Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Notes and the Loan of Proceeds Thereof and Approving Related Documents for the Kooser Apartments.
HousingCity CouncilAgenda ReadyIntroduced 27 May 2025
7Documents on file
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This memorandum outlines the approval for the issuance of tax-exempt multifamily housing revenue bonds to finance the Arcade, an affordable housing project in San José. The bonds, designated as Series 2025A-1 and Series 2025A-2, will collectively amount to a maximum of $73,708,167. The funds will be loaned to Kooser Apartments, L.P. for the development of a 191-unit multifamily project at 1371 Kooser Road, which will include affordability restrictions for at least 55 years. The memorandum includes recommendations for the City Council to adopt a resolution authorizing the issuance of the bonds and approving related documents.
Key points
The memorandum is addressed to the Mayor and City Council regarding the Arcade affordable housing project.
The total amount of tax-exempt multifamily housing revenue bonds proposed is up to $73,708,167.
The project will consist of 191 units, with 189 units restricted to lower-income households.
Construction is expected to begin in June 2025 and be completed by December 2027.
The bonds will be sold to the public through Lument Securities, LLC.
The financing will be structured with a combination of tax-exempt bonds and a construction loan from Bank of America.
Limitations
The document contains placeholders and unresolved sections, such as specific dates and funding amounts.
The text appears to be truncated, which may limit the completeness of the information provided.
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Extracted text preview · 33,791 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 6/10/25 25-650 3.5 FROM: Erik L. Soliván Maria Öberg DATE: May 19, 2025 Date: 5/20/25 COUNCIL DISTRICT: 9 SUBJECT: Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Bonds and the Loan of the Proceeds thereof for the Financing of Arcade, an Affordable Housing Project, and Related Documents RECOMMENDATION Adopt a resolution: (a) Authorizing the issuance of (1) tax-exempt multifamily housing revenue bonds designated as “City of San José Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) (Arcade), Series 2025A-1” and (2) tax-exempt multifamily housing revenue bonds designated as “City of San José Multifamily Housing Revenue Bonds (Arcade), Series 2025A-2,” collectively referred to as the “2025A Bonds”, in an aggregate principal amount not to exceed $73,708,167; (b) Approving the loan of 2025A Bond proceeds to Kooser Apartments, L.P., a California limited partnership, to finance the acquisition, construction, and development of a 191-unit multifamily development known as Arcade located at 1371 Kooser Road in San José; (c) Approving in substantially final form an...
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This resolution authorizes the issuance of tax-exempt multifamily housing revenue bonds by the City of San Jose, designated as 'City of San Jose Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) (Arcade) Series 2025A-1' and 'City of San Jose Multifamily Housing Revenue Bonds (Arcade) Series 2025A-2', with an aggregate principal amount not to exceed $73,708,167. The proceeds will be loaned to Kooser Apartments, L.P. for the acquisition, construction, and development of a 191-unit multifamily project known as Arcade, located at 1371 Kooser Road. The resolution also approves various bond documents and authorizes city officials to execute necessary agreements related to the bond issuance.
Key points
Authorization of tax-exempt multifamily housing revenue bonds.
Aggregate principal amount not to exceed $73,708,167.
Loan proceeds to finance a 191-unit multifamily development known as Arcade.
Location of the project is 1371 Kooser Road, San Jose.
Approval of various bond documents including an Indenture of Trust and Financing Agreement.
City officials are authorized to execute necessary agreements.
Limitations
The document appears to be a draft.
Specific dates for adoption and voting are not provided.
Certain placeholders remain unfilled, such as the adoption date and vote details.
