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San Jose Civic Gallery City Hall agenda intelligence

Matter 25-802

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.

Housing City Council Agenda Ready Introduced 29 Jul 2025
8 Documents on file 3.33 MB · 8 extracted · 8 AI summaries
File
25-802
Type
Strategic Support
Status
Agenda Ready
Requester
Unknown
Introduced
29 Jul 2025
Last synced
19 May 2026 · 03:55

The papers

8 documents · 3.33 MB
01 341 KB

Memorandum

341 KB Extracted AI Summary
file 2613ab93-4226-4f8c-a774-f94c19a7369b.pdf sha c26dedc06333 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

The memorandum discusses the approval for the issuance of tax-exempt multifamily housing revenue refunding bonds, designated as "City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments), Series 2025C," with a principal amount not to exceed $44,856,000. The bonds will refinance the outstanding multifamily housing revenue bonds issued in 2012 for the La Moraga Apartments development located at 5822 Charlotte Drive, San José. The proceeds will be loaned to La Moraga San Jose, L.P. to refinance the previous bonds. The memorandum outlines the structure of the bonds, the financing agreements, and the regulatory requirements for tax exemption. It also details the development's background, including its affordability restrictions and financing history.

Key points
  • Approval of the issuance of tax-exempt multifamily housing revenue refunding bonds.
  • Bonds designated as "City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments), Series 2025C".
  • Principal amount not to exceed $44,856,000.
  • Proceeds to refinance outstanding multifamily housing revenue bonds issued in 2012.
  • Development located at 5822 Charlotte Drive, San José, consisting of 275 units.
  • Affordability restrictions imposed for a period of 55 to 58 years.
  • Bonds will not be secured by the general taxing power of the City.
  • Financing documents include Trust Indenture, Financing Agreement, and Regulatory Agreement.
Limitations
  • The document appears to be a draft as indicated by the presence of placeholders and incomplete sections.
  • Certain sections are truncated, leading to incomplete information.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 34,277 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 8/12/25 25-802 3.8 FROM: Maria Öberg Erik L. Soliván DATE: July 21, 2025 Date: 7/22/25 COUNCIL DISTRICT: 2 SUBJECT: 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 RECOMMENDATION 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 Jose, 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...
02 693 KB

Trust Indenture

693 KB Extracted AI Summary
file bc4129ec-2085-445c-ab1b-742ce6271c21.pdf sha 97e44183e090 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This Trust Indenture is between the City of San Jose as Issuer and Computershare Trust Company, National Association as Trustee, relating to the issuance of $44,856,000 in Multifamily Housing Revenue Refunding Bonds for La Moraga Apartments, dated September 1, 2025. It outlines the definitions, bond issuance, payment terms, redemption provisions, funds and accounts, investments, representations, warranties, covenants, and the role of the Trustee. The document is marked as a draft and includes contact information for the City Clerk for the final document.

Key points
  • Trust Indenture between City of San Jose and Computershare Trust Company.
  • Relates to $44,856,000 Multifamily Housing Revenue Refunding Bonds for La Moraga Apartments.
  • Dated September 1, 2025.
  • Includes sections on definitions, bond issuance, payment terms, and redemption provisions.
  • Document is marked as a draft.
Limitations
  • The document is a draft and not finalized.
  • Certain sections are reserved or contain placeholders without filled values.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 242,895 chars
Fixed Rate to Maturity Direct Pay (Immediate) TRUST INDENTURE between CITY OF SAN JOSE, as Issuer and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee relating to $44,856,000 City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C Dated as of September 1, 2025 DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. TABLE OF CONTENTS Page ARTICLE I Section 1.1 Section 1.2 DEFINITIONS AND INTERPRETATION................................4 Definitions ........................................................................................4 Rules of Construction .....................................................................21 ARTICLE II Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 2.5 Section 2.6 Section 2.7 Section 2.8 Section 2.9 Section 2.10 Section 2.11 Section 2.12 Section 2.13 Section 2.14 Section 2.15 Section 2.16 THE BONDS ................................................................................21 Authorized Amount of Bonds ........................................................21 Issuance of Bonds...
03 241 KB

