Housing Successor Agency
MEETING DATE: 5/25/2016
TITLE:
Title
Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing on the Issuance of Tax-Exempt Revenue Bonds by California Public Finance Authority on behalf of Mountain View Community Partners, LP
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FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
It is recommended that the City Council conduct a public hearing to receive public comments on the issuance of tax-exempt revenue bonds by the California Public Finance Authority ("Authority") to finance the acquisition and rehabilitation of the Mountain View Apartments located at 68680 Dinah Shore Drive; and adopt the resolution authorizing the issuance of tax-exempt revenue bonds by California Public Finance Authority to also include authorization for the City of Cathedral City to join the California Public Finance Authority as an additional member; and that the City Council, acting in its capacity as the Housing Successor Agency to the former Redevelopment Agency of the City of Cathedral City authorize the inclusion of the City of Cathedral City, in its capacity as the Housing Successor to the former Redevelopment Agency of the City of Cathedral City, as a third party beneficiary to the regulatory agreement entered into by Mountain View Community Partners, LP ("borrower").
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BACKGROUND:
Prior to the issuance of bonds to finance the acquisition and rehabilitation of the Mountain View Apartments, a 280-unit Senior multifamily apartment complex located at 68680 Dinah Shore Drive (the "Project"), the Internal Revenue Code requires that the City first conduct a public hearing and adopt a resolution approving the issuance of tax exempt revenue bonds.
The City Council is being asked to adopt a resolution that would approve the issuance of tax-exempt revenue bonds by CalPFA in one or more series in a maximum aggregate principal amount of $23,000,000 (the "Bonds") for the purpose of financing the acquisition and re...
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