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A. RESOLUTION NO. 2018-082 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF MULTI-FAMILY HOUSING REVENUE BONDS OF THE CHULA VISTA HOUSING AUTHORITY FOR TROLLEY TERRACE AND CORDOVA VILLAGE AFFORDABLE APARTMENTS
B. RESOLUTION NO. 2018-003 OF THE CHULA VISTA HOUSING AUTHORITY REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR A PROPOSED ACQUISITION AND REHABILITATION OF EXISTING AFFORDABLE UNITS AT TROLLEY TERRACE AND CORDOVA VILLAGE AFFORDABLE APARTMENTS
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RECOMMENDED ACTION
Recommended Action
Council conduct the public hearing, adopt resolution A, and Authority adopt resolution B.
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SUMMARY
The City of Chula Vista has received a request from South Bay Community Services ("Project Sponsor") on behalf of Cordova Village L.P. and Trolley Terrace L.P. to consider the issuance of tax exempt obligations to finance the acquisition and rehabilitation of 58 existing affordable units at Trolley Terrace and Cordova Village Apartments (The "Project"). The Project is located at 750 ADA Street and 1280 East J Street. The rehabilitation would improve the properties and extend the term of the affordable rents for 55 years (currently scheduled to expire in 2018).
ENVIRONMENTAL REVIEW
Environmental Notice
Environmental Notice
The Project qualifies for a Class 1 Categorical Exemption pursuant to Section 15301 Existing Facilities of the California Environmental Quality Act State Guidelines because it involves the rehabilitation of existing facilities which would not result in an expansion of the existing uses.
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Environmental Determination
The Project qualifies for a Class 1 Categorical Exemption pursuant to Section 15301 Existing Facilities of the California Environmental Quality Act State Guidelines because it involves the rehabilitation of existing facilities which would not result in an expansion of the existing uses.
BOARD/COMMISSION RECOMMENDATION
On April 25, 2018, the Housing Advisory ...
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