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File #: 230376    Version: 1 Name: Multifamily Housing Revenue Notes - Sunnydale HOPE SF Block 3A - Not to Exceed $68,761,006
Type: Resolution Status: Passed
Introduced: 4/4/2023 In control: Clerk of the Board
On agenda: Final action: 5/3/2023
Enactment date: 5/3/2023 Enactment #: 200-23
Title: Resolution authorizing the execution and delivery of a multifamily housing revenue note (tax-exempt) in a principal amount not to exceed $43,761,006 and a multifamily housing revenue note (taxable) in an aggregate principal amount not to exceed $25,000,000 for the purpose of providing financing for the construction of a 80-unit multifamily rental housing project known as “Sunnydale HOPE SF Block 3A,” for a total amount not to exceed $68,761,006; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the loan from the funding lender identified therein to the City and for the execution and delivery of the notes; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; approving the form of and authorizing the execution of an assignment of deed of trust and loan documents; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance, execution and delivery of residential mortgage revenue bonds by the City in an aggregate principal amount not to exceed $53,000,000 (tax-exempt); approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the notes and the project; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters, as defined herein.
Sponsors: Mayor, Shamann Walton, Rafael Mandelman, Ahsha Safai, Dean Preston
Attachments: 1. Leg Ver1, 2. DRAFT Borrower Loan Agrmt, 3. DRAFT Funding Loan Agrmt, 4. DRAFT Regulatory Agrmt, 5. TEFRA Hearing Minutes 121322, 6. TEFRA Public Hrg Ntce 120522, 7. TEFRA Ntce Proof of Pub 121422, 8. Cert of TEFRA Pub 121322, 9. CDLAC Reso No. 22-274 113022, 10. BOS Reso No. 306-22 070822, 11. Project Description, 12. Public Disclosure Rpt, 13. Form 126, 14. MOHCD Presentation 041923, 15. Cmte Pkt 041923, 16. Board Pkt 042523, 17. Form 126 Final, 18. Leg Final, 19. Executed Borrower Loan Agrmt, 20. Executed Funding Loan Agrmt, 21. Executed Regulatory Agrmt and Declaration of Restrictive Covenants
Legislation Details
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