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Ayes: Councilmembers Brown, Cook-Kallio, Narum, Pentin, Mayor Thorne Noes: None Absent: None MEETING OPEN TO THE PUBLIC 12. Commendation for Amador Valley Competition Civics Team Maid Wohlgemuth, team coach, thanked the City for its unending support and recognition of the team's work. Councilmember Pentin read the commendation into the record. Arany Uthayakumar, Teen Poet Laureate, read an original poem honoring their work. 13. Public Comment Mayor Thorne noted there were no speakers. PUBLIC HEARINGS AND OTHER MATTERS 14. 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 Assistant City Manager Bocian presented the staff report. He stated that St. Anton Partners has proposed to construct a 168-unit apartment unit project located at West Las Positas and Stoneridge Drive. As detailed in the following item, the proposal includes 35 units that would be made available to households at 50% of the area median income (AMI). As part of the financing plan, the developer is proposing to use up to $40 million in tax-exempt multi-family housing revenue obligation bonds to be issued by the California Statewide Communities Development Authority (CSCDA). CSCDA is an active Joint Powers Authority, of which Pleasanton is a member, which provides bonds for a range of purposes and agencies. The Internal Revenue Service tax code requires that an agency, preferably the one in which the development will occur, hold a public hearing on the issuance of the bonds. Specifically, the tax code requires reasonable notice of the meeting, a description of the type and use of the facility to be financed, a statement of the maximum principle of the bonds, and the name of the initial owner and principal user. Mr. Bocian confirmed that the item was posted as a public hearing to the Bay Area News Group and through basic notices related to the City Council Agenda. The type and use of the facility is laid out in the agenda report for this item as well as the next. The estimated bond issuance is approximately $36 million and shall not exceed $40 million and the owner and principal user is St. Anton Capital, a California Limited Liability Company affiliated with St. Anton Partners. Mr. Bocian explained that the City's only responsibility relative to the bond issuance is to hold this meeting and allow the public an opportunity for comment. The bonds present no exposure or liability to the City, does not impact the City's taxing powers and results in no direct obligation to CSCDA. The proposed resolution is clear in indicating that the City has not reviewed the bond documents and is not obligated through this public hearing to provide any financing to the developer. The resolution is also clear in stating that its approval does not require or grant approval of any development application or other aspect of the project. Staff therefore recommends that the Council hold a public hearing and approve the proposed resolution. City Council Minutes Page 3 of 14 May 21, 2013