r-10749City Council Meeting: June 11, 2013
RESOLUTION NUMBER 1674 CI (CCS)
(City Council Series)
ATTACHMENT A
Santa Monica, California
A RESOLUTION OF THE CITY OF SANTA MONICA AUTHORIZING THE HOUSING
AUTHORITY OF THE COUNTY OF LOS ANGELES TO ISSUE BONDS IN AN
AMOUNT NOT TO EXCEED $8,000,000 AND MAKE OR ACQUIRE MORTGAGE
LOAN(S) IN CONNECTION WITH A RESIDENTIAL DEVELOPMENT ON SCATTERED
SITES IN THE CITY OF SANTA MONICA AND AUTHORIZING THE CITY MANAGER
TO NEGOTIATE AND TO EXECUTE A COOPERATION AGREEMENT, IF
NECESSARY OR DESIRABLE, BETWEEN THE HOUSING AUTHORITY OF THE
COUNTY OF LOS ANGELES AND THE CITY OF SANTA MONICA IN CONNECTION
WITH A RESIDENTIAL DEVELOPMENT ON SCATTERED SITES.
WHEREAS, the Housing Authority of the County of Los Angeles (the "Authority ")
has determined to engage in a multi - family rental housing finance program pursuant to
Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of
California (the "Act'), and to issue revenue bonds to finance the acquisition,
construction, rehabilitation and development of multi - family rental housing in the County
of Los Angeles (the "County "), all as provided for in the Act (the 'Program "); and
WHEREAS, the Authority has determined that it is necessary to cooperate with
the City of Santa Monica (the "City of Santa Monica ") pursuant to the Act in the exercise
of its powers under the Act and the Program for the purpose of financing the acquisition,
construction, rehabilitation and development of approximately 41 units of rental housing
in the City of Santa Monica located at 1855 9th Street, 1450 14th Street and 2006 201h
1
Street, Santa Monica, California 90404, which are scattered sites in the City of Santa
Monica (the "Project') for which Santa Monica -Villa Nueva, L.P. or its designee (or an
affiliate or assign thereof), or another entity approved by the Authority, will be the
borrower; and
WHEREAS, the City of Santa Monica may enter into a cooperation agreement (a
"Cooperation Agreement") with the Authority pursuant to the Act in the exercise of its
powers under the Act and the Program for said purpose and the City of Santa Monica
may enter into other documents related to the Program and the Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
Section 1. That the City of Santa Monica consents to the issuance of bonds by
the Authority pursuant to a plan of financing in an amount not to exceed $8,000,000 to
make or acquire mortgage loans under the Program, all as more specifically set forth in
the Act, with respect to the Project within the City of Santa Monica (which bonds may be
issued in one or more series and in conjunction with other bonds of the Authority) and
further agrees that the Authority may exercise any or all of its powers for the purpose of
financing mortgage loans pursuant to the Act and the Program with respect to the
Project in the City of Santa Monica and that the City Manager of the City of Santa
Monica is hereby authorized to negotiate a Cooperation Agreement, if necessary or
desirable, between the City of Santa Monica and the Authority, and to execute such
Cooperation Agreement and such other documents relating to the Project and the
2
Program to be entered into by the City of Santa Monica which enable the issuance of
such bonds and the making or acquisition of such mortgage loans.
Section 2. The City of Santa Monica agrees to cooperate with the Authority to
facilitate the issuance of the bonds, and shall take such actions as are reasonably
requested by the Authority to permit the issuance of bonds including, without limitation,
taking such actions as are necessary to comply with the requirements of the Internal
Revenue Code of 1986 (the "Code ") with respect to the issuance of the bonds. Without
limiting the generality of the foregoing, the Authority shall submit the proposed issuance
of bonds by the County to finance the construction, acquisition, rehabilitation and
development of the Project to the Board of Supervisors of the County for consideration
for approval pursuant to the requirements of Section 147(f) of the Code. The City of
Santa Monica acknowledges that the Authority will notice a public hearing with respect
to the issuance of the bonds and the financing of the Project in a newspaper of general
circulation in the County and that such hearing will be conducted by the Authority. The
City of Santa Monica hereby consents to such action on the part of the Authority. Any
bonds issued under and pursuant to the terms of this resolution shall be obligations
solely of the Authority, and the City of Santa Monica shall not be obligated thereon or
with respect thereto. The City of Santa Monica hereby agrees and acknowledges that
the terms, conditions and provisions of any bonds issued pursuant to this resolution
shall be determined in the sole and absolute discretion of the Authority, and that no
further review or approval thereof shall be required by the City of Santa Monica.
3
Section 3. Nothing herein shall be deemed to bind the City of Santa Monica to
make any expenditure or to incur indebtedness in relation to the Program or the
revenue bonds referred to above.
Section 4. 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:
Adopted and approved this 11th day of June, 2013.
Pam O'Connor, Mayor
1, Sarah P. Gorman f , City Clerk o the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10749 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 11th day of June, 2013, by the following vote:
AYES:
NOES:
ABSENT:
Councilmembers: Davis, Holbrook, McKeown, Vazquez, Winterer
Mayor O'Connor
Councilmembers: None
Councilmember: Mayor Pro Tern O'Day
ATTEST:
Sarah P. Gorman, City Clerk