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File #: 21-0637    Version: 1 Name: TEFRA PUBLIC HEARING AND ISSUANCE OF BONDS
Type: CC- Public Hearing Status: Agenda Ready
File created: 6/22/2021 In control: City Council
On agenda: 7/20/2021 Final action:
Title: PUBLIC HEARING - TEFRA PUBLIC HEARING AND ISSUANCE OF BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE AMOUNT NOT TO EXCEED $20 MILLION FOR PARKWOOD APARTMENTS, AN AFFORDABLE RENTAL HOUSING PROJECT LOCATED AT 6899 MONTECITO BOULEVARD BACKGROUND: The issuance of tax exempt, private activity bonds must be approved by the jurisdiction the project is located following a public hearing. BHDC Parkwood Apartments LLC, a California limited liability company (“Borrower”) has selected the California Municipal Finance Authority (“CMFA”), a joint-powers authority of which the City is an additional member, to be the issuer of multifamily housing revenue bonds for Parkwood Apartments, a 55-unit multifamily affordable rental housing project, located at 6899 Montecito Boulevard (the “Project”), in an aggregate amount not to exceed $20 million, and has requested that the City Council conduct a public hearing in accordance with the Tax Equity and Fiscal Responsibility Act of 1983 (“...
Sponsors: Housing and Community Services
Indexes: Exempt Project
Code sections: 15301 - Existing Facilities
Attachments: 1. Staff Report, 2. Attachment 1 - Location Graphic, 3. Attachment 2 - Request for TEFRA Public Hearing, 4. Resolution, 5. Presentation