REPORT TO THE CITY COUNCIL
March 16, 2017
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 Statewide Communities Development Authority for the purpose of financing the acquisition, construction and equipping of King's Canyon Apartments by King's Canyon Affordable Housing, LP in an amount not to exceed $35,000,000
1. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by the Authority to benefit King's Canyon Affordable Housing, LP in the aggregate principal amount not to exceed $35,000,000.
Body
RECOMMENDATION
Staff recommends that the Council first hold a public hearing and then, upon conclusion, adopt the accompanying resolution approving the issuance of the Revenue Bonds by the California Statewide Communities Development Authority (Authority) on behalf of King's Canyon Affordable Housing, LP (Applicant) in the aggregate principal amount not to exceed $35,000,000.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the acquisition, construction and equipping of King's Canyon Apartments located in Fresno. The new tax exempt obligations will be issued by the Authority. As required by Section 147(f) of the Internal Revenue Code, the Council must hold a public hearing under the provisions of the Tax Equity and Financial Responsibility Act (TEFRA) to receive any public testimony regarding the project before it considers authorizing the issuance of 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 (Bonds) for the pu...
Click here for full text