HomeMy WebLinkAboutReso 82-2005
RESOLUTION NO. 82-2005
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PURPOSE OF FINANCING
THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY
RENTAL HOUSING DEVELOPMENT KNOWN AS GRAND OAKS
APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section
6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement,
dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of
California, including the City of South San Francisco (the "City"), to issue and sell revenue
bonds for the purpose, among others, of financing multifamily rental housing developments; and
WHEREAS, BRIDGE Housing Corporation ("BRIDGE"), on behalf of a California
limited partnership (the "Borrower") of which BRIDGE or an affiliate thereof will be the general
partner, has requested that the Authority issue and sell revenue bonds in the approximate
principal amount of $11,500,000 (the "Bonds") for the purpose of making a loan to the
Borrower, to enable the Borrower to finance the costs of acquisition and construction of a
proposed 43-unit residential rental housing development to be known as Grand Oaks
Apartments, to be located on a 1.14 acre site located on the Southwest corner of Grand Avenue
and Oak Avenue (County Assessor's Parcel Nos. 011-311-070 and 011-311-110), in the City of
South San Francisco (the "Project"); and
WHEREAS, as required by the Internal Revenue Code of 1986, as amended (the
"Code"), a portion of the housing units in the Project will be rented to persons and families of
very low income; and
WHEREAS, in order for the interest on the Bonds to be tax-exempt, Section 147(f) of the
Code requires that an "applicable elected representative" with respect to the Authority hold a
public hearing on the issuance of the Bonds and approve the issuance of the Bonds following
such hearing; and
WHEREAS, the Authority has determined that the City Council of the City of South San
Francisco (the "City") is an "applicable elected representative" to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as required by the Code,
and this City Council has heretofore held the public hearing at which all interested persons were
given an opportunity to be heard on all matters relative to the financing of the Project and the
Authority's issuance of the Bonds therefore; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City, for the
purposes of (a) Section 147(f) of the Code and (b) Section 9 of the Agreement, hereby approves
the issuance of the Bonds by the Authority to provide funds to make a loan to the Borrower to
enable the Borrower to finance the Project.
BE IT FURTHER RESOLVED that the City shall have no responsibility or liability
whatsoever with respect to the Bonds.
BE IT FURTHER RESOLVED that the adoption of this Resolution shall not obligate (i)
the City to provide any financing to acquire or construct the Project; or (ii) the City, the Planning
Department of the City or any other department of the City to approve any application or request
for, or take any other action in connection with, any planning approval, permit or other action
necessary for the acquisition, construction or operation of the Project.
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I hereby certify that the foregoing Resolution was regularly introduced and adojted by
the City Council of the City of South San Francisco at a regular meeting held on the 13 day of
July 2005 by the following vote:
AYES:
Councilmembers Pedro Gonzalez and Karyl Matsumoto, Mayor Pro Tern
Joseph A. Fernekes and Mayor Raymond 1... Green
NOES: None.
ABSTAIN: None.
ABSENT: Councilmember Richard A. Garbarino
ATTEST:
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