R11091City Council Meeting: November 14, 2017 Santa Monica, California
RESOLUTION NUMBER //09/ (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 FOR THE PURPOSE OF
FINANCING OR REFINANCING THE ACQUISITION, REHABILITATION,
IMPROVEMENT AND EQUIPPING OF STEP UP ON SECOND APARTMENTS AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, the California Municipal Finance Authority (the "Authority") was
formed under a Joint Exercise of Powers Agreement Relating to the California Municipal
Finance Authority, dated as of January 1, 2004 (the "Agreement'), among certain local
agencies in accordance with the provisions of the California Joint Exercise of Powers Act,
California Government Code section 6500 et seq.; and
WHEREAS, on or about September 14, 2010, the City Council of the City of Santa
Monica (the "City Council") adopted Resolution Number 10526 (CCS) directing the
approval, authorization and execution of the Agreement; and
WHEREAS, Step Up On Second Preservation, L.P. (the 'Borrower") or a
partnership created by BlueGreen Preservation & Development, LLC (the "Developer")
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consisting at least of the Developer or a related person to the Developer and one or more
limited partners, has requested that the Authority adopt a plan of financing for the
issuance of one or more series of revenue bonds issued from time to time, including
bonds issued to refund such revenue bonds in one or more series from time to time, in
an aggregate principal amount not to exceed $15,000,000 (the "Bonds") for the
acquisition, rehabilitation, improvement and equipping of a 36 -unit multifamily rental
housing project located at 1328 2nd Street, Santa Monica, California, generally known as
Step Up On Second Apartments (the "Project') and operated by Borrower; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City of Santa
Monica (the "City") because the Project is located within the territorial limits of the City;
and
WHEREAS, the City Council is the elected legislative body of the City and is one
of the "applicable elected representatives" required to approve the issuance of the Bonds
under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval requirement
of Section 147(f) of the Code and the requirements of Section 4 of the Agreement among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now
desires to approve the issuance of the Bonds by the Authority.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute
approval of the issuance of the Bonds by the Authority, for the purposes of Section 147(f)
of the Code by the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with Section 147(f)
and Section 4 of the Agreement.
SECTION 2. The issuance of the Bonds shall be subject to the approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 3. The adoption of this Resolution shall not obligate the City or any
department thereof to (1) provide any financing to acquire or construct the Project or any
refinancing of the Project; (2) approve any application or take any other action in
connection with any planning approval, permit or other action necessary for the
acquisition, construction, rehabilitation, installation or operation of the Project; (3) make
any contribution or advance any funds whatsoever to the Authority; or (4) take any further
action with respect to the Authority or its membership therein.
SECTION 4. The City Manager, or his or her designee, is hereby authorized and
directed, jointly and severally, to do any and all things and to execute and deliver any and
all documents which they deem necessary or advisable in order to carry out, give effect
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to and comply with the terms and intent of this resolution and the financing transaction
approved hereby.
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:
LANE DILG
City Attorney
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Adopted and approved this 14th day of November, 2017.
Ted Winterer, Mayor
I, Denise Anderson -Warren, City Clerk of the City of Santa Monica, do hereby
certify that Resolution No. 11091 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 14th day of November, 2017, by the following vote:
AYES: Councilmembers Himmelrich, O'Day, Vazquez
Mayor Pro Tem Davis, Mayor Winterer
NOES: None
ABSENT: Councilmembers McKeown, O'Connor
ATTEST:
Denise Anderson -Warren, City Clerk