REPORT TO THE CITY COUNCIL
November 3, 2016
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
TEFRA HEARING - To hear and consider information concerning the proposed issuance of Revenue Bonds by California Affordable Housing Agency (the "Agency") for the purpose of financing the acquisition, rehabilitation, improvement and equipping of King's View Estates by DHI King's View Associates, LP, and certain other matters relating thereto
1. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by the Agency to benefit King's View Estates in the aggregate principal amount not to exceed $9.25 million
Body
RECOMMENDATION
Staff recommends that the Council first hold a Tax Equity and Financial Responsibility Act ("TEFRA") public hearing and then, upon conclusion, adopt the accompanying Resolution approving the issuance of the Revenue Bonds by the Agency on behalf of DHI King's View Associates, LP (the "Applicant") in the aggregate principal amount not to exceed $9.25 million.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the acquisition, rehabilitation, improvement and equipping of King's View Estates located in Fresno. The new tax exempt obligations will be issued by the Agency. As a jurisdiction in which the facilities are located, the Council must hold a public hearing under the provisions of the TEFRA within the Internal Revenue Code to receive any public testimony regarding the project before it considers authorizing the Agency to issue bonds for this purpose.
Should the City authorize the issuance of bonds, the City would have no obligation or liability associated with this facility or with these bonds.
BACKGROUND
The City has received a request by the Applicant to hold a public hearing regarding a proposed issuance of Revenue Bonds in an amount not to exceed $9.25 milli...
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