r- 10582City Council Meeting 6-14-2011 Santa Monica, California
RESOLUTION NUMBER 10582(CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICAAPPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE BELMAR APARTMENTS
PROJECT
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, Santa Monica Housing Partners, L.P., a limited partnership or
related entities, 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 (the
"Bonds") in one or more series from time to time, and at no time to exceed $50,000,000
in outstanding aggregate principal amount, to finance the acquisition, construction and
development of a 160-unit multifamily rental housing project, located at 1725 Ocean
Avenue, Santa Monica, California, generally known as Belmar Place (the "Apartment
Project") and operated by Related Management Company; 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 (this "Council") are the
applicable elected representatives of the City; and
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, 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
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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
SANTA MONICA AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds and
the Refunding Bonds by the Authority. It is the purpose and intent of the 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. The City Clerk of the City shall forward a certified copy of
this Resolution and a copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
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Section 5. This resolution shall take effect immediately upon its passage.
APPROVED AS TO FORM:
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MA HA JO dE MOUTRIE ~ ~
City Attorney
Adopted and approved this 14th day of June, 2011.
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chard Bloom, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10582 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 14th day of June, 2011, by the following vote:
Ayes: Councilmembers: Holbrook, McKeown, O'Day,
Mayor Pro Tem Davis, Mayor Bloom
Noes: Councilmembers: None
Absent: Councilmembers: Shriver, O'Connor
ATTEST:
Maria M. Stewart, City Jerk