HomeMy WebLinkAboutRes 2023-041RESOLUTION NO. 2023 -041
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT APPROVING THE ISSUANCE BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF EXEMPT
FACILITY BONDS FOR THE CROSSINGS AT PALM DESERT
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 Palm Desert (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, A0358 Monterey, L.P., a California limited partnership has requested
that 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 $60,000,000 in outstanding aggregate principal amount (the
"Bonds"), to finance or refinance the acquisition, construction and development of a
multifamily rental housing project located at the southeast c orner of Dick Kelly Drive &
Gateway Drive, Palm Desert, California (the "Project"); 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; and
WHEREAS, there has been published, at least 7 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
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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;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PALM DESERT 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 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 approval, 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 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 6. This resolution shall take effect immediately upon its passage.
ADOPTED ON August 24, 2023
KATHLEEN KELLY
MAYOR
ATTEST:
ANTHONY J. MEJIA
CITY CLERK
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I, Anthony J. Mejia, City Clerk of the City of Palm Desert, hereby certify that
Resolution No. 2023-041 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 August 24, 2023 by the
following vote:
AYES: HARNIK, NESTANDE, QUINTANILLA, TRUBEE, AND KELLY
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
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8/26/2023