HomeMy WebLinkAboutRESO 9447Resolution No. 9447
Resolution of the Council of the City of Palo Alto Approving the Issuance of The
California Municipal Finance Authority Multifamily Housing Revenue Bonds In An
Aggregate Principal Amount Not To Exceed $23,000,000 for the Purpose of
Financing the Acquisition, Construction and Equipping of Stanford Affordable
and Certain Other Matters Relating Thereto
RECITALS
A. Palo Alto ECR Partners, L.P., a California limited partnership (the "Borrower"L has
requested that the California Municipal Finance Authority (the "Authority") participate in the
issuance of one or more series of revenue bonds in an aggregate principal amount not to
exceed $23,000,000 (the 11Bonds") for the acquisition, construction and equipping of a 70-unit
multifamily rental housing project located at 2450, 2470 and 2500 El Camino Real, Palo Alto,
California, generally known as Stanford Affordable (the "Project") and operated by Related
Management Company, L.P.
B. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"L the
issuance of the Bonds by the Authority must be approved by the City of Palo Alto (the "City")
because the Project is to be located within the territorial limits of the City.
C. The City Council of the City (the "City Council") is the elected legislative body ofthe
City and is one of the "applicable elected representatives" required to approve the issuance of
the Bonds under Section 147(f) of the Code.
D. The Authority has requested that the City Council approve the issuance of the Bonds
by the Authority in order to satisfy the public approval requirement of Section 147(f) of the
Code and the requirements of Section -4 of the Joint Exercise of Powers Agreement Relating to
the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"L
among certain local agencies, including the City.
E. 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.
The Council of the City of Palo RESOLVES as follows:
SECTION 1. 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 constitute
approval of the issuance of the Bonds (a) by the "applicable elected representative" of the
governmental unit having jurisdiction over the area in which the Project is located in
accordance with Section 147(f) of the Code and; (b) by the City Council in accordance with
Section 4 of the Agreement.
SECTION 2. 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
shall have no responsibility or liability whatsoever with respect to the Bonds.
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SECTION 3. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or rehabilitate the Project or any
refinancing of 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,
rehabilitation 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 4. The officers of the City are hereby authorized and directed to execute
such other agreements, documents and certificates, and to perform such other acts and deeds,
as may be necessary or convenient to effect the purposes of this Resolution and the
transactions herein authorized.
SECTION 5. The City Clerk shall forward a certified copy of this Resolution to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, CA 94105
SECTION 6. This resolution shall take effect immediately upon its adoption.
INTRODUCED AND PASSED: August 4, 2014
AYES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD
NOES:
ABSENT:
ABSTENTIONS:
Mayor
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