R114651
City Council Meeting: September 27, 2022 Santa Monica, California
RESOLUTION NUMBER 11465 (CCS)
(City Council Series)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, AND
EQUIPPING OF A MULTIFAMILY RENTAL HOUSING PROJECT LOCATED AT 710
BROADWAY, SANTA MONICA
WHEREAS, 710 Broadway Affordable, LP (the “Borrower”) a partnership of which
Related California (the “Developer”) or a related person to the Developer is the general
partner, has requested that the California Municipal Finance Authority (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 $25,000,000 in aggregate principal amount (the “Bonds”), to finance or refinance
the acquisition, construction, improvement and equipping of a mult ifamily rental housing
project located at 710 Broadway, Santa Monica, California (the “Project”); and
WHEREAS, pursuant to Section 147(f) of 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 of the City (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 and the Borrower have requested that the City Council
approve the issuance of the Bonds by the Authority to satisfy the public approval
requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint
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Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated
as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City;
and
WHEREAS, it is intended that this Resolution shall comply with the public approval
requirements of Section 147(f) of the Code; provided, however, that this Resolution is
neither intended to, nor shall it constitute, an approval by the City Council of the Project for
any other purpose; 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.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AND PROCLAIM AS FOLLOWS:
SECTION 1. The foregoing resolutions are true and correct.
SECTION 2. 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 constitutes
approval of the issuance of the Bonds by the Authority, both 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 and as required
by Section 4 of the Agreement. This resolution, however, shall not constitute an approval
by the City Council of the Project for any other purposes, nor does it constitute an approval
of the underlying credit or financial structure of the Bonds.
SECTION 3. 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 is not a party to any of the financing documents relating to the Bonds and the City shall
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have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing or refinancing to acquire or construct the
Project; (ii) approve any application or request for 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; (iii) make any contribution
or advance any funds whatsoever to the Authority; or (iv) take any further action with respect
to the Authority or its membership therein.
SECTION 5. The officers, employees, and agents 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 which 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 issuance of the Bonds
and otherwise to effectuate the purposes of this Resolution.
SECTION 6. 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:
_______________________
Douglas Sloan, City Attorney
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Adopted and approved this 27th day of September 2022.
__________________________
Sue Himmelrich, Mayor
I, Nikima Newsome, Assistant City Clerk of the City of Santa Monica, do hereby
certify that Resolution No. 11465 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 27th day of September 2022, by the following vote:
AYES: Councilmembers Brock, Davis, de la Torre, Negrete,
Mayor Himmelrich
NOES: None
ABSENT: Councilmember Parra, Mayor Pro Tem McCowan
ATTEST:
_____________________________________
Nikima Newsome, Assistant City Clerk
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