HomeMy WebLinkAboutCC Resolution 12177 (Martinelli House Multifamily Housing Project)RESOLUTION NO. 12177
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
APPROVING THE ISSUANCE BY THE SAN RAFAEL REDEVELOPMENT AGENCY
OF MULTI FAMILY HOUSING REVENUE BONDS IN AN APPROXIMATE PRINCIPAL
AMOUNT OF SIX MILLION DOLLARS ($6,000,000) RELATING TO MARTINELLI
HOUSE MULTIFAMILY HOUSING PROJECT (1327 LINCOLN AVENUE)
WHEREAS, the San Rafael Redevelopment Agency (the "Agency") proposes to issue
multifamily housing revenue bonds (the "Bonds") in the approximate amount of $6,000,000 and
to lend the proceeds thereof to Mercy Housing California XXXI, A California Limited Partnership
(the "Borrower"), or a partnership or limited liability company of which Mercy Housing California
will be a partner or a member (the "Borrower"), to be used for the acquisition and rehabilitation
of a 66 unit multifamily rental housing development known as Martinelli House and located at
1327 Lincoln Avenue, San Rafael, California 94901 (the "Project");
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 issuance of the Bonds after a public hearing has
been held following reasonable notice;
WHEREAS, a public hearing was held by the City on the 18th day of December, 2006, 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 issuance by the
Agency of the Bonds in the approximate amount of $6,000,000, 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 18th day of December, 2006, by the following
vote, to wit:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
Cohen, Heller, Phillips and Mayor Boro
None
Miller
JEANNEiVl. LEONCINI, City Clerk