HomeMy WebLinkAboutReso 119-24 Item 5.7 Approving a Plan of Finance for the Purpose of Financing and Refinancing the Acquisition and construction of a MF Rental Dev known as Regional Street Senior Affordable HousingDocusign Envelope ID: F39A608D-ABEC-44F2-A81A-92873E95C8FA
RESOLUTION NO. 119 — 24
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING A PLAN OF FINANCE INCLUDING THE ISSUANCE OF REVENUE BONDS BY
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF FINANCING
AND REFINANCING THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY
RENTAL HOUSING DEVELOPMENT KNOWN AS REGIONAL STREET SENIOR
AFFORDABLE HOUSING LOCATED AT 6541-6543 REGIONAL STREET
WHEREAS, Eden Housing, Inc., a California nonprofit public benefit corporation (the
"Sponsor"), on behalf of Regional Street Investors, L.P., a California limited partnership, or another
ownership entity created by Regional Street, LLC, a California limited liability company, its general
partner (the "General Partner"), or by another affiliate of the Sponsor (such limited partnership or
other ownership entity, the "Borrower"), has requested that the California Municipal Finance
Authority (the "Authority") undertake a proposed plan of finance that includes the issuance and
reissuance from time to time of one or more series of revenue bonds in an outstanding principal
amount not to exceed $50,000,000 (the "Bonds") to finance and refinance the acquisition,
construction, development and equipping of a 113-unit qualified residential rental project (the
"Project") to be owned and operated by the Borrower and located at 6541-6543 Regional Street
within the City of Dublin, California (the "City"); and
WHEREAS, an "applicable elected representative" of the jurisdiction in which the Project is
to be located is required to approve the proposed plan of finance for the Project under Section
147(f) of the Internal Revenue Code (the "Code"); and
WHEREAS, the City Council of the City of Dublin (the "City Council"), is the elected
legislative body of the City and is an "applicable elected representative" for purposes of Section
147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the proposed plan
of finance 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"), among certain local
agencies, including the City; and
WHEREAS, pursuant to California Environmental Quality Act (CEQA) and CEQA
Guidelines Section 15061(b)(3), the proposed tax exempt revenue bond is not a project and would
not result in any physical changes it can be seen with certainty that the tax exempt revenue bond
would not have a significant effect on the environment, and therefore is exempt from the
requirements of CEQA; and
WHEREAS, pursuant to Section 147(f) of the Code, the Authority has, following notice duly
given, held a public hearing on October 14, 2024 regarding the issuance of the Bonds, and the
City Council now desires to approve the proposed plan of finance for the Project.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Dublin, as
follows:
Section 1. The foregoing recitals are true and correct.
Reso. No. 119-24, Item 5.7, Adopted 10/15/2024 Page 1 of 2
Docusign Envelope ID: F39A608D-ABEC-44F2-A81A-92873E95C8FA
Section 2. The City Council hereby approves the proposed plan of finance for the Project
that includes the issuance and reissuance from time to time of one or more series of revenue
bonds in an outstanding principal amount not to exceed $50,000,000. It is the purpose and intent
of the City Council that this resolution constitute approval of the proposed plan of finance for the
Project for the purposes of (a) Section 147(f) of the Code by the applicable elected representative
of a governmental unit having jurisdiction over the area in which the Project is to be located, in
accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The officers of the City of Dublin are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which 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 transaction approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution to the Authority
in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 15th day of October 2024, by the following
vote:
AYES: Councilmembers Hu, Josey, Qaadri, Thalblum and Mayor McCorriston
NOES:
ABSENT:
ABSTAIN:
Signed by:
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Mayor
ATTEST:
-DocuSigned by:
CityBCle°rkH F4O
Reso. No. 119-24, Item 5.7, Adopted 10/15/2024 Page 2 of 2