (the “JPA Act”) and Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code (the “Housing Act” and together with the JPA Act, the “Law”) to issue and sell revenue bonds for the purpose of financing the acquisition, construction, rehabilitation and development of multifamily rental housing facilities to be occupied in part by low- and very-low income households; and WHEREAS, PH Development Group, a California nonprofit public benefit corporation (formerly known as PEP Housing) (the “Sponsor”), on behalf of Vigil Light Senior Apartments L.P., a California limited partnership (the “Borrower”), has requested that the Authority reissue one or more series of revenue bonds in an aggregate principal amount not to exceed $20 million (the “Bonds”) to finance and refinance the acquisition, rehabilitation, development and equipping of an existing 49-unit qualified residential rental project to be owned and operated by the Borrower and located at 1945 Long Drive, Santa Rosa, California, known as Vigil Light Senior Apartments (the “Project”); and WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is located is required to approve the reissuance of the Bonds after a public hearing has been held following reasonable notice, under Section 147(f) of the Internal Revenue Code (the “Code”); and WHEREAS, the Council of the City (the “City Council”), as the elected legislative body of the City, is an “applicable elected representative” of the City, the host jurisdiction of the Project; and WHEREAS, the Authority has requested that the City Council approve the reissuance of the Bonds by the Authority, in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the CMFA Agreement; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the reissuance of the Bonds, and now desires to approve the reissuance of the Bonds by the Authority; and WHEREAS, the Council’s action is limited to conducting the federally required public hearing and approving the Authority’s issuance of conduit revenue Bonds. The action does not approve the rehabilitation or development of the property, grant any land use entitlement or construction permit, commit City funds or resources to the Project, or limit the City’s discretion regarding any future approval; and WHEREAS, pursuant to CEQA Guidelines Section 15378(b)(5), the Council finds that the recommended action is not a project subject to the California Environmental Quality Act (CEQA) because it is an administrative action that will not result in a direct or reasonably foreseeable indirect physical change in the environment; and WHEREAS, in the alternative, the Council finds that the action is exempt from CEQA pursuant to CEQA Guidelines Section 15061(b)(3) because it can be seen with certainty that the City’s limited approval of conduit financing will not have a significant effect on the environment, and any future discretionary City approval associated with physical rehabilitation or development of the property will be subject to CEQA review, as applicable.
NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Santa Rosa approves the following:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the reissuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the reissuance of the Bonds by the Authority, 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 located, in accordance with said Section 147(f) and (b) Section 4 of the CMFA Agreement.
Section 3. The City Council expressly conditions its approval on the understanding that the City will have no obligation to pay any principal, interest, fees, or other costs associated with the Authority’s issuance or reissuance of the Bonds or with the financing of the Project.
Section 4. Adoption of this Resolution is solely for purposes of satisfying the requirements of the Code, applicable United States Treasury Regulations, and the CMFA Agreement and shall not be construed as approval for any other purpose. Neither the City nor its staff has reviewed or determined the financial feasibility of the Project or the Project’s compliance with other applicable state or local requirements. Adoption of this Resolution does not obligate the City or any City department, without further formal action by the appropriate City decision-making body: (i) to provide financing to the Borrower for the acquisition, rehabilitation, development, equipping, or operation of the Project; or (ii) to approve any application, environmental determination, General Plan or zoning action, permit, or other approval associated with the acquisition, rehabilitation, development, equipping, or operation of the Project.
BE IT FURTHER RESOLVED the Council approve the reissuance of Bonds from the Authority in an aggregate amount not to exceed $20 million to finance and refinance the acquisition, rehabilitation, development and equipping of the Project.
IN COUNCIL DULY PASSED this 29th day of September, 2026.
AYES: (4) Mayor Stapp, Vice Mayor Okrepkie, Council Members Alvarez, Bañuelos NOES: (0)
ABSENT: (3) Council Members Fleming, MacDonald, Rogers
ABSTAIN: (0)
RECUSE: (0)
ATTEST: _________________________ APPROVED: ______________________________ City Clerk Mayor
APPROVED AS TO FORM: ____________________________
City Attorney
Reso. No. RES-2026-110
Resolution Template.doc