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Extracted text preview · 15,813 chars
NVF:JGH:CEG 5/28/2025 RESOLUTION NO. _____ A RESOLUTION OF THE CITY OF SAN JOSE (A) AUTHORIZING THE ISSUANCE OF: (1) TAX-EXEMPT MULTIFAMILY HOUSING REVENUE BONDS DESIGNATED AS “CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS (FANNIE MAE MBS SECURED) (ARCADE) SERIES 2025A-1” AND (2) TAXEXEMPT MULTIFAMILY HOUSING REVENUE BONDS DESIGNATED AS “CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS (ARCADE) SERIES 2025A-2 (COLLECTIVELY, THE “2025A BONDS”), IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $73,708,167; (B) APPROVING THE LOAN OF 2025A BOND PROCEEDS TO KOOSER APARTMENTS, L.P., A CALIFORNIA LIMITED PARTNERSHIP, TO FINANCE THE ACQUISITION, CONSTRUCTION, AND DEVELOPMENT OF A 191-UNIT MULTIFAMILY DEVELOPMENT TO BE KNOWN AS ARCADE LOCATED AT 1371 KOOSER ROAD IN SAN JOSE; (C) APPROVING IN SUBSTANTIALLY FINAL FORM AN INDENTURE OF TRUST, A FINANCING AGREEMENT, A REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS, A BOND PURCHASE AGREEMENT AND A PRELIMINARY OFFICIAL STATEMENT (COLLECTIVELY, THE “2025A BOND DOCUMENTS”); AND (D) AUTHORIZING AND DIRECTING THE CITY MANAGER, DIRECTOR OF HOUSING, DIRECTOR OF FINANCE, ASSISTANT DIRECTOR OF FINANCE, DEPUTY DIRECTOR – DEBT &...
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The source text indicates this attachment appears to be a draft document.
This document is a Bond Purchase Agreement involving Lument Securities, LLC, the City of San José, and Kooser Apartments, L.P. It pertains to the issuance of Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) Series 2025A-1 and Series 2025A-2. The agreement outlines the terms for the sale and purchase of these bonds, including definitions, purchase and sale conditions, issue price, closing details, and representations by the issuer and borrower. The document is marked as a draft and includes multiple sections and exhibits related to the bond issuance process.
Key points
Involves Lument Securities, LLC, City of San José, and Kooser Apartments, L.P.
Concerns the issuance of Multifamily Housing Revenue Bonds Series 2025A-1 and 2025A-2.
Outlines terms for the sale and purchase of the bonds.
Includes sections on definitions, purchase and sale, issue price, and closing details.
Document is marked as a draft.
Limitations
Specific dates and dollar amounts are not provided.
Certain sections and exhibits are referenced but not detailed in the text.
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Extracted text preview · 100,926 chars
BOND PURCHASE AGREEMENT Dated ________, 2025 by and among LUMENT SECURITIES, LLC, CITY OF SAN JOSÉ and KOOSER APARTMENTS, L.P. Relating to: $________ City of San José Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) (Arcade) Series 2025A-1 $________ City of San José Multifamily Housing Revenue Bonds (Arcade) Series 2025A-2 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....
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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 Kooser Apartments, L.P. as Borrower, relating to the issuance of Multifamily Housing Revenue Bonds. The agreement outlines the definitions, representations, warranties, covenants, and obligations of the parties involved, as well as the structure for the issuance and management of the bonds. It is dated as of an unspecified date in 2025 and is marked as a draft.
Key points
Parties involved: City of San Jose (Issuer), Computershare Trust Company (Trustee), Kooser Apartments, L.P. (Borrower).
Relates to the issuance of Multifamily Housing Revenue Bonds (Series 2025A-1 and Series 2025A-2).
The agreement includes definitions, representations, warranties, and covenants.
The Issuer will use the proceeds from the bonds to finance the acquisition, rehabilitation, and development of a project.
The document is marked as a draft and provides contact information for finalization.
Limitations
The document contains placeholders for dollar amounts and dates that are not filled in.
The text is truncated and does not provide complete information on all sections.
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Extracted text preview · 132,349 chars
FINANCING AGREEMENT by and among CITY OF SAN JOSE, as Issuer, COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee, and KOOSER APARTMENTS, L.P., as Borrower relating to $___________________ City of San José Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) (Arcade) Series 2025A-1 $___________________ City of San José Multifamily Housing Revenue Bonds (Arcade) Series 2025A-2 Dated as of ______________ 1, 2025 DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.01. Definitions........................................................................................................ 2 Section 1.02. Rules of Construction ...................................................................................... 3 Section 1.03. Effective Date .................................................................................................. 3 ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS Section 2.01. Representations, Warranties and Covenants by the Borrower......................... 3 Section 2.02. Representations, Warranties and Covenants of the Issuer...
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The source text indicates this attachment appears to be a draft document.
This document is an Indenture of Trust between the City of San Jose as the Issuer and Computershare Trust Company, National Association as the Trustee. It pertains to the issuance of Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) Series 2025A-1 and Series 2025A-2, intended to finance the acquisition, construction, and development of a project. The document outlines various articles including definitions, bond terms, redemption provisions, covenants, and trustee responsibilities. It is marked as a draft.
