HomeMy WebLinkAboutReso 011-98 DHA Bonds/ParkSierrRESOLUTION NO. 11 - 98
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING THE ISSUANCE OF BONDS
BY THE DUBLIN HOUSING AUTHORITY
FOR THE PURPOSE OF PROVIDING FINANCING FOR A
MULTIFAMILY RESIDENTIAL RENTAL HOUSING DEVELOPMENT
TO BE CONSTRUCTED BY PARK SIERRA LLC
WHEREAS, the Dublin Housing Authority (the "Authority") is authorized by
Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of
California, as amended (the "Act"), to issue and sell revenue bonds for housing purposes
specified in the Act; and
WHEREAS, Park Sierra LLC, a California limited liability company (the "Park
Sierra") has requested that the Authority issue and sell revenue bonds in the maximum
principal amount of $33,500,000 (the "Bonds") for the purpose of making a loan to Park
Sierra or an assignee thereof (the "Developer") to enable the Developer to finance the
costs of the acquisition and development of a 283 unit multifamily housing rental
development to be known as Park Sierra at Iron Horse Trail (the "Project") to be
constructed on an approximate 14.32 acre site located on the west side of Dougherty
Road, 1/4 mile north of Dublin Boulevard in the City of Dublin (the "City"); . and
WHEREAS, a portion of the housing units in the Project will be rented to persons
and families of very low income as required by the Act and the Internal Revenue Code of
1986, as amended (the "Code"); and
WItEREAS, the Bonds will be considered to be "exempt facility bonds" under
Section 142(a) of the Code, and Section 147(f) of the Code requires that the "applicable
elected representative" with respect to the Authority approve the issuance of the Bonds
following the holding of a public hearing with respect thereto; and
WHEREAS, the Authority has determined that the City Council of the City is the
"applicable elected representative" to hold such hearing and approve the issuance by the
Authority of the Bonds; and
WHEREAS, notice of said public hearing has been duly given as required by the
Code, and this City Council has heretofore held such public hearing at which all
interested persons were given an oppommity to be heard on all matters relative to the
location, operation and fmancing of the Project and the Authority's issuance of the Bonds
therefore; and
WHEREAS, it is in the public imerest and for the public benefit that the City
Council approve the issuance of the Bonds by the authority for the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Dublin, as follows:
Section 1. The City Council of the City of Dublin hereby approves the issuance
of the Bonds by the Authority under the Act and the Code for the purpose of providing
funds to make a loan to the Developer to enable the Developer to finance the Project.
Section 2. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 3rd day of February, 1998.
AYES:
Councilmembers Barnes, Burton, Howard, LOckhart and Mayor
Houston
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
p~i~ - City Cier~
Mayor
K2/G/cc-mtgs/2-3-98/reso-dha.doc