Loading...
HomeMy WebLinkAbout2025-01-28 - RESOLUTIONS - BOND ISSUANCE APPROVED ISF ATIVO HOLDINGS LLCRESOLUTION NO.25-4 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE ISSUANCE BY THE (1) CALIFORNIA PUBLIC FINANCE AUTHORITY OF REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $130,000,000, AND (II) ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY OF REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $170,000,000, TO BENEFIT ISF ATIVO HOLDINGS LLC AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, ISF Ativo Holdings LLC (Borrower), the sole member of which is Integrated Senior Foundation, an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (Code), has requested that the California Public Finance Authority (CalPFA) provide for the issuance of its bonds, including qualified 501(c)(3) bonds as defined in Section 145 of the Code, for a rental senior living community, in one or more series issued from time to time, including any bonds issued to refund such bonds, in an aggregate principal amount not to exceed $130,000,000 (California Bonds); and WHEREAS, the Borrower has also requested that the Arizona Industrial Development Authority (AZIDA) provide for the issuance of its bonds, including qualified 501(c)(3) bonds as defined in Section 145 of the Code, for a rental senior living community, in one or more series issued from time to time, including any bonds issued to refund such bonds, in an aggregate principal amount not to exceed $170,000,000 (the Arizona Bonds and, together with the California Bonds, the Bonds); and WHEREAS, the Borrower intends to use all of the proceeds of the California Bonds and a portion of the proceeds of the Arizona Bonds (in an amount not to exceed $20,000,000) to (1) finance or reimburse the costs of acquisition, construction, expansion, remodeling, renovation, improvement, furnishing, and/or equipping of a rental senior living community to be located at 16330 Village Way, Santa Clarita, California (Facility); (2) pay certain expenses incurred in connection with the issuance of the Bonds; (3) pay capitalized interest on the Bonds; (4) fund one or more debt service reserves with respect to the Bonds; and (5) fund related working capital costs (Project); and WHEREAS, the Facility will be owned by ISF Ativo Santa Clarita LLC, the sole member of which is the Borrower; and WHEREAS, the Facility will be located within the City of Santa Clarita (City), and the Project will benefit the City by providing needed housing options (and related support services) for seniors and by promoting the health, safety and general welfare of its residents; and WHEREAS, the City is an Additional Member of CalPFA pursuant to Section 12 of the Joint Exercise of Powers Agreement (Agreement) relating to CalPFA; and WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the California Bonds by CalPFA and the Arizona Bonds by AZIDA must be approved by the City because the Project is located within the territorial limits of the City; and Page 1 of 3 WHEREAS, the City Council of the City (City Council) is the elected legislative body of .. the City and is the applicable elected representative under Section 147(f) of the Code; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the California Bonds by CalPFA and the issuance of the Arizona Bonds by AZIDA; and WHEREAS, the City Council understands that its actions in holding this public hearing and in approving this resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of the Bonds, and said City Council expressly conditions its approval of this resolution on that understanding. NOW THEREFORE, the City Council of the City of Santa Clarita, California, does hereby resolve as follows: SECTION 1. The City Council hereby approves the issuance of the California Bonds by CalPFA and the issuance of the Arizona Bonds by AZIDA for the purposes of financing the Project. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the California Bonds by CalPFA and the issuance of the Arizona Bonds by AZIDA for the purpose of Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located. one SECTION 2. The officers of the City Council are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. Any actions heretofore taken by such officers are hereby ratified and approved. SECTION 3. The City Council expressly conditions its approval of this resolution on its understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with CalPFA's issuance of the California Bonds and AZIDA's issuance of the Arizona Bonds for the financing of the Project. SECTION 4. The City Council's approval pursuant to this resolution of the issuance of the Bonds does not constitute any other approval by any commission or agency of the City with respect to any other City regulatory or other requirements in connection with the Facility. SECTION 5. This Resolution shall take effect from and after its passage and approval. SECTION 6. The City Clerk shall certify to the adoption of this resolution. PASSED, APPROVED, AND ADOPTED this 28' day of January 2025. Page 2 of 3 MAYOR ATTEST: CITY CLEW- OL DATE:` STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution No. 25-4 was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 28 h day of January 2025, by the following vote. AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: Weste, Ayala, McLean, Gibbs, Miranda None None None Ll"'Vozz�v CITY CLERK Page 3 of 3