HomeMy WebLinkAboutRES NO 028-2021RESOLUTION NO. 02 2 21
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE
COUNTY OF KERN OF MULTIFAMILY HOUSING REVENUE BONDS (NOT
TO EXCEED $4 MILLION) FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION OF AFFORDABLE RENTAL HOUSING AT 811 22nd STREET
(22ND STREET LOFTS), AND CERTAIN OTHER MATTERS RELATING THERETO.
WHEREAS, the Housing Authority of the County of Kern (the "Housing
Authority") is authorized pursuant to the provisions of Chapter 1 of Part 2 of Division
24 of the California Health and Safety Code to issue revenue bonds for the
purpose of financing rental housing projects; and
WHEREAS, the Housing Authority proposes to issue, as part of a plan of
finance, its rental housing revenue bonds in one or more series in an aggregate
principal amount not to exceed $4,000,000 (the "Housing Authority Bonds") for
the purpose of financing the construction of approximately 20 units of affordable
senior multi -family rental housing known as 22nd Street Lofts, located at 811 22nd
Street within the City of Bakersfield, California (the "Project"); and
WHEREAS, proceeds of the Housing Authority Bonds are expected by the
Housing Authority to be used to make a loan to a 22nd Street Lofts limited
partnership, the initial owner of the Project, of which Golden Empire Affordable
Housing, Inc. will be the Managing General Partner, to finance the Project; and
WHEREAS, the Housing Authority Bonds will be qualified "private activity
bonds" for purposes of the Internal Revenue Code of 1986, as amended (the
"Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, the proposed issuance of
private activity bonds is required to be approved by the "applicable elected
representative" of the governmental unit having jurisdiction over the area in
which the facility financed by such bonds is to be located, after a public hearing
held following reasonable public notice (collectively, the "TEFRA Actions"); and
WHEREAS, the Project is located in the City of Bakersfield (the "City") and
the members of the 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 proposed issuance of the Housing Authority Bonds would
be held on the date hereof; and o�o-AKF9s
y �
� m
r
U O
Page 1 of 4 Pages
ORIGINAL
WHEREAS, such public hearing was conducted on March 3, 2021 by this City
Council, at which time an opportunity was provided to interested parties to be
heard with respect to the proposed issuance of the Housing Authority Bonds and
financing of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the
Housing Authority Bonds or any responsibility for the Project; and
WHEREAS, it is intended that this Resolution shall constitute the approval of
the proposed issuance of the Housing Authority Bonds required by Section 147(f)
of the Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the. City of
Bakersfield as follows:
1. The City Council finds and declares that the foregoing recitals are true
and correct and are incorporated herein by reference.
2. Approval of the Issuance of Authority Bonds. The City Council hereby
approves the issuance of the Housing Authority Bonds by the Housing
Authority for the purposes of financing the Project. It is the purpose and
intent of this City Council that this Resolution constitutes approval of the
Housing Authority Bonds for the purposes of Section 147(f) of the Code
by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located, in
accordance with such Section 147(f).
3. No City Liability for Authority Bonds. The issuance of the Housing
Authority Bonds shall be subject to the approval by the Housing
Authority of all financing documents relating thereto to which the
Housing Authority is a party. The City shall have no responsibility or
liability whatsoever with respect to the Housing Authority Bonds.
4. No City Responsibility for Project. The adoption of this Resolution shall
not obligate the City or any department thereof to:
Provide any financing to construct the Project or any
refinancing of the Project, as a result of the TEFRA Actions;
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, construction, or
operation of the Project;
Make any contribution or advance any funds whatsoever to
the Housing Authority; or o�IPA
r- m
U r
Page 2 of 4 Pages
ORIGINAL
iv. Take any further action with respect to the Housing Authority,
its issuance of the Housing Authority Bonds, or its acquisition,
construction, or operation of the Project.
5. City Manager Authorization. The City Manager of the City and his
designees are hereby authorized and directed to do any and all things
and to execute and deliver any and all documents that they deem
necessary or advisable to carry out, give effect to, and comply with
the terms and intent of this Resolution and the financing transaction
approved hereby.
6. City Clerk Action.'The City Clerk shall attest and certify to the passage
and adoption of this Resolution and it shall become effective
immediately upon its approval.
7. Effective Date. This Resolution shall take effect immediately upon its
passage.
Page 3 of 4 Pages
� ro KFS
o
�. m
r
U p
ORIGINAL
HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by the Council of the City of Bakersfield at a regular meeting thereof held on
.MAR 0 31021 by the following vote:
✓ ,/ ✓ ✓ ✓ ✓ ✓
YES: COUNCILMEMBER AftnS,G�QSi��'`r�s'�"
NOES: COUNCIL MEMBER (-4w`4-
ABSTAIN: COUNCIL MEMBER
ABSENT: COUNCIL MEMBER
J LIE DRIMAKIS, CMC
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED LIAR 0 3 2021
O
KAREN GOH
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
B4HUeputy
��L �—
A H. RUDNICK
City Attorney
JHR:dII
S:\C0UNCIL\Resos\19-20\22nd St Lott-TEFRA.do=
Page 4 of 4 Pages
ORIGINAL