HomeMy WebLinkAboutRes 2026-015RESOLUTION NO. 2026-015
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT APPROVING THE ISSUANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY EXEMPT FACILITY BONDS IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$80,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF PALM DESERT FAMILY
HOUSING AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Sinatra Family Housing, L.P. (the "Borrower") a partnership of which
Affirmed Housing Group, 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 tim e, including bonds
issued to refund such exempt facility bonds in one or more series from time to time, and at
no time to exceed $80,000,000 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 northwest corner of Cook Street & Frank Sinatra Drive (APN
694-200-021), Palm Desert, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority may 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" that may approve 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 th at certain 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; and
WHEREAS, the City Council previously adopted Resolution No. 2026-010 regarding
approval of the Bonds for the Project; and
WHEREAS, the City Council desires to adopt this Resolution to supersede
Resolution No. 2026-010 solely for purposes of satisfying the public approval requirements
of Section 147(f) of the Code with respect to the Bonds and the Project.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palm
Desert as follows:
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SECTION 1. The foregoing resolutions are true and correct. The City Council hereby finds
and determines that this Resolution supersedes Resolution No. 2026-010.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the Authority
in an aggregate principal amount not-to-exceed $80,000,000 to finance the Project. It is the
purpose and intent of the City Council that this resolution constitute approval of 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 the governmental unit having jurisdiction over the area in which
the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the
Agreement; provided, however, that this Resolution shall not constitute an approval by the
City Council of the Project for any other purpose.
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. 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 actio n 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 which
they deem necessary or advisable in order to carry out, give effect to and comply with th e
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 APRIL 23, 2026.
EVAN TRUBEE
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.
2026-015 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 April 23, 2026, by the following vote:
AYES: HARNIK, MORENO, NESTANDE, PRADETTO, 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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5/8/2026