Loading...
RES-10955 Issuance Approval For Triangle Terrace ApartmentsRESOLUTION NO. 10955 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE TRIANGLE TERRACE APARTMENTS. WHEREAS, the California Statewide Communities Development Authority (the Authority ") is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement "), among certain local agencies throughout the State of California, including the City of Orange (the "City "), to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing multifamily rental housing projects; and WHEREAS, Triangle Terrace Affordable, L.P. or a partnership created by Reiner Communities (the "Developer "), consisting at least of the Developer or a related entity to the Developer, including but not limited to Orange Senior Housing, Inc. and one or more limited partners, has requested that the Authority adopt a plan of financing providing for the issuance of multifamily housing revenue bonds (the "Bonds ") in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, and at no time to exceed 14,000,000 in outstanding aggregate principal amount, to finance the acquisition and rehabilitation of a 75 -unit senior multifamily rental housing project located at 555 S. Shaffer Street, Orange, California, generally known as Triangle Terrace Apartments (the "Project ") and operated by Living Opportunities Management Company (LOMCO); and WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of the Internal Revenue Code of 1986 (the "Code "); and WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity bonds are required to be approved by the "applicable elected representative" of the governmental units on whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a public hearing held following reasonable public notice; and WHEREAS, the members of this City Council (this "City Council ") are the applicable elected representatives of the City of Orange (the "City "); and WHEREAS, there has been published, at least 14 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds would be held on a date specified in such notice; and WHEREAS, such public hearing was conducted on such date, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds; and WHEREAS, the Authority is also requesting that the City Council approve the issuance of any refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds which financed the Project (the "Refunding Bonds "), but only in such cases where federal tax laws would not require additional consideration or approval by the City Council; and WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange as follows: Section 1 . The above recitals are true and correct. Section 2 . The City Council hereby approves the issuance of the Bonds and the Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section 9 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 that 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 approved hereby. Section 4 . This resolution shall take effect immediately upon its passage. ADOPTED this 12th day of July 2016. r/17 4 (; I c Tere a E. Smith, Mayor, City of Orange ATTEST: Mary . hy, City ClerkAty of Orange Resolution No. 10955 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ORANGE ) I, MARY E. MURPHY, 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 12th day of July, 2016, by the following vote: AYES: COUNCILMEMBERS: Alvarez, Whitaker, Murphy NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Nichols ABSTAIN (RECUSED): COUNCILMEMBERS: Smith Mary E. yuio5 City Cler , Orange Resolution No. 10955