REPORT TO THE CITY COUNCIL
September 25, 2014
FROM: KAREN M. BRADLEY, Assistant Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant-Debt Administration
Finance Department
SUBJECT
Title
TEFRA Hearing as required by Section 147(f) of the Internal Revenue Code of 1986 to hear and consider information concerning the proposed issuance of revenue bonds by the California Statewide Communities Development Authority to finance the acquisition and rehabilitation of a 150-unit multifamily low income residential rental project, commonly known as Kearney Cooley Plaza
*RESOLUTION - Approving the issuance by the California Statewide Communities Development Authority of multifamily housing revenue bonds in the aggregate principal amount not to exceed $11 million for the Kearney Cooley Plaza project
Body
RECOMMENDATION
Staff recommends that the Council first hold the public hearing and then upon conclusion adopt the accompanying resolution approving the issuance of multifamily low income housing revenue bonds (the "Bonds") by the California Statewide Communities Development Authority (the "CSCDA") on behalf of Fresno Kearney Cooley, LP, a California limited partnership (the "Applicant") in the aggregate principal amount not to exceed $11 million.
EXECUTIVE SUMMARY
The Applicant is requesting that the City Council adopt a resolution for the issuance of multifamily low income housing revenue bonds in an amount not to exceed $11 million by the CSCDA for the purpose of financing the acquisition and rehabilitation of a 150-unit multifamily low income residential housing facility to be located in the City (the "Project"). The purpose of the resolution is to allow the financing to meet a requirement of the Internal Revenue Code of 1986. The adoption of this resolution is the first step in the process of financing the proposed Project. Prior to the issuance of bonds, the Project must receive a "private activ...
Click here for full text