HomeMy WebLinkAboutReso 35-2021 (20-476)City of South San Francisco
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
City Council
' Resolution: RES 35-2021
File Number: 20-476 Enactment Number: RES 35-2021
A RESOLUTION APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS FOR
THE GRAND AND LINDEN FAMILY APARTMENTS
BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY.
WHEREAS, the City of South San Francisco ("City") is the owner of certain real property
located in the City of South San Francisco, California, with the address of 418 Linden Avenue, known as
County Assessor's Parcel Numbers ("APN") 012-314-010 ("418 Linden"); and
WHEREAS, the City is also the owner of former Redevelopment Agency property located in
the City of South San Francisco, California, with the address of 201-219 Grand Avenue, known as APNs
012-316-100, 012-316-110, 012-316-080 and 012-316-090 (collectively, "201 Grand Avenue"); and
WHEREAS, in December 2015 the City approved entitlements for a residential project at 418
Linden Avenue and a mixed-use project at 201 Grand Avenue ("Project"); and,
WHEREAS, in December 2016, following a competitive process, the City and Agency selected
a developer, ROEM Development Corporation ("Developer"), to develop the 418 Linden Avenue and
201 Grand Avenue Projects; and
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 revenue bonds in accordance with Chapter 7 of Part 5 of
Division 31 of the California Health and Safety Code for the purpose of financing multifamily rental
housing projects; and
WHEREAS, Grand and Linden Family Apartments, LP or a partnership of which ROEM
Development Corporation (the "Developer") or a related person to the Developer is the general partner,
has requested that the Authority adopt a plan of financing providing for the issuance of exempt facility
bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue
Code of 1986 (the "Code") in one or more series issued from time to time, including bonds issued to
refund such exempt facility bonds in one or more series from time to time, and at no time to exceed
$45,000,000 in outstanding aggregate principal amount (the "Bonds"), to finance or refinance the
acquisition, construction and
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File Number., 20-476
Enactment Number. RES 35-2021
development of a 84 -unit multifamily rental housing project located at 201 Grand Avenue and 418
Linden Avenue, South San Francisco, California (the "Project'); 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 governmental 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 the City Council of the City of South San Francisco (the "City
Council") are the applicable elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, in a newspaper
of general circulation within the City, a notice that a public hearing regarding the Bonds would be held
on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an opportunity
was provided to interested parties to present arguments both for and against the issuance of the Bonds;
and
WHEREAS, the Authority is also requesting that the City Council approve the issuance of any
refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds which
financed the Project (the "Refunding Bonds"), but only in such cases where federal tax laws would not
require additional consideration or approval by the City Council; 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 and Section 9 of the Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF The CITY OF
SOUTH SAN FRANCISCO AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and the Refunding Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitutes approval of the
Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section 9 of the Agreement.
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 that they deem necessary or advisable in
order to carry out, give effect to and comply with the terms and intent of this resolution and the financing
approved hereby.
Section 4. This resolution shall take effect immediately upon its passage.
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File Number: 20-476 Enactment Number: RES 35-2021
At a meeting of the City Council on 2/10/2021, a motion was made by Vice Mayor Nagales,
seconded by Councilmember Nicolas, that this Resolution be approved. The motion passed.
Yes: 5 Mayor Addiego, Vice Mayor Nagales, Councilmember Nicolas, Councilmember
Coleman, and Councilmember Flores
Attest by
L�-
10sa Govea Acosta, City Clerk
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