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HomeMy WebLinkAboutRES 2022-081 RESOLUTION NO. 2022-81 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $62,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF VITALIA APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Palm Desert Pacific Associates, a California Limited Partnership (the "Borrower") a partnership of which Pacific West Communities, Inc. (the "Developer") or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (the "Authority") adopt a plan of financing providing for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $62,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at the south side of Gerald Ford Drive, west of Portola Road (a portion of APN 694-310- 006), Palm Desert, California (the "Project"); and WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of Palm Desert (the "City") because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to appro ve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve 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, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority. BE IT RESOLVED by the City Council of the City of Palm Desert as follows: SECTION 1. The foregoing resolutions are true and correct. Resolution No. 2022-81 Page 2 SECTION 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution const itute approval of the issuance of the Bonds by the Authority, for the purposes of (i) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accorda nce with said Section 147(f), and (ii) Section 4 of the Agreement. SECTION 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. SECTION 4. Neither the City nor its staff have reviewed or considered the financial feasibility of the Project or the expected financing or operation of the Project with regard to any State of California statutory requirements. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning ap proval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. SECTION 5. 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 6. This resolution shall take effect immediately upon its adoption. ADOPTED ON September 29, 2022. JAN C. HARNIK MAYOR ATTEST: ANTHONY J. MEJIA CITY CLERK Anthony Mejia (Oct 7, 2022 15:02 PDT) Resolution No. 2022-81 Page 3 I, Anthony J. Mejia, City Clerk of the City of Palm Desert, hereby certify that Resolution No. 2022-81 is a full, true, and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Desert on September 29, 2022, by the following vote: AYES: JONATHAN, KELLY, NESTANDE, QUINTANILLA, AND HARNIK NOES: NONE ABSENT: NONE ABSTAIN: NONE RECUSED: NONE IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Desert, California, on _________________. ANTHONY J. MEJIA CITY CLERK Anthony Mejia (Oct 7, 2022 15:02 PDT) Oct 7, 2022