RES-11504 ORANGE 702 LP - THE ORION SENIOR AFFORDABLE HOUSING PROJECT, TEFRA LOCATED AT 1800 E LA VETA AVENUE - FINANCING & REVENUE BONDSRESOLUTION NO. 11504
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING A PLAN OF
FINANCE INCLUDING THE ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $45,000,000 TO FINANCE AND
REFINANCE A QUALIFIED RESIDENTIAL
RENTAL PROJECT FOR THE BENEFIT OF
ORANGE 702, L.P., A CALIFORNIA LIMITED
PARTNERSHIP, AND CERTAIN OTHER
MATTERS RELATING THERETO, LOCATED AT
1800 EAST LA VETA AVENUE
WHEREAS, USA Orange 702, Inc., an affiliate of USA Properties Fund, Inc., a California
corporation, and Riverside Charitable Corporation, a California nonprofit public benefit corporation
collectively,the"Sponsor"),on behalf of Orange 702,L.P.,a California limited partnership,or another
ownership entity to be created by the Sponsor or affiliates thereof (such ownership entity, the
Borrower"), have requested that the California Municipal Finance Authority (the "Authority")
undertake a plan of finance, including the issuance from time to time of one or more series of revenue
bonds in an aggregate principal amount not to exceed $45,000,000 (together with a like amount of
refunding bonds)(the"Bonds")to fmance and refinance the acquisition,construction,development and
equipping of a 166-unit qualified residential rental project(the"Project")to be owned and operated by
the Borrower and located at 1800 E.La Veta Avenue in the City of Orange,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 plan of finance for the Project, including the issuance of the
Bonds,under Section 147(f)of the Code;and
WHEREAS, the City Council of the City of Orange (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 plan of finance for
the Project,including the issuance 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 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, following notice duly given, a public
hearing was held via teleconference on November 17, 2023,regarding the issuance of the Bonds, and
the City Council now desires to approve the plan of finance for the Project, including the issuance of
the Bonds by the Authority.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Orange as
follows:
SECTION 1 -ENVIRONMENTAL REVIEW
The California Environmental Quality Act (Section 21000, et. seq. of the California Public
Resources Code,hereafter"CEQA")requires analysis of agency approvals of discretionary"projects."
A"project,"under CEQA, is defined as"the whole of an action,which has a potential for resulting in
either a direct physical change in the environment,or a reasonably foreseeable indirect physical change
in the environment." CEQA Guidelines §15061(b)(3) sets forth the Common Sense Rule that CEQA
only applies to projects which"have the potential for causing a significant effect on the environment;
where it can be seen with certainty that there is no possibility that the activity in question may have a
significant effect on the environment,the activity is not subject to CEQA."The action being taken by
the City Council is to adopt a resolution approving the issuance of revenue bonds by the CMFA to
provide for the financing of the project. Such adoption is solely for the purposes of satisfying the
requirements of TEFRA,the Internal Revenue Code,and the California Government Code Section 6500
and following). The Project was previously approved and environmental impacts associated with that
project were analyzed under a separate CEQA analysis. This City Council action does not involve the
approval of any physical development or activity that would have the potential for causing a significant
effect on the environment.Therefore,the proposed action does not constitute approval of a project under
CEQA,is exempt from CEQA,and is not subject to further environmental review. (CEQA Guidelines
15061(b)(3).)
SECTION 2—RECITALS
The foregoing recitals are true and correct.
SECTION 3- CITY COUNCIL APPROVAL
The City Council hereby approves the plan of finance for the Project,including the issuance of
the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute
approval of the plan of finance for the Project,including the issuance 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 to be located, in accordance with said
Section 147(f)and(b) Section 4 of the Agreement.
SECTION 4—CITY COUNCIL AUTHORIZATON
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 No. 11504 2
SECTION 5—RESOLUTION ROUTING
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 6—EFFECTIVE DATE
This resolution shall take effect immediately upon its adoption.
ADOPTED this 28th day of November 2023.
aniel R. Slater, Mayor, City of Orange
ATTEST:
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Pamela Coleman, City Clerk, City of Orange
APPROVED AS TO FORM:
Mike Vigliotta, City Attorney
Resolution No. 11504 3
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ORANGE
I, PAMELA COLEMAN, City Clerk of the City of Orange, California, do hereby certify
that the foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting thereof held on the 28th day of November 2023, by the following
vote:
AYES:COUNCILMEMBERS: Barrios, Dumitru, Tavoularis, Gyllenhammer,
Gutierrez, and Slater
NOES:COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Bilodeau
ABSTAIN: COUNCILMEMBERS: None
Pamela Coleman, City Clerk, City of Orange
Resolution No. 11504 4