Financing Agreement

241 KB Extracted AI Summary
file cb6a68e6-2708-4eb1-918a-9f455ad90469.pdf sha da8825010583 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This Financing Agreement is between the City of San Jose as Issuer, Computershare Trust Company as Trustee, and La Moraga San Jose L.P. as Borrower. It relates to the issuance of $44,856,000 in Multifamily Housing Revenue Refunding Bonds for the La Moraga Apartments project. The agreement outlines the loan amount, obligations of the borrower, and various terms related to fees, costs, and security instruments. The document appears to be a draft.

Key points
  • Parties involved: City of San Jose (Issuer), Computershare Trust Company (Trustee), La Moraga San Jose L.P. (Borrower).
  • Total loan amount: $44,856,000 for the La Moraga Apartments project.
  • The agreement includes sections on loan terms, borrower obligations, and payment of fees.
  • The document is dated as of September 1, 2025.
Limitations
  • The document is marked as a draft, indicating it may not be finalized.
  • There are unresolved placeholders and sections that are incomplete or truncated.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 52,981 chars
Fixed Rate Immediate FINANCING AGREEMENT Among CITY OF SAN JOSE, as Issuer and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and LA MORAGA SAN JOSE L.P., A CALIFORNIA LIMITED PARTNERSHIP, as Borrower relating to $44,856,000 City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C Dated as of September 1, 2025 DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. TABLE OF CONTENTS Page ARTICLE I INCORPORATION OF RECITALS, DEFINITIONS AND RULES OF CONSTRUCTION ............................................................................................................... 1 SECTION 1.1 Incorporation of Recitals ........................................................................... 1 SECTION 1.2 Definitions ................................................................................................. 1 SECTION 1.3 Rules of Construction ................................................................................ 1 ARTICLE II THE LOAN ................................................................................................................. 1 SECTION 2.1...
04 260 KB

Amended and Restated Bond Regulatory Agreement.pdf

260 KB Extracted AI Summary
file 3ba97773-0c7c-491f-9a23-cb15fe751085.pdf sha 26d6bf863de2 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This document is an Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants involving the City of San Jose, Computershare Trust Company, and La Moraga San Jose L.P. It relates to the issuance of Multifamily Housing Revenue Refunding Bonds for the La Moraga Apartments project. The agreement amends a prior regulatory agreement from 2012 and outlines various definitions, covenants, and requirements related to the project and the bonds.

Key points
  • The agreement is made among the City of San Jose, Computershare Trust Company, and La Moraga San Jose L.P.
  • It amends and restates a previous regulatory agreement dated September 1, 2012.
  • The agreement is related to the City of San Jose Multifamily Housing Revenue Refunding Bonds for the La Moraga Apartments project.
  • The document includes a table of contents with multiple sections detailing definitions, covenants, and requirements.
Limitations
  • The document appears to be a draft, as indicated by multiple 'DRAFT' notations.
  • Specific dates, votes, dollar amounts, and outcomes are not provided.
  • Certain sections of the document are truncated and incomplete.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 109,439 chars
RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Anzel Galvan LLP 595 Pacific Avenue, 4th Floor San Francisco, CA 94133 Attention: Josh Anzel, Esq. AMENDED AND RESTATED REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS By and Among CITY OF SAN JOSE, as Issuer COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and LA MORAGA SAN JOSE L.P., A California Limited Partnership ________________________ Dated as of September 1, 2025 ________________________ Relating to: CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (LA MORAGA APARTMENTS) SERIES 2025C DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. Amending and restating that certain Regulatory Agreement and Declaration of Restrictive Covenants, dated as of September 1, 2012, by and among the City of San José, as issuer, Computershare Trust Company, National Association, as successor-in-interest to Wells Fargo Bank, National Association, as trustee, and La Moraga San Jose L.P, a California limited partnership. 2 DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. TABLE OF CONTENTS...
05 389 KB

Bond Purchase Agreement

389 KB Extracted AI Summary
file eaf5793d-3852-4bc5-b3a4-ca4049d55307.pdf sha b1499a18e140 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This document is a Bond Purchase Agreement involving Stifel, Nicolaus & Company, Incorporated, the City of San José, and La Moraga San Jose L.P. It pertains to the issuance of $44,856,000 in Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C. The agreement outlines the terms for the sale and purchase of the bonds, including definitions, purchase and sale conditions, issue price, closing details, and representations from the issuer and borrower. The document is marked as a draft.

