HomeMy WebLinkAboutCC Resolution 12382 (Martinelli Multifamily House Project)RESOLUTION NO. 12382
RESOLUTION OF THE SAN RAFAEL CITY COUNCIL APPROVING THE REISSUANCE BY
THE SAN RAFAEL REDEVELOPMENT AGENCY RELATING TO MARTINELLI HOUSE
MULTIFAMILY HOUSING PROJECT (1327 Lincoln Avenue)
WHEREAS, the San Rafael Redevelopment Agency (the "Agency") has heretofore
issued its multifamily housing revenue bonds in the amount of $6,000,000 (the "Bonds") and lent
the proceeds thereof to Mercy Housing California XXXI, A California Limited Partnership (the
"Borrower'), and the Borrower used the proceeds of such loan to finance the acquisition and
rehabilitation of a 66 unit multifamily rental housing development known as Martinelli House
located at 1327 Lincoln Avenue, San Rafael, California 94901 (the "Project");
WHEREAS, the Agency now proposes to reissue the Bonds by lengthening the average
weighted maturity thereof;
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the City
Council of the City (the "City Council"), as the elected representative of the City, the host
jurisdiction of such facilities, to approve the reissuance of the Bonds after a public hearing has
been held following reasonable notice;
WHEREAS, a public hearing was held by the City on the 19th day of November, 2007, at
the City Council's meeting which commenced at the hour of 8:00 p.m. City Council Chambers,
1400 Fifth Avenue, San Rafael, California, following duly published notice thereof, and all
persons desiring to be heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the City Council, as
the elected representative of the City, the host jurisdiction of such facilities, approve the
issuance and delivery by the Agency of the Bonds;
NOW, THEREFORE, BE IT RESOLVED, as follows:
The City Council hereby finds, determines and declares that reissuance by the
Agency of the Bonds for the purposes described above is hereby approved.
2. This Resolution shall take effect immediately upon its passage and 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 regular meeting of the
City Council of the City of San Rafael held on the 19th day of November, 2007, by the following
vote, to wit:
AYES:
COUNCILMEMBERS:
Cohen, Heller, Miller, Phillips and Mayor Boro
NOES:
COUNCILMEMBERS:
None
ABSENT:
COUNCILMEMBERS:
None
JEANE M. LEONCINI, City Clerk
'Y
ORIS, \1P