HomeMy WebLinkAboutCC Resolution 14931 (TEFRA Public Hearing for Tax-Exempt Financing - 855 C Street)
RESOLUTION NO. 14931
A RESOLUTION OF THE SAN RAFAEL CITY COUNCIL APPROVING ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE
PURPOSE OF PROVIDING FINANCING FOR A RESIDENTIAL RENTAL HOUSING
PROJECT KNOWN AS CENTERTOWN APARTMENTS AT 855 C STREET, PURSUANT TO
THE TAX AND EQUITY FISCAL RESPONSIBILITY ACT OF 1982 (“TEFRA”)
(CASE NO. P21-009)
WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the
State of California, certain public agencies (the “Members”) have entered into a Joint Exercise of
Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1,
2004 (the “Agreement”) in order to form the California Municipal Finance Authority (the
“Authority”), for the purpose of promoting economic, cultural and community development, and in
order to exercise any powers common to the Members, including the issuance of bonds, notes or
other evidences of indebtedness;
WHEREAS, the City of San Rafael (the “City”) is a member of the Authority; and
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the acquisition and rehabilitation of multifamily
residential rental housing facilities; and
WHEREAS, BRIDGE Housing Corporation, a California nonprofit public benefit
corporation (“BRIDGE”), has requested that the Authority consider the issuance and sale of tax-
exempt revenue bonds (the “Bonds”) in an amount not to exceed $20,000,000, and to use
proceeds of the Bonds to make a loan to a California limited partnership (the ”Borrower”) to be
formed by BRIDGE or by an affiliate of BRIDGE, to finance the acquisition and rehabilitation by
the Borrower of a 60 unit multifamily rental housing facility currently known as Centertown
Apartments (the “Housing Facility”) located at 855 C Street in the City, to be owned by the
Borrower; and
WHEREAS, for the interest on the Bonds to be tax-exempt, section 147(f) of the Internal
Revenue Code of 1986, as amended (the “Code”), requires that an “applicable elected
representative” of a governmental unit, the boundaries of which include the site at which the
Housing Facility is located, hold a public hearing on the issuance of the Bonds and approve the
issuance of the Bonds following such hearing; and
WHEREAS, the Authority has determined that the City Council of the City is an “applicable
elected representative” for purposes of holding such hearing; and
WHEREAS, the Authority has requested that the City Council of the City approve the
issuance of the Bonds by the Authority, following the conduct of the public hearing, in order to
satisfy the public approval requirement of section 147(f) of the Code and the requirements of
section 4 of the Agreement; and
WHEREAS, notice of such public hearing has been duly given as required by the Code,
and the City Council has heretofore held such public hearing at which all interested persons were
given an opportunity to be heard on all matters relative to the location, financing and nature of the
Housing Facility and the Authority’s issuance of the Bonds therefor; and
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WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Rafael, as
follows:
Section 1. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the City Council that this Resolution constitute approval of the
issuance of the Bonds (a) by the “applicable elected representative” in accordance with section
147(f) of the Code, and (b) by the City Council in accordance with section 4 of the Agreement.
Section 2. 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 repayment or administration of the Bonds.
Section 3. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing for the Housing Facility; (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, rehabilitation or operation of the Housing Facility; (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 4. The Mayor, the City Manager, the Finance Director, the City Clerk and all other
proper officers and officials of the City are hereby authorized and directed to execute such other
documents and certificates, and to perform such other acts, as may be necessary or convenient
to affect the purposes of this Resolution and the issuance of the Bonds hereby approved.
Section 5. This Resolution shall take effect immediately upon its adoption.
I, LINDSAY LARA, City Clerk of the City of San Rafael, hereby certify that the foregoing Resolution
was duly and regularly introduced and adopted at a regular meeting of the City Council of said
City held on Monday, the 7th day of June, 2021, by the following vote, to wit:
AYES: COUNCILMEMBERS: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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LINDSAY LARA, City Clerk