Key points
  • The agreement is dated August ___, 2025.
  • It involves Stifel, Nicolaus & Company, Incorporated, the City of San José, and La Moraga San Jose L.P.
  • The bonds total $44,856,000 and are for the La Moraga Apartments.
  • The document includes sections on definitions, purchase and sale, issue price, closing, and representations.
  • It is marked as a draft and advises contacting the Office of the City Clerk for the final document.
Limitations
  • The document contains unresolved placeholders such as the exact date in August 2025 and the amount for the Underwriter's Advance.
  • The text is truncated and does not provide complete information on all sections.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 105,516 chars
BOND PURCHASE AGREEMENT Dated August ___, 2025 by and among STIFEL, NICOLAUS & COMPANY, INCORPORATED, CITY OF SAN JOSÉ and LA MORAGA SAN JOSE L.P. Relating to: $44,856,000 City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. TABLE OF CONTENTS Page Section 1. Definitions and Background. .............................................................................................. 1 Section 2. Purchase and Sale. .............................................................................................................. 1 Section 3. Issue Price. .......................................................................................................................... 2 Section 4. Closing. ............................................................................................................................... 2 Section 5. Official Statement; Disclosure Matters. .............................................................................. 2 Section 6. Representations of the Issuer....
06 1010 KB

Preliminary Official Statement

1010 KB Extracted AI Summary
file dc8f36fe-bea1-497e-8d71-ee3da6f5f448.pdf sha a935167ca9ba source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This Preliminary Official Statement provides information regarding the City of San José's Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C. The bonds are being issued under a Trust Indenture and are secured by a loan and other resources. The interest on the bonds is excludable from federal income tax under certain conditions. The bonds are offered in book-entry form and will bear interest payable semi-annually. The document is subject to revision and is not an offer to sell or a solicitation to buy the bonds until the final Official Statement is delivered.

Key points
  • The bonds are issued by the City of San José for La Moraga Apartments.
  • The total amount of the bonds is $44,856,000.
  • Interest on the bonds is exempt from federal income tax under certain conditions.
  • The bonds are secured by a loan and other resources as described in the Trust Indenture.
  • The bonds will be available in book-entry form and interest will be paid semi-annually.
  • This document is a Preliminary Official Statement and is subject to change.
Limitations
  • The document contains unresolved placeholders such as the interest rate, CUSIP number, and certain dates.
  • The document is marked as a draft and may not contain final information.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 377,288 chars
This Preliminary Official Statement and certain of the information contained herein is in a form deemed final for purposes of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (except for the omission of certain information permitted to be omitted under Rule 15c2-12(b)(1)). The information herein is subject to revision, completion or amendment in a final Official Statement. The Bonds may not be sold, nor may an offer to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. PRELIMINARY OFFICIAL STATEMENT DATED AUGUST ___, 2025 RATING: Moody’s: “[Aa1]” (See “RATING” herein) BOOK-ENTRY ONLY In the opinion of Anzel Galvan LLP, Bond Counsel, under existing law and subject to certain qualifications described herein, the interest on the Bonds is excludable from gross income for federal income tax...
07 333 KB

Assignment and Intercreditor Agreement.pdf

333 KB Extracted AI Summary
file 5f7fcd6d-6200-4071-9851-32afd3cf6a01.pdf sha 6345ccbaa5b6 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This document is a draft of the Assignment and Intercreditor Agreement among the City of San Jose, Computershare Trust Company, and Fannie Mae, concerning the issuance of multifamily housing revenue refunding bonds to fund a mortgage loan for the acquisition and renovation of a multifamily housing apartment building in Santa Clara County. It outlines the assignment of rights related to the loan and the roles of the parties involved, including the responsibilities of Fannie Mae and the Trustee.

