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File #: 16-0891    Version: 1 Name: TEFRA Public Hearing - Leisure Mobilehome Park
Type: CC- Public Hearing Status: Agenda Ready
File created: 5/31/2016 In control: City Council
On agenda: 6/21/2016 Final action:
Title: PUBLIC HEARING - TEFRA HEARING - LEISURE PARK, LOCATED AT 2185 OCCIDENTAL ROAD BACKGROUND: Millennium Housing, the owner of Leisure Park mobilehome park, has requested the Independent Cities Finance Authority, a joint powers authority of which the City of Santa Rosa is an associate member, to issue tax exempt revenue bonds in an amount not to exceed $15,250,000 to refund outstanding bonds issued in 2007 that were used to finance the acquisition and renovation of the mobilehome park with 182 spaces known as Leisure Park, located at 2185 Occidental Road, Santa Rosa (the “Project”). Refinancing at a lower interest rate will enable Millennium Housing to build up its Capital Improvement & Surplus Funds and pay off a loan made by the Housing Authority in the amount of approximately $240,000, including principal and interest. All financial obligations for the project are the responsibility of Millennium Housing. The issuance of tax exempt, private activity bonds, even by a joint power...
Indexes: Exempt Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Attachment 2, 4. Resolution, 5. Presentation