HomeMy WebLinkAboutRes 2026-001RESOLUTION NO. 2026-001
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY FOR THE PURPOSE OF FINANCING THE PALM
DESERT FAMILY HOUSING PROJECT LOCATED AT THE
NORTHWEST CORNER OF COOK STREET AND FRANK
SINATRA DRIVE (APN 694-200-021)
WHEREAS, the City of Palm Desert (“City”) is a municipal corporation organized
and existing under the laws of the State of California; and
WHEREAS, the California Municipal Finance Authority (“CMFA”) is authorized to
assist in financing for projects that promote the public good and serve residents of the
State of California; and
WHEREAS, since the Project is located within the territorial boundaries of the City,
CMFA has requested that the City Council of the City (“City Council”) approve the issuance
of tax-exempt revenue bonds (the “Bonds”) by CMFA in order to satisfy the public approval
requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the
“Code”), in order to finance the acquisition, construction, improvement, and equipping of
the Palm Desert Family Housing Project (the “Project”); and
WHEREAS, the Project will consist of a total of 298 multifamily rental housing units,
including 295 income-restricted units serving households earning between 30% and 70%
of the Area Median Income (AMI) for Riverside County, and 3 non -restricted manager
units, with the following floorplan mix: 7 studios, 113 one-bedroom units, 101 two-bedroom
units, 58 three-bedroom units, and 16 four-bedroom units; and
WHEREAS, the financing of the Project will be undertaken in connection with 4%
Low-Income Housing Tax Credits and the issuance of the Bonds through CMFA; and
WHEREAS, the City Council is the elected legislative body of the City and is one of
the “applicable elected representatives” required to approve the issuance of the Bonds
under Section 147(f) of the Code; and
WHEREAS, pursuant to Section 147(f) of the Code, and Section 6500 et seq. of the
California Government Code, the issuance of the Bonds by CMFA may be approved by
the City following a duly noticed public hearing; and
WHEREAS, notice of the public hearing was published in a newspaper of general
circulation within the City at least seven (7) days prior to the hearing date; and
WHEREAS, the City Council conducted the public hearing on January 8, 2026, at
which time all interested persons were given an opportunity to be heard concerning the
Project and the proposed issuance of the Bonds; and
WHEREAS, following such public hearing, the City Council now desires to approve
the issuance of the Bonds by CMFA solely for the purposes of satisfying the requirements
of Section 147(f) of the Code and Section 6500 et seq. of the California Government Code.
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Resolution No. 2026-001 Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Desert, California, as follows:
SECTION 1. The above recitals are true and correct and are incorporated herein
by this reference.
SECTION 2. The City Council hereby approves the issuance of the Bonds by CMFA
in a principal amount not to exceed $50,000,000 to finance or refinance the acquisition,
construction, improvement, and equipping of the Project. It is the purpose and intent of the
City Council that this Resolution constitute approval of the plan of finance for the Project and
the issuance of the Bonds for the purposes of 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 accordance with said Section 147(f); provided, however, that this
Resolution shall not constitute an approval by the City Council of the Project for any other
purpose.
SECTION 3. The adoption of this Resolution shall not obligate the City to (i) provide
any financing or refinancing for the Project, (ii) issue the Bonds, (iii) make any contribution,
expenditure, or incur any liability in connection therewith , (iv) 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; or (v) take any fur ther action with respect to CMFA. The Bonds
shall not constitute a debt, liability, or obligation of the City, and the City shall have no
financial or moral responsibility for the repayment of the Bonds.
SECTION 4. The officers of the City are hereby authorized and directed to take such
actions as are necessary or appropriate to effectuate the purposes of this Resolution,
consistent with applicable law and the City’s established procedures.
SECTION 5. The issuance of the Bonds shall be subject to the approval of CMFA
of all financing documents relating thereot to which CMFA is a party. The City Council
shall have no responsibility or liability whatsoever with respect to the Bonds .
SECTION 6. This Resolution shall take effect immediately upon its adoption.
ADOPTED ON JANUARY 8, 2026.
EVAN TRUBEE
MAYOR
ATTEST:
ANTHONY J. MEJIA
CITY CLERK
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Resolution No. 2026-001 Page 3
I, Anthony J. Mejia, City Clerk of the City of Palm Desert, hereby certify that
Resolution No. 2026-001 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 January 8, 2026, by the following
vote:
AYES: HARNIK, NESTANDE, PRADETTO, QUINTANILLA, AND TRUBEE
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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1/9/2026