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Title:
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PUBLIC HEARING - TEFRA PUBLIC HEARING AND REISSUANCE OF TAX-EXEMPT REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $20 MILLION FOR VIGIL LIGHT SENIOR APARTMENTS - 1945 LONG DRIVE
BACKGROUND: PH Development Group (formerly known as PEP Housing) (“Sponsor”), on behalf of Vigil Light Senior Apartments, L.P., a California limited partnership (“Borrower”) has requested that the California Municipal Finance Authority (“CMFA”), a joint powers authority and public entity of the State of California of which the City is a member, to be the issuer of tax-exempt revenue bonds for Vigil Light Senior Apartments, 49 existing rental units, located at 1945 Long Drive (“Project”). Sponsor is requesting an aggregate principal amount not to exceed $20 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 T...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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