Res 20-006RESOLUTION NO. 20-006
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY
HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $12,000,000 FOR THE PURPOSE
OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF
POWAY COMMONS AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Poway Commons Affordable CIC, LP (the "Borrower") a partnership of which
Chelsea Investment Corporation (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
$12,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition,
construction, improvement and equipping of a senior multifamily rental housing project located at
the northwest corner of Civic Center Drive and Tarascan Drive, Poway, California (the "Project");
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the bonds by the
Authority must be approved by the City of Poway (the "City") because the Project is located within
the territorial limits of the City;
WHEREAS, the City Council of the City of Poway (the "City Council") is the elected
legislative body of the City and is required to approve the issuance of the bonds under Section
147(0 of the Code;
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(0 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.
follows:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as
SECTION 1: The foregoing recitals 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) Section 147(0 of the Code
and (b) Section 4 of the Agreement.
Resolution No. 20-006
Page 2
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 City shall 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 City Manager is 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, ADOPTED AND APPROVED at a Regular Meeting of the City Council of the
City of Poway, California, on the 4th day of February, 2020 by the following vote, to wit:
AYES: MULLIN, LEONARD, GROSCH, FRANK, VAUS
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
ATTEST:
Faviola
na, CMC, City Clerk
Steve Vaus, Mayor