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HomeMy WebLinkAboutCC Resolution 7946 (Crest Marin II)JEMPJT.pch 0 J6847 RESOLUTION NO. 7946 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL CONSENTING TO THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE BONDS BY THE HOUSING AUTHORITY OF THE COUNTY OF MARIN FOR THE PURPOSE OF PROVIDING FINANCING FOR A CERTAIN MULTIFAMILY RENTAL HOUSING PROJECT, AND ASSIGNING PRIVATE ACTIVITY BOND VOLUME TOZM41, TIHORITY CREST WHEREAS, the Housing Authority of the County of Marin (the "Authority") is authorized by law to issue multifamily mortgage revenue bonds for the purpose of financing the construction of multifamily rental housing developments and related auxiliary facilities and Northbay Properties II, L.P., a California limited partnership (the "Company") has requested that the City of San Rafael (the "City") or the Authority issue and sell bonds to provide financing to the Company or an entity affiliated therewith or a successor in interest thereto (the "Developer") for the purpose of acquiring, constructing and developing a 220 -unit multifamily rental housing project to be located at the end of Cresta Drive in the City of San Rafael (the "Project"); and WHEREAS, the City desires that the Authority ultimately be the issuer of the bonds to finance the Project; and WHEREAS, an authority has not been authorized to transact such business or exercise any such powers within the City and the Authority may therefore not operate in the City and issue the bonds for the Project unless the consent of the City Council thereto has been obtained pursuant to the Health and Safety Code of the State of California; and WHEREAS, in order to facilitate the issuance of bonds for the Project, the City intends to apply to the State of California for a private activity bond allocation and desires to assign any such allocation to the Authority for use in connection with the bonds to be issued by the Authority to finance the Project; NOW, THEREFORE, BE IT RESOLVED: 1. That the City Council does hereby approve the issuance of multifamily mortgage revenue bonds by the Authority in the principal amount of not to exceed $22,500,000 for the purpose of providing financing to the Company for the acquisition, construction and development of the Project. 2. That the City Council, pursuant to the Health and Safety Code of the State of California, hereby consents to the operation of the Authority within its boundaries to the extent necessary to accomplish said financing and to implement the documents required in connection therewith. 3. That the City Council hereby irrevocably assigns any private activity bond allocation granted to the City for the Project by the State of California, the California Debt Limit Allocation Committee or the Mortgage Bond and Tax Credit Allocation Committee, to the Authority for use by the Authority solely in connection with the issuance of bonds by the Authority to finance the Project. 4. That this Resolution shall be effective upon its adoption., 1, 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 Council of said City on Monday , the 17t&y of April , 1989, by the following vote, to wit.- AYES: it: AYES: COUNCMMMEMBERS: Boro, Breiner, Frugoli, Thayer & Mayor Mulryan NOES: COUNCU MEMBERS: None ABSENT: COUNCILMEMBERS: None )"-4 City Cler City of San Rafael -2-