HomeMy WebLinkAboutCC Resolution 10837 (San Rafael Commons)CITY COUNCIL OF THE CITY OF SAN RAFAEL
RESOLUTION NO. 10837
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE SAN RAFAEL
REDEVELOPMENT AGENCY FOR THE SAN RAFAEL COMMONS APARTMENTS (302
FOURTH STREET)
WHEREAS, the San Rafael Redevelopment Agency (the "Agency") is authorized pursuant to the provisions of
Chapter 8 of Part 1 of Division 24 of the California Health and Safety Code to issue revenue bonds for the purpose of
financing multifamily rental housing projects; and
WHEREAS, BRIDGE Housing Corporation (collectively, with any related entity, the "Borrower") has requested
that the Agency issue multifamily housing revenues bonds in an aggregate principal amount not to exceed $6,500,000
(the "Bonds") for the purpose of providing financing for the acquisition, rehabilitation and development of an approximately
83 -unit multifamily housing residential rental project located at 302 Fourth Street, San Rafael, California and
generally known as the San Rafael Commons Apartments; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of the Internal Revenue
Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity bonds are required to
be approved by the "applicable elected representative" of the govemmental units on whose behalf such bonds are
expected to be issued and by a governmental unit having jurisdiction over the entire area in which any facility financed by
such bonds is to be located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "Council') are the applicable elected representatives of the
City; and
WHEREAS, there has been published in a newspaper of general circulation within the City, a notice that a public
hearing regarding the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council, at which time an opportunity
was provided to interested parties to present arguments both for and against the issuance of the Bonds; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of the Bonds required
by Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Rafael, AS FOLLOWS:
Section 1. The above recitals are true and correct.
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Section 2. The Council hereby approves the issuance of the Bonds by the Agency. It is the purpose and
intent of the Council that this resolution constitute approval of the Bonds for the purposes of Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the area in which the project is
located, in accordance with said Section 147(f).
Section 3. 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, including, but not limited to, an agreement for legal
services with bond counsel, Jones Hall, A Professional Law Corporation, in connection with the issuance and delivery of
the Bonds, that they deem necessary or advisable in order to cavy out, give effect to and comply with the terms and
intent of this resolution and the financing approved hereby.
Section 4. The City Clerk of the City shall forward a certified copy of this Resolution and a copy of the
affidavit of publication of the hearing notice to:
Thomas A. Downy, Esq.
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, CA 94108
Section 5. This resolution shall take effect immediately upon its passage.
I, JEANNE M. LEONCINI, 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 21st
day of May, 2001, by the following vote:
AYES: COUNCILMEMBERS: Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Cohen
t=om JEANNE M. LEONCINI, City Clerk