Key points
  • The agreement is between the City of San Jose, Computershare Trust Company, and Fannie Mae.
  • It concerns the issuance of bonds to fund a mortgage loan for a multifamily housing project.
  • The document includes provisions for the assignment of rights and responsibilities related to the loan.
  • Fannie Mae has exclusive rights to service the loan and manage the assigned rights.
  • The agreement includes sections on the transfer of assigned rights, loan servicing, and control of assigned rights.
Limitations
  • The document is a draft and contains placeholders such as [DATE] that are not filled in.
  • Specific details regarding the bonds, loan amounts, and other financial terms are not provided.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 70,580 chars
AFS Draft 7/21/2025 ASSIGNMENT AND INTERCREDITOR AGREEMENT THIS ASSIGNMENT AND INTERCREDITOR AGREEMENT (“Assignment”) dated as of [DATE] is among CITY OF SAN JOSE, a municipal corporation and chartered city, duly organized and existing under the Constitution and laws of the State of California (“Issuer”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION (“Trustee”), not in its individual or corporate capacity, but solely as Trustee under the Indenture (as hereinafter defined), and FANNIE MAE (“Fannie Mae”), a corporation organized and existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. § 1716, et seq., as amended and is acknowledged, accepted and agreed to by LA MORAGA SAN JOSE L.P., a California limited partnership (“Borrower”). RECITALS A. Borrower has requested Issuer to issue its City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C (“Bonds”) and lend the proceeds of the Bonds to Borrower in the form of a mortgage loan (“Loan”). B. Issuer is issuing and selling the Bonds under the Trust Indenture dated as of August 1, 2025 (the “Indenture”), between the Issuer and the Trustee, and depositing the proceeds...
08 134 KB

Resolution

134 KB Extracted AI Summary
file 5c7c5b17-b366-4396-b83b-9d06b21928b1.pdf sha 95cb6a91b85f source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This document is a draft resolution from the City of San José authorizing the issuance of tax-exempt multifamily housing revenue refunding bonds, designated as "City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C". The resolution allows for the issuance of bonds up to $44,856,000 to refinance existing bonds from 2012 that financed the La Moraga Apartments project. It includes provisions for the approval of various related documents and authorizes city officials to execute necessary agreements and actions related to the bond issuance.

Key points
  • The resolution authorizes the issuance of tax-exempt multifamily housing revenue refunding bonds.
  • The bonds are designated as "City of San José Multifamily Housing Revenue Refunding Bonds (La Moraga Apartments) Series 2025C".
  • The aggregate principal amount of the bonds will not exceed $44,856,000.
  • The proceeds will be used to refinance the outstanding multifamily housing revenue bonds issued in 2012.
  • The resolution approves various related documents, including a trust indenture and financing agreement.
  • City officials are authorized to negotiate and execute the necessary documents for the bond issuance.
Limitations
  • The document appears to be a draft and contains placeholders for dates and votes that are not filled in.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 14,788 chars
NVF:JGH:CEG 7/23/2025 RESOLUTION NO. _____ A RESOLUTION OF THE CITY OF SAN JOSE (A) AUTHORIZING THE ISSUANCE OF TAX-EXEMPT MULTIFAMILY HOUSING REVENUE REFUNDING BONDS DESIGNATED AS “CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (LA MORAGA APARTMENTS) SERIES 2025C” (THE “2025C BONDS”), IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $44,856,000; (B) APPROVING THE LOAN OF 2025C BOND PROCEEDS TO LA MORAGA SAN JOSE 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 SAN JOSE; (C) APPROVING IN SUBSTANTIALLY FINAL FORM A TRUST INDENTURE, A FINANCING AGREEMENT, AN AMENDED AND RESTATED REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS, AN ASSIGNMENT AND INTERCREDITOR AGREEMENT, A BOND PURCHASE AGREEMENT AND A PRELIMINARY OFFICIAL STATEMENT, 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,...