REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, Finance Director/City Controller
Finance Department
BY: LESLIE VELASQUEZ, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Tax Equity and Financial Responsibility Act (TEFRA) public hearing.
1. TEFRA HEARING - To hear and consider financing and refinancing the acquisition, development, construction and equipping of a 120-unit (including one manager's unit) multifamily rental housing project. The new bond will be issued by the California Municipal Finance Authority (Authority). As a jurisdiction in which the facilities are located, the Council must consider authorizing the Authority to issue the obligations for such purposes.
2. ***RESOLUTION - Approving a plan of finance including the issuance of exempt facility bonds by the California Municipal Finance Authority in an aggregate outstanding principal amount not to exceed $16,000,000 to finance and refinance a qualified residential rental project for the benefit of FCTC Family II, LP (or an affiliate), and certain other matters relating thereto (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends Council approve the Resolution regarding the issuance of the Bonds by the Authority, for the benefit of FCTC Family II, LP (the "Borrower"), sponsored by Dominus Consortium Family LLC (the "Sponsor"), 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).
EXECUTIVE SUMMARY
The Borrower and Sponsor are seeking to obtain financing and refinancing of the construction, development and equipping of a 120-unit (including one manager's unit) multifamily rental housing project (the "Project"). The new bonds will be issued by the Authority. As a jurisdiction in which the facilities are located, the Council must consider authorizing the Authority to issue the oblig...
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