city of Chula Vista

File #: 14-0684    Name: Bond Issuance for Development of Millenia Affordable Apartments
Type: Public Hearing Status: Passed
In control: City Council
On agenda: 12/16/2014 Final action: 12/16/2014
Title: CONSIDERATION OF THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS WITH RESPECT TO PROPOSED FINANCING OF THE DEVELOPMENT OF A 126-UNIT SENIOR AND 84-UNIT AFFORDABLE HOUSING DEVELOPMENT IN THE MILLENIA COMMUNITY A. RESOLUTION NO. 2014-256 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA FOR MILLENIA SENIOR AFFORDABLE APARTMENTS B. RESOLUTION NO. 2014-006 OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR A PROPOSED DEVELOPMENT OF THE MILLENIA SENIOR AFFORDABLE APARTMENTS C. RESOLUTION NO. 2014-257 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA FOR MILLENIA AFFORDABLE APARTMENTS D. RESOLUTION NO. 2014-007 OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA REGARDING ITS I...
Sponsors: Leilani Hines
Attachments: 1. Item 17 - Attachment 1, 2. Item 17 - Attachment 2, 3. Item 17 - Resolution A, 4. Item 17 - Resolution B, 5. Item 17 - Resolution C, 6. Item 17 - Resolution D, 7. Item 17 - Presentation
Related files: 15-0672
Title
CONSIDERATION OF THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS WITH RESPECT TO PROPOSED FINANCING OF THE DEVELOPMENT OF A 126-UNIT SENIOR AND 84-UNIT AFFORDABLE HOUSING DEVELOPMENT IN THE MILLENIA COMMUNITY

A. RESOLUTION NO. 2014-256 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA FOR MILLENIA SENIOR AFFORDABLE APARTMENTS

B. RESOLUTION NO. 2014-006 OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR A PROPOSED DEVELOPMENT OF THE MILLENIA SENIOR AFFORDABLE APARTMENTS

C. RESOLUTION NO. 2014-257 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA FOR MILLENIA AFFORDABLE APARTMENTS

D. RESOLUTION NO. 2014-007 OF THE HOUSING AUTHORITY OF THE CITY OF CHULA VISTA REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR A PROPOSED DEVELOPMENT OF THE MILLENIA AFFORDABLE APARTMENTS

Body
RECOMMENDED ACTION
Recommended Action
Council conduct the public hearing, and adopt resolutions A and C; Authority adopt resolutions B and D.

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SUMMARY
Chelsea Investment Corporation (CIC) and McMillin Land Development have proposed the development and construction of a 126-unit and 84-unit affordable housing development for low income senior and family households, respectively, known as Millenia Senior and Family Affordable Apartments ("Project"). The Project is located near the southwest corner of Birch Road and Eastlake Parkway within the Otay Ranch Eastern Urban Center (EUC and also known as Millenia) master planned community. To finance the Project, CIC is requesting that the Housing Authority of the City of Chula Vista be the conduit bond issuer for an aggregate amount of $38 million in tax exempt private activity bonds for multifamily pro...

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