...Title
Approval of the Issuance of Multifamily Housing Revenue Refunding Bonds and the Loan of the Proceeds Thereof for the Refinancing of the La Moraga Apartments Development and Approving Other Related Documents.
...Recommendations
Adopt a resolution:
(a) Authorizing the issuance of tax-exempt multifamily housing revenue bonds designated as “City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments), Series 2025C” in a principal amount not to exceed $44,856,000 (2025C Bonds);
(b) Approving the loan of 2025C Bond proceeds to La Moraga San José, L.P., a California limited partnership, to refinance the outstanding multifamily housing revenue bonds issued by the City in 2012 that financed acquisition, construction, and development of a 275-unit multifamily development known as La Moraga Apartments located at 5822 Charlotte Drive in the City of San José;
(c) Approving in substantially final form a Trust Indenture, a Financing Agreement, an Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants, a Bond Purchase Agreement, a Preliminary Official Statement, an Assignment and Intercreditor Agreement and related documents (collectively, the 2025C Bond Documents); and
(d) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director of Finance - Debt and Treasury Management or their designees, to negotiate, execute and deliver the 2025C Bond Documents together with any documents ancillary to the 2025C Bond Documents for the issuance and sale of the 2025C Bonds and the loan of the proceeds thereof.
CEQA: Determination of Consistency with the Environmental Impact Report for the Hitachi Campus and Mixed-Use Transit Village Project, File No. PDC04-031 (Resolution No. 72772). Council District 2 (Finance/Housing)