R-10420City Council Meeting 08-11-2009
Santa Monica, California
RESOLUTION NUMBER ioazo (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA APPROVLNG THE ISSUANCE
BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
OF MULTIFAMILY HOUSING REVENUE BONDS FOR
LINCOLN WALK APARTMENTS, QUONSET COURT APARTMENTS, AND
MODENA, TUSCANY AND SPOLETO 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 Santa Monica (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, NMS Properties, Inc., has requested that the Authority adopt a plan of
financing providing for the issuance of multifamily housing revenue bonds (the "Bonds") in
one or more series issued from time to time, including bonds issued to refund such
revenue bonds in one or more series from time to time, and at no time to exceed
$100,000,000 in outstanding aggregate principal amount, to finance the acquisition,
construction and development of (i) a 97-unit multifamily rental housing project located
at 1447 Lincoln Boulevard, Santa Monica, California, and generally known as Lincoln
1
Walk Apartments (the "Lincoln Project"); (ii) a 97-unit multifamily rental housing project
located at 819 Broadway, Santa Monica, California, and generally known as Quonset
Court Apartments (the "Quonset Project"); and (iii) a 78-unit scattered-site multifamily
rental housing project located at 711 Colorado Avenue, 1437 5th Street, and 1514 7th
Street, Santa Monica, California, and generally known as Modena Apartments, Tuscany
Apartments, . and Spoleto Apartments, respectively (collectively, the
"Modena/TuscanylSpoleto Project"); and
WHEREAS, the Lincoln Project, the Quonset Project and the
Modena/Tuscany!Spoleto Project will initially be operated by NMS Properties, Inc., or
related entities; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); 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 are the applicable elected
representatives of the City; and
2
WHEREAS, there has been published, at least 14 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 by the City Council,
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 any of the Projects (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, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE 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.
3
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. The City Clerk shall forward a certified copy of this Resolution to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
SECTION 5. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
'Hi)_AWFFENCE
City Attorney
4
Adopted and approved this 11th day of August, 2009.
°~
Ken Genser, ayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution No. 1042p (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 11th day of August, 2009, by the following vote:
Ayes: Council members: Bloom, Davis, Holbrook, McKeown
Mayor Genser, Mayor Pro Tem O'Connor
Noes:. Council members: None
Abstain: Council members: None
Absent: Council members: Shriver
ATTEST:
~~
Maria Stewart, City Jerk