HomeMy WebLinkAboutCC Resolution 10893 (55 Fairfax St. Apartments)RESOLUTION NO. 10893
CITY OF SAN RAFAEL
RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS BY THE SAN RAFAEL
REDEVELOPMENT AGENCY IN THE MAXIMUM PRINCIPAL AMOUNT OF $3,500,000 FOR THE
PURPOSE OF PROVIDING FINANCING FOR THE ACQUISITION AND REHABILITATION OF
APARTMENTS LOCATED AT 55 FAIRFAX STREET ("CAHIP")
FINDINGS AND PURPOSE:
The City Council of the City of San Rafael, Marin County, California, hereinafter referred to as City, does hereby
declare, find and determine that:
1. WHEREAS, the San Rafael Redevelopment Agency (the "Agency") is authorized by Chapter 8
(commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the State of California,
as amended (the "Act"), to issue revenue bonds and to make loans to finance the acquisition and rehabilitation of
multifamily rental housing as specified in the Act; and
2. WHEREAS, BRIDGE Housing Corporation ("BRIDGE") has requested that the Agency use its powers under
the Act to issue revenue bonds of the Agency in the maximum principal amount of $3,500,000 (the "Bonds") and to
loan the proceeds of the Bonds (the "Loan") to BRIDGE, an affiliate thereof or a partnership of which BRIDGE or an
affiliate thereof is a partner or another entity in which BRIDGE or an affiliate thereof has an interest (the "Borrower")
to enable the Borrower to finance the acquisition and rehabilitation of 40 units of multifamily rental housing located at
55 Fairfax Street in the City of San Rafael (the "Project"); and
3. WHEREAS, a portion of the housing units in the Project will be rented to persons and families of very low
income as required by the Act and the Internal Revenue Code of 1986, as amended (the "Code"); and
4. WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" under Section 142(a) of the
Code, and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the
Agency approve the issuance by the Agency of the Bonds following the holding of a public hearing with respect
thereto; and
5. WHEREAS, the Agency has determined that the City Council of the City is the "applicable elected
representative" to approve the issuance of the Bonds by the Agency; and
6. WHEREAS, notice of the public hearing has been duly given as required by the Code, and the City Council
has heretofore held the public hearing at which all interested persons were given an opportunity to be heard on all
matters relative to the location, operation and financing of the Project, the issuance of the Bonds by the Agency and
the Agency's loan of the proceeds thereof to the Borrower; and
7. WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purpose of the
City that the City Council approve the issuance of the Bonds by the Agency for the aforesaid purpose. -
NOW, THEREFORE, the City Council takes the following ACTIONS:
Section 1. The City Council hereby approves the issuance of the Bonds by the Agency under the Act and the Code
for the purpose of providing funds to make the Loan to the Borrower to enable the Borrower to finance the
acquisition and rehabilitation of the Project.
Section 2. The issuance of the Bonds shall be subject to the approval by the Agency of all financing documents
relating thereto to which the Agency is a party. The City shall have no responsibility or liability whatsoever with
respect to the Bonds or the Project.
Section 3. This Resolution shall take effect immediately upon its adoption.
I, JEANNE M. LEONCINI, City Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a meeting of said City held on the 6th day of August, 2001, by the following
vote, to wit:
AYES: COUNCILMEMBERS: Heller, Miller, Phillips and Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Cohen
JEAME M. LEONCINI, City Clerk
19000.03:J5663
7111101