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File #: 26-0191    Version: 1 Name: TEFRA Public Hearing - Del Nido
Type: CC- Public Hearing Status: Agenda Ready
File created: 2/17/2026 In control: City Council
On agenda: 3/10/2026 Final action:
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...
Sponsors: Housing and Community Services
Indexes: Exempt Project, Not a Project
Code sections: 15061(b)(3) - General Rule Exemption, 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - Location Map, 3. Attachment 2 - TEFRA Request Letter, 4. Resolution, 5. Public Hearing Notice, 6. Presentation
Related files: 24-0312