city of Chula Vista

File #: 20-0413    Name: Otay Ranch Apartments-Affordable Housing
Type: Consent Item Status: Passed
In control: City Council
On agenda: 11/3/2020 Final action: 11/3/2020
Title: A. RESOLUTION NO. 2020-005 OF THE CHULA VISTA HOUSING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF ITS TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $35,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE OTAY RANCH APARTMENTS MULTIFAMILY RENTAL HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO EXECUTE AND DELIVER THE NOTES, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE NOTES B. RESOLUTION NO. 2020-249 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS AND DEED OF TRUST BY AND BETWEEN THE CITY OF CHULA VISTA AND OTAY RANCH AFFORDABLE I V8, LP TO PROVIDE 175 RESIDENTIAL UNITS IN OTAY RANCH VILLAGE 8 WEST TO BE OPERATED AS AFFORDABLE RENTAL HOUSING FOR VERY-LOW AND LOW-INCOME HOUSEHOLDS IN SATISFACTION O...
Indexes: 2. Economic Vitality
Attachments: 1. Agenda Statement, 2. Resolution A, 3. Resolution B, 4. Attachment 1, 5. Attachment 2, 6. Attachment 3, 7. Attachment 4, 8. Attachment 5, 9. Attachment 6, 10. Attachment 7, 11. Attachment 8, 12. Attachment 9
Related files: 19-0461, 20-0453

TITLE

A.                     RESOLUTION NO. 2020-005 OF THE CHULA VISTA HOUSING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF ITS TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $35,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE OTAY RANCH APARTMENTS MULTIFAMILY RENTAL HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO EXECUTE AND DELIVER THE NOTES, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE NOTES

 

B.                     RESOLUTION NO. 2020-249 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS AND DEED OF TRUST BY AND BETWEEN THE CITY OF CHULA VISTA AND OTAY RANCH AFFORDABLE I V8, LP TO PROVIDE 175 RESIDENTIAL UNITS IN OTAY RANCH VILLAGE 8 WEST TO BE OPERATED AS AFFORDABLE RENTAL HOUSING FOR VERY-LOW AND LOW-INCOME HOUSEHOLDS IN SATISFACTION OF THE CITY’S BALANCED COMMUNITIES POLICY

 

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RECOMMENDED ACTION

Recommended Action

Authority adopt resolution A and Council adopt resolution B.

 

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ENVIRONMENTAL NOTICE

Environmental Notice

The Project was adequately covered in previously certified Final Environmental Impact Report (FEIR 10-03)- SCH No. 2010062093 for Otay Ranch Village 8 West Sectional Planning Area (SPA) and Tentative Map.