|
Title:
|
PUBLIC HEARING - TEFRA PUBLIC HEARING AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $5 MILLION FOR DEL NIDO APARTMENTS - 850 RUSSELL AVENUE
BACKGROUND: New Del Nido, LP, a California limited partnership (“Borrower”) selected the California Municipal Finance Authority (“CMFA”), a joint-powers authority of which the City is a member, to be the issuer of multifamily housing revenue bonds for Del Nido Apartments, 206 rental units, located at 850 Russell Avenue (“Project”). Borrower is requesting an aggregate principal amount not to exceed $5 million to finance and refinance the acquisition, rehabilitation, development, and equipping of the Project; and has requested that the City Council conduct a public hearing in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and Internal Revenue Code of 1986, as amended. A public hearing is required to provide an opportunity for individual...
|
|
Indexes:
|
Exempt Project, Not a Project
|
|
Code sections:
|
15061(b)(3) - General Rule Exemption, 15378 - Not a Project
|