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HomeMy WebLinkAboutReso 68-21 Approving, Authorizing, and Directing Execution of a Joint Exercise of Powers Agreement Relating to the CSCDA Community Improvement Authority, and the Form of a Public Benefit AgrReso. No. 68-21, Item 7.1, Adopted 06/01/2021 Page 1 of 3 RESOLUTION NO. 68 - 21 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CSCDA COMMUNITY IMPROVEMENT AUTHORITY, AND THE FORM OF A PUBLIC BENEFIT AGREEMENT; AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY FOR THE PURPOSE OF FINANCING THE ACQUISITION OF THE WATERFORD PLACE APARTMENTS WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Act”), certain public agencies (the “Members”) have entered into a Joint Exercise of Powers Agreement Relating to the CSCDA Community Improvement Authority, dated as of October 15, 2020 (the “Agreement”), a copy of which has been filed with the City, in order to form the CSCDA Community Improvement Authority (the “Authority”), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members or granted by the Act, including by the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Dublin (the “City”) has determined that it is in the public interest and for the public benefit that the City become an Additional Member of the Authority pursuant to Section 12 of the Agreement in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by the Authority; and WHEREAS, the Agreement has been filed with the City, and the members of the City Council of the City (the “City Council”), with the assistance of its staff, have reviewed said document; and WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose, among others, of financing or refinancing the construction, acquisition and rehabilitation of capital projects; and WHEREAS, the Authority proposes to issue its governmental purpose revenue bonds (the “Bonds”) to finance the acquisition and certain related costs of the Waterford Place Apartments (the “Project”) located at 4800 Tassajara Road, Dublin, which contains approximately 390 apartment units; and WHEREAS, the Authority proposes to grant to the City in connection with the financing of the Project the option for the City or its designee to acquire the Project, starting upon the date fifteen (15) years from the issuance of the Bonds pursuant to a Public Benefit Agreement (the “Public Benefit Agreement”), by and between the Authority and the City, the form of which has been filed with the City Council, subject to such non-material modifications as have been approved by the City Manager and approved as to form by the City Attorney; and WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the Authority for the aforesaid purposes; and DocuSign Envelope ID: 5494AF8D-1CCB-41DA-A06F-A427A008E838 Reso. No. 68-21, Item 7.1, Adopted 01/06/2021 Page 2 of 3 WHEREAS, Section 3(A) of the Agreement and Section 6508.1 of the California Government Code expressly provide that the Authority’s “Bonds, and other debts, liabilities and obligations do not constitute debts, liabilities, or obligations of any Members…” NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS FOLLOWS: Section 1. The foregoing recitals are true and correct. Section 2. The City hereby requests to become an Additional Member of the Authority pursuant to Section 12 of the Agreement. The Agreement is hereby approved and the Mayor or the designee thereof is hereby authorized and directed to execute said document, and the City Clerk or such Clerk’s designee is hereby authorized and directed to attest thereto. Section 3. The proposed form of Public Benefit Agreement on file with the City Council is hereby approved. In connection with the Project, the City Manager or the designee thereof is hereby authorized and directed to execute an agreement in substantially said form, with such non- material changes therein as such officer executing the same may require consistent with this Resolution and its basic purpose, and subject to approval as to form of the City Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. Any material changes to the form of Public Benefit Agreement must be approved by the City Council. Section 4. The City Council hereby approves the issuance of Bonds by the Authority to finance the Project within the City, provided that such Bonds are issued within two years from the date of this Resolution. Section 5. The issuance of 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 6. The CSCDA Community Improvement Authority shall cooperate with the City to receive credit toward its Regional Housing Needs Allocation (RHNA) for the maximum feasible number of qualifying units, if legislation passes that provides RHNA credit for multifamily units converted to deed restricted rental housing, and shall assist the City to record a 55-year affordability covenant on those units. Section 7. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct any Project or any refinancing of any 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 or operation of any Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) except as provided in this Resolution, take any further action with respect to the Authority or its membership therein. Section 8. The executing officers(s), the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Section 9. The City Clerk shall forward a certified copy of this Resolution and an originally executed Agreement to the Authority: DocuSign Envelope ID: 5494AF8D-1CCB-41DA-A06F-A427A008E838 Reso. No. 68-21, Item 7.1, Adopted 01/06/2021 Page 3 of 3 CSCDA Community Improvement Authority 1100 K Street, Suite 101 Sacramento, California 95814 Attention: Chair Section 10. This Resolution shall take effect immediately upon its passage. PASSED, APPROVED AND ADOPTED this 1st day of June 2021, by the following vote: AYES: Councilmembers Hu, Josey, Kumagai, McCorriston and Mayor Hernandez NOES: ABSENT: ABSTAIN: __________________________ Mayor ATTEST: __________________________ City Clerk DocuSign Envelope ID: 5494AF8D-1CCB-41DA-A06F-A427A008E838