This resolution allows the city to issue a revenue note for up to $32.1 million to finance the construction of a 55-unit affordable rental housing project called "Golden Gate Avenue Phase 1 LIHTC." It also approves various agreements and authorizes city officials to take necessary actions to implement the financing.
Resolution authorizing the execution and delivery of a multifamily housing revenue note in one or more series in an aggregate principal amount not to exceed $32,132,689 for the purpose of providing financing for the construction of a 55-unit multifamily rental housing project known as “Golden Gate Avenue Phase 1 LIHTC”; 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 note; 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 related documents; authorizing the collection of certain fees; approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the note 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.
How it got here
The legislation originated from the need to finance the construction of a 55-unit affordable housing project at 750 Golden Gate Avenue, prompted by the Mayor's declaration of intent and subsequent approval from the California Debt Limit Allocation Committee.
The Mayor executed a Declaration of Official Intent to reimburse certain project expenditures from proceeds of future tax-exempt multifamily housing revenue bonds and authorized the submission of an application to CDLAC.
CDLAC allocated an amount not to exceed $31,132,689 in qualified private activity tax-exempt bond allocation cap to the Golden Gate Avenue Phase 1 project.
The City published a notice for a public hearing regarding the issuance of tax-exempt multifamily housing revenue bonds for the project, scheduled for August 28, 2024.
A public hearing was held to gather comments on the proposed issuance of bonds for the project, with no public comments received.
The Budget and Finance Committee recommended the resolution authorizing the execution and delivery of the multifamily housing revenue note.
The Board of Supervisors adopted the resolution authorizing the execution and delivery of the multifamily housing revenue note for the project.
The Mayor approved the resolution, allowing the financing for the construction of the Golden Gate Avenue Phase 1 project.
Reconstructed from attached documents & the official record
