2003-018RESOLUTION NO. 2003R-18
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTI-
FAMILY HOUSING REVENUE BONDS FOR THE SILVER PINES
APARTMENTS A MULTI-FAMILY HOUSING PROJECT AND
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Anaheim Housing Authority (the "Authority") is authorized to issue
and has expressed its intent to issue bonds (the "Bonds") to fin'ance the acquisition and
rehabilitation of a 261-unit multi-family housing project known as "Silver Pines Apartments"
located at 801 N. Loara Street (the "Project") to be owned by FF Development, L.P., a
California limited partnership (the "Developer"); and
WHEREAS, at least 40 percent of the units in the Project will be for occupancy by
persons and families whose household income does not exceed 60 percent of median
household income; and
WHEREAS, the Developer submitted to the Authority a tenant relocation plan for the
Project (the "Relocation Plan"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), prior to their issuance, the Bonds are required to be approved,
following a public hearing, by an elected representative of the issuer of the Bonds and an
elected representative of the governmental unit having jurisdiction over the area in which
the Project is located; and
WHEREAS, the Authority is made up of members who have been appointed but not
elected to their positions as Governing Board of the Authority, and the City of Anaheim (the
"City") is the next higher governmental unit with an applicable elected representative from
which the Authority derives its authority; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the
City; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, the City has caused a notice to be published in a newspaper of general
circulation in the City, at least two weeks prior to this meeting, to the effect that a public
hearing would be held by this City Council on February 4, 2003, regarding the issuance of
the Bonds by the Authority and the nature and location of the Project; and
WHEREAS, this City Council has conducted a public hearing on this date, at which
time an opportunity was provided to the public to present arguments both for and against
the issuance of the Bonds and the nature and location of the Project;
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
1. The above recitals, and each of them, are true and correct.
2. Pursuant to Section 147(f) of the Code, this City Council hereby approves the
issuance of the Bonds by the Authority to provide financing for the Project. It is the purpose
and intent of this City Council that this Resolution constitute approval of the issuance of the
Bonds by the applicable elected representative of the governmental unit having jurisdiction
over the area in which the Project is located, all in accordance with Section 147(f).
3. This City Council hereby approves the Relocation Plan for the Project.
4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED, this 4th day of February 2003.
CITY~NAH EI.,M~ ,,'
By: ~
ATTEST:
SHERYLL SCHROEDER, CITY CLERK
? SHERY~'L SCFII~OEDER
APPROVED AS TO FORM:
JA.~~~ORN EY~
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Silver Pines Apartments
2002 Affordable Housing Income Limits
Family Size · 50%Income 60%Income
1 26,450 31,750
2 30,250 36,300
3 34,000 40,850
4 37,800 45,350
5 40,800 49,000
6 43,850 52,600
7 46,850 56,250
8 49,900 59,900
Silver Pines Apartments
Existing and Proposed Rents
Current Gross Rents as of January 2003 Proposed Rents
Number Number of Units @ Number of Units
Unit Type of Units Current Rent 50% Rents* 60% Rents*
Studio 18 $815 to $750 3 @ $662 15 @ $794
1 Bedroom 1 Bath 76 $800 to $900 12 @ $709 84 @ $851
2 Bedroom 1 Bath 157 $550 to $1,200 24 @ $851 133 @ $1,021
2 Bedroom 2 Bath 2 $650 to $1,100 1 @ $851 1 @ $1,021
3 Bedroom 2 Bath 7 $1,025 to $1,350 1 @ $983 6 @ $1,179
Manager's Unit 1 $1,200
Total Units 261
* To be adjused for tenant-paid utilities
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Il
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, SHERYLL SCHROEDER, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 2003-18vas passed and adopted at the meeting of the City of
Anaheim held on the Fourth (~'~ day of February 2003, by the following vote of the
members thereof:
AYES: Chavez, Hernandez, ~Cracken, Pringle, Tait
NOES: Nolle
ABSENT: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said
Resolution No.2003R-18 on the Fourth (4th) day of February 2003.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this Fourth (4th) day
of February 2003.
/'~ity Cle~ of the City of Anaheim
(SEAL)
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