RES-2011-170 RESOLUTION NO. 2011 - 170
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM PURSUANT TO SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986 APPROVING THE
ISSUANCE OF BONDS BY THE ANAHEIM HOUSING
AUTHORITY FOR THE MIRACLE TERRACE APARTMENTS
WHEREAS, the Anaheim Housing Authority (the "Authority ") intends to issue not to
exceed $14,500,000 aggregate principal amount of multifamily housing revenue bonds (the
"Bonds ") to finance the acquisition. development and rehabilitation of a 179 -unit multifamily
rental housing development known generally as "Miracle Terrace," located at 225 South Western
Avenue, in the City of Anaheim described in the notice of public hearing attached as Exhibit A
hereto (the "Project "); and
WHEREAS, in order for interest on the Bonds to be tax - exempt, Section 147(f) of the
Internal Revenue Code of 1986 requires that the Bonds be approved by the City Council as the
applicable elected representatives after a public hearing following reasonable public notice; and
WHEREAS, notice of a public hearing with respect to the proposed issuance of the
Bonds was published in a newspaper of general circulation in the City on November 21. 2011;
and
WHEREAS, the public hearing was held on December 6, 2011, and an opportunity was
provided for interested persons to express their views on the issuance of the Bonds and on the
nature and location of the Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City does not warrant the creditworthiness of the Bonds or guarantee,
in any way, the payment of the Bonds. No moneys of the City will be pledged or applied to the
repayment of the Bonds.
Section 2. This City Council, as the applicable elected representatives under Section
147(f) of the Code, approves the issuance of the Bonds by the Authority.
THE FOREGOING RESOLUTION is passed, approved and adopted by the city council of the
City of Anaheim this 6th of t , 2011, by the following roll -call vote:
AYES: Mayor Tait, Council Members Sidhu, Eastman, Galloway and Murray
NOES: None
ABSTAIN: None
ABSENT: None
I /
M YOR
ATTEST:
87297
EXHIBIT A
NOTICE OF PUBLIC HEARING
ANAHEIM CITY COUNCIL
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on Tuesday,
December 6, 2011, at the hour of 5:30 p.m. at the City Council Chambers, 200 South Anaheim
Boulevard, Anaheim, California 92802, will hold a public hearing in accordance with Section
147(f) of the Internal Revenue Code of 1986 with respect to the proposed issuance by the
Anaheim Housing Authority of its multifamily housing revenue bonds in an aggregate principal
amount not to exceed $14,500,000, in order to finance the acquisition, development and
rehabilitation of the multifamily rental housing project described below:
Name: Miracle Terrace
Location: 225 South Western Avenue, Anaheim, CA
Number of Units: 179
Maximum Bond Amount: $14,500,000
The owner or operator of the Project will be Wasatch Advantage Group, LLC, or its assigns. A
total of 179 units in the project are to be income and rent restricted with 84 units to be occupied
by very low- income tenants at affordable rents and an additional 95 units to be occupied by low -
income tenants at affordable rents.
The Bonds will be limited obligations of the Authority, and shall not constitute a debt or
obligation of the City of Anaheim, the County of Orange or the State of California, or any other
public body, or to be in any way payable from taxes or other public funds. This notice only
concerns the hearing as required under Section 147(f) in connection with the issuance of the
Bonds by the Authority.
Notice is further given that at said hearing, all interested parties will have an opportunity to be
heard on the question of whether or not such multifamily housing revenue bonds should be
issued. If you have any questions regarding the public hearing, please contact Luis Torrico,
Project Manager, at (714) 765 -4539.