HomeMy WebLinkAbout2024-47 - Issuance of Statewide Commuity Authority of Exempt Facility Bonds for Mesa Vista ApartmentsRESOLUTION NO.2024-47
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA APPROVING
THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY OF EXEMPT FACILITY BONDS FOR THE MESA VISTA APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section
6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies
throughout the State of California, including the City of Costa Mesa (the "City"), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health
and Safety Code for the purpose of financing multifamily rental housing projects; and
WHEREAS, Costa Mesa M6 LP or a partnership of which Community Development
Partners (the "Developer") or a related person to the Developer is the general partner, has
requested that 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 outstanding aggregate principal amount
(the "Bonds"), to finance or refinance the acquisition, construction and development of a
multifamily rental housing project located at 2274 Newport Boulevard, Costa Mesa,
California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, the Bonds
are required to be approved by the "applicable elected representative" of the governmental
units on whose behalf such bonds are expected to be issued and by a governmental unit
having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "City Council") are the applicable
elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the
Bonds would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and
Resolution No. 2024-47 Page 1 of 3
WHEREAS, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or approval
by the City Council; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COSTA MESA AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code
and (b) Section 9 of the Agreement.
Section 3. The officers 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 that
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 financing approved hereby.
Section 4. This resolution shall take effect immediately upon its passage.
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Kimberly Hall Ba&w, City Attorney
STATE OF CALIFORNIA
COUNTY OF ORANGE ss
CITY OF COSTA MESA
1, BRENDA GREEN, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFT
'that the above and foregoing is the original of Resolution No. 2024-47 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 1 9th day of November, 2024, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: CHAVEZ, GAMEROS, MARR, HARLAN, ARD
STEPHENS.
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 20th day of November 2024.
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