HomeMy WebLinkAbout14 CONDUIT FINANCING FOR THE CHATHAM VILLAGE APARTMENTS
RESOLUTION NO. 26-57
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN APPROVING
THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
EXEMPT FACILITY BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $110,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND
EQUIPPING OF CHATHAM VILLAGE AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Chatham Preservation LP (the “Borrower”) a partnership of which SP
Tax Credit Developer 3 LLC (the “Developer”) or a related person to the Developer is the
general partner, has requested that the California Municipal Finance Authority (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 $110,000,000 in aggregate principal amount (the
“Bonds”), to finance or refinance the acquisition, construction, improvement and
equipping of a multifamily rental housing project located at 16331 McFadden Avenue,
Tustin, California (the “Project”); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City of Tustin (the “City”) because the Project is
located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the “City Council”) is the elected legislative
body of the City and is one of the “applicable elected representatives” required to approve
the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, 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”), among certain local agencies, including the City; and
WHEREAS, 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;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Tustin
as follows:
Section 1. The foregoing resolutions are true and correct.
Section 2. 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 by the Authority, for the purposes of
(a) Section147(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 said Section147(f) and (b)Section 4 of the Agreement.
Section 3. 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
Cityshall have no responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct 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, construction, rehabilitation, installation 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 5. 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 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 6. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Tustin, California, at a
regular meeting held on the 20th day of October, 2026.
CITY COUNCIL OF THE CITY OF
TUSTIN,
_____________________________
AUSTIN LUMBARD, Mayor
ATTEST:
ERICA N. YASUDA,
City Clerk
4128-8913-0350
APPROVED AS TO FORM:
DAVID E. KENDIG,
City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Erica N. Yasuda, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 26-57 was duly passed
th
and adopted at a regular meeting of the Tustin City Council, held on the 20 day of October,
2026, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
COUNCILMEMBER RECUSED:
ERICA N. YASUDA,
City Clerk
4128-8913-0350