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Resolution 14151CITY OF ALAMEDA RESOLUTION NO. 14151 APPROVING, AUTHORIZING, AND DIRECTING THE EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY WHEREAS, the City of Alameda, California (the "City"), has expressed an interest in participating in economic development, cultural and community development financing programs (the "Programs") in conjunction with the parties to that certain Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated January 1, 2004, (the "Agreement"); and WHEREAS, there is now before this City Council the form of the Agreement; and WHEREAS, the City proposes to participate in the Programs and desires that certain projects to be located within the City, including a proposed 39 unit multifamily rental housing project for a limited partnership to be established by Resources for Community Development, a California non-profit corporation, or an affiliate thereof, located at 401 Wilver "Willie" Stargell Avenue, Alameda, California, be financed pursuant to the Programs, and it is in the public interest and for the public benefit that the City do so; and WHEREAS, the City pledged up to $4 million dollars of local affordable housing funds on October 3, 2006, to facilitate the development of the proposed 39-unit multifamily rental housing project; and WHEREAS, the Agreement has been filed with the City, and the members of the City Council of the City, with the assistance of its staff, have reviewed said document. NOW, THEREFORE, be it resolved by the City Council ot the City of Alameda as follows: Section 1. The Agreement is hereby approved and the City Manager is hereby authorized and directed to execute said document, with such changes, insertions and omissions as may be approved by the City Manager, and the City Clerk or such Clerk's designee is hereby authorized and directed to affix the City's seal to said document and to attest thereto. Section 2. The City Manager, the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Section 3. The City Clerk of the City shall forward a certified copy of this Resolution and an originally executed Agreement to: Harriet M. Welch, Esq. Squire, Sanders & Dempsey LLP. 555 S. Flower Street, 31st Floor Los Angeles, CA 90071 -2300 Section 4. This resolution shall take effect immediately upon its passage. I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly adopted and passed by the Council of the City of Alameda during the Regular Meeting of the City Council on the 16th day of October 2007, by the following vote to wit: AYES: Councilmembers deHaan, Gilmore, Matarrese, Tam and Mayor Johnson - 5. NOES: None. ABSENT: None. ABSTENTIONS: None. IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 17th day of October, 2007. Lara Weisiger, City Clerk City of Alameda