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THE CITY OF 14 CITY COUNCIL AGENDA REPORT pLEASANTON® May 21, 2013 Assistant City Manager TITLE: CONSIDER A RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS IN THE ANTICIPATED PRINCIPAL AMOUNT OF $40,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE 168- UNIT MULTIFAMILY RESIDENTIAL RENTAL FACILITY, ANTON HACIENDA APARTMENTS, TO BE LOCATED AT 5729 WEST LAS POSITAS BOULEVARD SUMMARY As part of the PUD approval process for the Anton Hacienda, proposed by St. Anton Partners for a 5.60 acre site located at 5729 West Las Positas Boulevard in Hacienda Business Park (PUD-81-3-87D), the Council will also review a proposed Affordable Housing Agreement (AHA) outlining conformance with the City's Inclusionary Zoning Ordinance and related policies. The draft AHA requires the project to include 35 units that would be affordable to "very low income" households at 50% or less of the Area Median Income (AMI). In conjunction with approval of the PUD and AHA, the City Council is also being asked to adopt a resolution that would approve the issuance of tax-exempt revenue bonds by the California Statewide Communities Development Authority (CSCDA) in one or more series in a maximum aggregate principal amount of $40,000,000 for the purpose of financing the 168-unit apartment development. RECOMMENDATION Approve the attached draft resolution approving the issuance of multifamily housing revenue obligations for the purpose of financing the acquisition and construction of the Anton Hacienda apartments. FINANCIAL STATEMENT These conduit tax-exempt revenue bonds are special, limited obligations of CSCDA payable solely through the payment of principal and interest components by St. Anton Partners and will not be a direct obligation of CSCDA, the City or any member of CSCDA. Neither the faith or credit, nor the taxing power of the City, any member of CSCDA, the State or any political subdivision is pledged to the repayment of the Bonds. Based on the draft Affordable Housing Agreement for this project, the complex will have 35 units (21% of the total units) reserved for households at 50% of the median income ("very low income"). In recognition of the 35 affordable units, the City will contribute a total of five-hundred thousand dollars ($500,000) toward the project after occupancy takes place. These funds will come from the Low Income Housing Fund.