AgdaPkt 2016-09-12 Closed and Joint SA PFA

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ATTY/RESO.0078/CC RESO TEFRA- ANTON REDWOOD APARTMENTS REV: 08-29-16 RL Page 1 of 2 RESOLUTION ______ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $110,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND CONSTRUCTION OF ANTON REDWOOD APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, a limited partnership to be formed by Anton Development Company (the “Developer”), consisting at least of the Developer or a related person to the Developer and one or more limited partners, has requested that the California Public Finance Authority (the “Authority”) participate in the issuance of one or more series of revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an aggregate principal amount not to exceed $110,000,000 (the “Bonds”) for the acquisition, construction, improvement and equipping of a 250-unit multifamily rental housing project located at 801 Brewster Avenue, Redwood City, California, generally known as Anton Redwood Apartments (the “Project”) and operated by Anton Residential Corporation; and WHEREAS, the Project is located within the City of Redwood City (the "City"); and WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to Section 12 of the Joint Exercise of Powers Agreement (the "Agreement") relating to the California Public Finance Authority; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council”) is the elected legislative body of the City and is the applicable elected representative under Section 147(f) of the Code; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; and WHEREAS, the City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of the Bonds, and said City Council expressly conditions its approval of this Resolution on that understanding. 7.C. - Page 4