Reso 2025-150 Issuance of Bonds (Woodchase)

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2025-150 RESOLUTION TO APPROVE THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY QUALIFIED 501(C)(3) BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $80,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF WOODCHASE APARTMENT HOMES LOCATED AT 2795 SAN LEANDRO BOULEVARD AND CERTAIN OTHER MATTERS RELATING THERETO (BY A NONPROFIT, STEP UP HOUSING, FOR CONVERSION TO PRIMARILY AFFORDABLE RENTAL HOUSING) WHEREAS, Step Up Housing, a California nonprofit public benefit corporation through a special purpose entity (together, the “Borrower”) has requested that the California Municipal Finance Authority (the “Authority”) adopt a plan of financing providing for the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 (the “Code”) in one or more series issued from time to time, including bonds issued to refund such qualified 501(c)(3) bonds in one or more series from time to time, and at no time to exceed $80,000,000 in aggregate principal amount (the “Bonds”), to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project located at 2795 San Leandro Boulevard, San Leandro, California (the “Project”); and WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of San Leandro (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 one of the “applicable elected representatives” required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City; 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 public hearing was held on November 17, 2025, and an opportunity was provided for interested persons to express their views on the issuance of the Bonds and on the nature and location of the Project; and NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows: Section 1. The foregoing recitals are true and correct.