RES 13622 - Laserfiche WebLink

RESOLUTION NO. 13-622 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE ANTON HACIENDA APARTMENTS WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver multifamily housing revenue obligations for the purpose of financing the acquisition, construction/rehabilitation and development of multifamily residential rental facilities located within the area of operation of the Authority which are to be occupied, in part, by very low and low income tenants; and WHEREAS, St. Anton Capital, LLC, a California limited liability company, on behalf of Hacienda Pleasanton L.P., a California limited partnership, or another limited liability company or limited partnership related to or to be formed by St. Anton Capital, LLC (the "Borrower"), has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated principal amount of$40,000,000 (the "Obligations"), the proceeds of which may only be used for the purpose of financing the acquisition and construction of a 168-unit multifamily residential rental facility to be located at 5729 West Las Positas Boulevard in the City of Pleasanton, California (the "Project"); and WHEREAS, the City of Pleasanton is a member of the Authority; and WHEREAS, the Obligations which are expected to be issued and delivered to finance the acquisition and construction of the Project would be considered "qualified exempt facility bonds" under Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representatives" with respect to the jurisdiction in which the Project is located hold, or cause to be held, a public hearing with respect to the issuance and delivery of the Obligations; and WHEREAS, the City Council of the City of Pleasanton, as the "applicable elected representatives" of the City of Pleasanton, has held said public hearing at which all those interest in speaking with respect to the proposed financing of the Project were heard. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. For purposes of the requirements of the Code only, the City Council hereby approves the proposed financing of the Project by the Authority with the proceeds of the Obligations. SECTION 3. The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority.