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RESOLUTION NO. 2014-001 OF THE CHULA VISTA HOUSING AUTHORITY OF THE CITY OF CHULA VISTA AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS IN ONE OR MORE SERIES IN A CUMULATIVE AND AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8 MILLION FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF THE KIKU GARDENS (GARDEN VILLAS) HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO ISSUE THE BONDS, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE BONDS
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RECOMMENDED ACTION
Recommended Action
Authority adopt the resolution.
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SUMMARY
The City of Chula Vista received a request from C&C Development Group, dba RAHD Group ("Applicant") to consider the issuance of tax exempt obligations to finance the acquisition and rehabilitation of 100 existing affordable units at Kiku Gardens (Garden Villa) Apartments (the "Project"). The Project is located at 1260 Third Avenue in southwest Chula Vista. The rehabilitation will improve the property and extend the term of the affordable rents for 55 years. At this time, the Chula Vista Housing Authority is asked to approve the issuance, sale, and delivery of multi-family housing revenue bonds upon award of the bond allocation from the California Debt Limit Allocation Committee ("CDLAC").
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed Project for compliance with the California Environmental Quality Act (CEQA) and has determined that the Project is categorically exempt pursuant to Section 15301(Class 1[a]) (Existing Facilities) of the State CEQA Guidelines because the project is only for the issuance bonds, the acquisition and rehabilitation of an existing apartment development. Thus, no further environmental review is necessary.
BOARD/COMMISSION RECOMMENDATION
On November 13, 2013, the Housing Advisory Com...
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