R-058-13 Arbor Terrace Apartments

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I RESOLUTION NO. R-58-13 2 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, APPROVING THE ISSUANCE OF MULTIFAMILY 3 HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE 4 ACQUISITION AND REHABILITATION OF ARBOR TERRACE APARTMENTS 5 WHEREAS, the California Statewide Communities Development Authority (the 6 "Authority") is authorized by the laws of the State of California (the "Law") to execute and 7 deliver multifamily housing revenue bonds for the purpose of financing the acquisition, construction/rehabilitation and development of multifamily residential rental facilities located 8 within the area of operation of the Authority which are to be occupied, in part, by very low and/or low income tenants; and 9 10 WHEREAS, Arbor Terrace Community Partners, LP, a California limited partnership, or such other limited partnership or limited liability company related to or formed 11 by WNC Community Preservation Partners, LLC (the "Borrower"), has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated 12 principal amount of $17,000,000 (the "Bonds"), the proceeds of which may only be used for 13 the purpose of financing the acquisition and rehabilitation of a 129 -unit multifamily residential rental facility commonly known as Arbor Terrace Apartments located at 2192 14 North Rancho Avenue in the City of Colton, California (the "Project"); and 15 WHEREAS, the City of Colton is a program participant of the Authority; and 16 WHEREAS, the Bonds that are expected to be issued and delivered to finance the 17 acquisition and rehabilitation of the Project would be considered "qualified exempt facility bonds" under Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code"), 18 and Section 147(f) of the Code requires that the "applicable elected representatives" with 19 respect to the jurisdiction in which the Project is located hold a public hearing on the execution and delivery of the Bonds; and 20 WHEREAS, the City Council of the City of Colton as the "applicable elected 21 representatives" to hold said public hearing, has held said public hearing at which all those 22 interested in speaking with respect to the proposed financing of the Project were heard. 23 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES RESOLVE AS FOLLOWS: 24 25 SECTION 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. 26 SECTION 2. For purposes of the requirements of the Code only, the City Council 27 hereby approves the proposed financing of the Project by the Authority with the proceeds of the Bonds. 28 F]