HomeMy WebLinkAboutRes 2026-056Resolution No. 2026-056
A 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 $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 acqu isition, construction,
improvement and equipping of a multifamily rental housing project located at 36101
Explorer Drive, 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" the 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 that 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;
Now, Therefore, Be It Resolved, by the City Council of the City of Palm Desert as
follows:
Section 1. Recitals.
The foregoing recitals are true and correct.
Section 2. Approval of Bond Issuance.
The City Council hereby approves the issuance of the Bonds by the Authority in an
aggregate principal amount no-to-exceed $62,000,000. It is the purpose and intent of the
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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 w hich 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. Financing Documents; City Liability.
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. City Obligation.
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 i n 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. Authorization of City Officers.
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. Effective Date.
This resolution shall take effect immediately upon its adoption.
Adopted on September 10, 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. 2026-056 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 10, 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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9/11/2026