This resolution allows the City to issue up to $107.6 million in revenue notes to finance the construction of a 168-unit rental housing project called "Casa Adelante" at 1515 South Van Ness Avenue. It also approves various agreements related to the funding and regulatory aspects of the project.
Resolution authorizing the execution and delivery of multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $107,642,319 for the purpose of providing financing for the construction of a 168-unit multifamily rental housing project known as “Casa Adelante 1515 South Van Ness,” located at 1515 South Van Ness Avenue; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the funding loan from the funding lender to the City, and the execution and delivery of the notes; approving the form of and authorizing the execution of a project loan agreement providing the terms and conditions of the project loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants for the project; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the execution and delivery of residential mortgage revenue notes by the City in an aggregate principal amount not to exceed $107,642,319; approving modifications, changes, and additions to the documents; ratifying and approving any action heretofore taken in connection with the funding loan, the project loan, 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.
How it got here
The legislation originated from the need to finance the construction of a multifamily housing project at 1515 South Van Ness Avenue, prompted by prior city actions and approvals.
The Board adopted Resolution No. 009-23, allowing the Mayor to execute an Inducement Certificate for the project, declaring the intent to reimburse expenditures from future bonded indebtedness.
The Mayor approved the Inducement Certificate, enabling the submission of an application to the California Debt Limit Allocation Committee (CDLAC) for bond issuance.
The Mayor executed the Inducement Certificate for the Casa Adelante project, facilitating the next steps for financing.
CDLAC adopted Resolution No. 24-180, allocating $82,142,319 in qualified private activity bond volume cap for the project.
A public hearing was conducted to discuss the issuance of tax-exempt bonds for the project, fulfilling the public approval requirements of the Internal Revenue Code.
The Board adopted the resolution authorizing the execution and delivery of multifamily housing revenue notes for the Casa Adelante project, facilitating financing for the construction.
The Mayor approved the resolution, finalizing the authorization for the multifamily housing revenue notes.
Reconstructed from attached documents & the official record
