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File #: 24-0310    Version: 2 Name: Vigil Light TEFRA
Type: CC- Public Hearing Status: Agenda Ready
File created: 3/26/2024 In control: City Council
On agenda: 4/16/2024 Final action:
Title: PUBLIC HEARING - TEFRA PUBLIC HEARING AND ISSUANCE OF 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: Vigil Light Senior Apartments, L.P (“Borrower”) has 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 Vigil Light Senior Apartments, 49 rental units, located at 1945 Long Drive ( “Project”), in 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 Tax Equity and Fiscal Responsibility Act (“TEFRA”) and Internal Revenue Code of 1986, as amended. A public hearing is required to provide a reasonable opportunity for interested individuals to expr...
Sponsors: Housing and Community Services
Indexes: Exempt Project
Code sections: 15301 - Existing Facilities
Attachments: 1. Staff Report, 2. Attachment 1 - Locational Graphic, 3. Attachment 2 - TEFRA Request, 4. Resolution, 5. Presentation, 6. Public Hearing Notice