REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, City Controller/Finance Director
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Tax Equity and Financial Responsibility Act (TEFRA) public hearing.
TEFRA HEARING - To hear and consider information concerning the proposed issuance of tax-exempt bonds by the California Municipal Finance Authority ("CMFA") for the purpose of financing the acquisition, construction, installation and equipping of Hotel Fresno Apartments (the Project), a multifamily rental housing project located at 1241-1263 Broadway Plaza, Fresno, California 93721. Proceeds of the Bonds will be loaned to Broadway Plaza Family Apartments, LP (the "Borrower") in partnership with APEC International, LLC (the "Developer").
1. ***RESOLUTION - Approving the issuance by the California Municipal Finance Authority of multifamily housing revenue bonds in an aggregate principal amount not to exceed $20,000,000 for the purpose of financing or refinancing the acquisition, construction, improvement and equipping of Hotel Fresno Apartments and certain other matters relating thereto. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Conduct the public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986 as amended (the "Code"), and adopt the resolution approving the issuance of the Bonds by the California Municipal Finance Authority ("CMFA") for the benefit of Hotel Fresno Apartments (Project) and Broadway Plaza Family Apartments, LP (the "Borrower") in partnership with APEC International, LLC (the "Developer"), to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following).Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority.
EXECUTIVE SUMMARY
The...
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