Key points
The document is an Indenture of Trust between the City of San Jose and Computershare Trust Company.
It involves the issuance of Multifamily Housing Revenue Bonds Series 2025A-1 and Series 2025A-2.
The bonds are intended to finance a project as defined in the document.
The document includes sections on definitions, bond terms, redemption, covenants, and trustee responsibilities.
Limitations
The document contains placeholders for dates and dollar amounts that are not filled in.
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 · 305,293 chars
INDENTURE OF TRUST Between CITY OF SAN JOSE, As Issuer and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, As Trustee Dated as of ______________ 1, 2025 Securing $_________________ City of San José Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) (Arcade) Series 2025A-1 $_________________ City of San José Multifamily Housing Revenue Bonds (Arcade) Series 2025A-2 DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or CityClerk@sanjoseca.gov for final document. TABLE OF CONTENTS ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.01. Definitions............................................................................................. 4 Section 1.02. Rules of Construction ......................................................................... 18 ARTICLE II THE BONDS Section 2.01. Authorization of Bonds ....................................................................... 19 Section 2.02. Terms of Bonds ................................................................................... 20 Section 2.03. Execution; Limited Obligation ........................................................... 21 Section 2.04. Authentication...
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The source text indicates this attachment appears to be a draft document.
This Preliminary Official Statement is in a form deemed final for Rule 15c2-12 under the Securities Exchange Act of 1934, with certain information omitted. It pertains to the City of San José's Multifamily Housing Revenue Bonds (Fannie Mae MBS Secured) Series 2025A-1 and Series 2025A-2, which are to be issued for funding a multifamily rental housing development for low- and moderate-income persons in San José. The Bonds are limited obligations of the Issuer and are payable solely from the trust estate under the Indenture. The document includes legal opinions regarding tax exemptions and outlines the structure and security for the Bonds, including the roles of the Borrower and the Trustee.
Key points
The Preliminary Official Statement is deemed final for Rule 15c2-12 purposes, with certain omissions.
The Bonds are for a multifamily rental housing development in San José.
Interest on the Bonds is exempt from federal income tax and California personal income tax under certain conditions.
The Bonds will be issued under an Indenture of Trust and are payable solely from the trust estate.
The document includes provisions for mandatory tender and redemption of the Bonds.
Limitations
Several fields are unfilled, including dates, dollar amounts, and CUSIP numbers, which limits the completeness of the summary.
The document appears to be a draft, as indicated multiple times in the text.
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Extracted text preview · 390,240 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 ________, 2025 NEW ISSUE - BOOK ENTRY ONLY See “RATINGS” herein 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 purposes,...
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Agreement - Regulatory Agreement and Declaration of Restrictive Covenants
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This document is a draft Regulatory Agreement and Declaration of Restrictive Covenants between the City of San Jose and Kooser Apartments, L.P. It relates to the issuance of multifamily housing revenue bonds to finance the construction of a residential rental housing project located at 1371 Kooser Road in San Jose. The agreement outlines terms and conditions for the project's acquisition, construction, and operation to ensure compliance with federal tax regulations and local housing policies.
Key points
The agreement is between the City of San Jose and Kooser Apartments, L.P.
It pertains to the issuance of multifamily housing revenue bonds for a project at 1371 Kooser Road.
The document includes various sections detailing definitions, project requirements, and compliance obligations.
Limitations
The document contains placeholders for dollar amounts and dates that are not filled in.
The text is truncated, which may omit important details.
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Extracted text preview · 172,901 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. REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS by and between CITY OF SAN JOSE, as Issuer and KOOSER APARTMENTS, L.P., a California limited partnership, as Borrower Dated as of June 1, 2025 Relating to: $_______________ CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS (FANNIE MAE MBS SECURED) (ARCADE) SERIES 2025A-1 and $_______________ CITY OF SAN JOSE MULTIFAMILY HOUSING REVENUE BONDS (ARCADE) SERIES 2025A-2 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. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section 11. Section 12. Section 13. Section 14. Section 15. Section 16. Section 17. Section 18. Section 19. Section 20. Section 21. Section 22. Section 23. Section 24. Section 25. Section 26. Section 27. Section 28. Section 29. Section 30. Section 31. Section 32. Section 33. Section 34. Definitions and Interpretation...