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City of San Leandro <br />Meeting Date: September 8, 2015 <br />Resolution - Council <br />Agenda Section:File Number:15-484 PUBLIC HEARINGS <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION Approving the Issuance of the California Municipal Finance <br />Authority Revenue Bonds, Series 2015, in an Aggregate Principal not to <br />Exceed $25,000,000 for the Purpose of Financing the Acquisition, <br />Rehabilitation, and Improvement and Equipping of Las Palmas, a 91-Unit <br />Affordable Multifamily Rental Housing Development to be Owned by a Limited <br />Partnership to Be Established by Eden Housing or Its Affiliate and Certain <br />Other Matters Relating Thereto <br />WHEREAS, LPSL LP, a California limited partnership, or another entity created by <br />Eden Housing, Inc. or an affiliate (Borrower), has requested that the California Municipal <br />Finance Authority (CMFA) participate in the issuance of one or more series of revenue bonds <br />in an aggregate principal amount not to exceed $25,000,000 (Bonds) for the acquisition, <br />rehabilitation, improvement and equipping of a certain 91-unit affordable multifamily rental <br />housing facility (currently known as Las Palmas Apartments) located at 15370 and 15375 <br />Tropic Court, San Leandro, California (Project) to be owned and operated by the Borrower <br />and located within the City of San Leandro; and <br />WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (Code), <br />the issuance of the Bonds by the CMFA must be approved by the City of San Leandro <br />because the Project is located within the territorial limits of the City of San Leandro; and <br />WHEREAS, the City Council of the City of San Leandro is the elected legislative body <br />of the City of San Leandro and is one of the “applicable elected representatives” required to <br />approve the issuance of the Bonds under Section 147(f) of the Code; and <br />WHEREAS, the CMFA has requested that the City of San Leandro approve the <br />issuance of the Bonds by CMFA in order to satisfy the public approval requirement of Section <br />147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers <br />Agreement Relating to the California Municipal Finance Authority, dated as of January 1, <br />2004, among certain local agencies, including the City of San Leandro; and <br />Page 1 City of San Leandro Printed on 9/2/2015