HomeMy WebLinkAboutReso 151-2024 (24-892)City of South San Francisco P.O. Box 711 (City Hall, 400
Grand Avenue)
City Council South San Francisco, CA
Resolution: RES 151-2024
File Number: 24-892 Enactment Number: RES 151-2024
RESOLUTION APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE GRAND AND LINDEN FAMILY
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 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
development of the following multifamily rental housing projects in the following not to exceed amounts:
(1) 201 Grand Avenue, South San Francisco, California, consisting of 47 units (Bond proceeds in an amount
not to exceed $25,000,000), and (2) 418 Linden Avenue, South San Francisco, California, consisting of 37
units (Bond proceeds in an amount not to exceed $20,000,000) (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 this City Council (this "City Council") are the applicable elected
representatives of the City; and
WHEREAS, there has been published, at least seven 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
City of South San Francisco
File Number: 24-892 Enactment Number: RES 151-2024
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 constitute 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.
At a meeting of the City Council on 9/25/2024, a motion was made by Councilmember Addiego,
seconded by Councilmember Nicolas, that this Resolution be approved. The motion passed.
Yes: 5 Mayor Coleman, Vice Mayor Flores, Councilmember Addiego,
Councilmember Nagales, and Councilmember Nicolas
Attest by
isa Govea Acosta, City Clerk
City of South San Francisco