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HomeMy WebLinkAboutCC Resolution 11890 (Mulit-Family Housing Bonds)RESOLUTION NO. 11890 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 6th day of February, 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 6th day of February, 2006, by the following vote, to wit: AYES: COUNCILMEMBERS:Cohen, Heller, Miller, Phillips & Mayor Boro NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None JEA&. LEONCINI,'City Clerk NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of San Rafael (the "City"), at its regular meeting on February 6, 2006 will hold a public hearing and consider approval of the issuance by the San Rafael Redevelopment Agency (the "Agency") of multifamily housing revenue bonds (the "Bonds") in an approximate principal amount of Six Million Dollars ($6,000,000) to assist in the financing of the acquisition and construction of a 66 unit multifamily rental housing development located at 1327 Lincoln Avenue, San Rafael, California 94901 commonly known as Martinelli House (the "Project"). The owner of the Project is expected to be Mercy Housing California XVI, A California Limited Partnership or another partnership or limited liability company of which Mercy Housing California or an affiliate thereof will be a partner or a member. The Bonds will not constitute an indebtedness or obligation, or a pledge of the faith and credit of, the City or the Agency. Neither the faith and credit nor any taxing power of the City or the Agency is pledged to the payment of the principal of or premium, if any, or interest on the Bonds, nor shall either the City or the Agency be liable or obligated to pay the principal of or premium, if any, or interest on the Bonds. The Bonds will be special, limited obligations of the Agency, payable solely from the loan repayments made by the Borrower and the other sources specifically provided therefor. All those interested in matters relating to the issuance of the Bonds are invited to attend and be heard at the meeting which will commence at or after 8:00 p.m. and will be held at the City Council Chambers, 1400 Fifth Avenue, San Rafael, California. If you have any questions regarding the public hearing, please contact the City's Bond Counsel, Steve Melikian, Esq. of Jones Hall, A Professional Law Corporation, at (415) 391-5780. Dated: January 18, 2006 SAN RAFAEL CITY COUNCIL JEANNE M. LEONCINI CITY CLERK (To be published in the Marin Independent Journal twice, first date is Monday, January 23, 2006 and the second date is Monday, January 30, 2006)