RESOLUTION NO. 2025-XXX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNION CITY
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 MP LAZULI LANDING ASSOCIATES, L.P., AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, MidPen Housing Corporation, a California nonprofit public benefit corporation (the “Sponsor”), on behalf of MP Lazuli Landing Associates, L.P., a California limited partnership, or another ownership entity created by MP Lazuli Landing LLC, a California limited liability company, its general partner (the “General Partner”), or by another affiliate of the Sponsor (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 $48,000,000 (the “Bonds”) to finance and refinance the acquisition, construction, development and equipping of an 81-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located on a site bounded by Mission Boulevard, D Street, 2nd Street, and E Street within the City of Union City, 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 City Council of Union 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 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 $48,000,000 to finance the Project, and all within the three years 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 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.
Resolution No. 2025-XXX
Approving a Plan of Finance for CMFA to Issue Bonds for Lazuli Landing
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Union City, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance of the Authority to issue and reissue, from time to time, one or more series of revenue bonds in an outstanding principal amount not to exceed $48,000,000. 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 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 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.
Resolution No. 2025-XXX
Approving a Plan of Finance for CMFA to Issue Bonds for Lazuli Landing
Resolution No. 2025-XXX
Approving a Plan of Finance for CMFA to Issue Bonds for Lazuli Landing
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Union City at a regular meeting held on October 28, 2025, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
GARY SINGH
Mayor
ATTESTED: APPROVED AS TO FORM:
THAI NAM N. PHAM
City Clerk
KRISTOPHER J. KOKOTAYLO
City Attorney