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File #: 18-0056    Version: 1 Name: TEFRA Hearing
Type: Action Item Status: Passed
File created: 12/20/2017 In control: City Council
On agenda: 1/11/2018 Final action: 1/11/2018
Title: TEFRA HEARING - To hear and consider information concerning the proposed issuance of Revenue Bonds by California Public Finance Authority (CalPFA) for the purpose of financing the acquisition, rehabilitation, improvement and equipping of Bigby Villa Apartments and Westgate Gardens Apartments by Reliant - Valley, LP. 1. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by CalPFA to benefit Reliant - Valley, LP in the aggregate principal amount not to exceed $32 million for Bigby Villa Apartments (Subject to Mayor's veto). 2. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by CalPFA to benefit Reliant - Valley, LP in the aggregate principal amount not to exceed $18 million for Westgate Gardens Apartments (Subject to Mayor's veto).
Sponsors: Finance Department
Attachments: 1. Resolution - Bigby Villa Apartments.pdf, 2. Resolution - Westgate Gardens Apartments.pdf, 3. Supplement - Letter from H.E.A.T..pdf
REPORT TO THE CITY COUNCIL



January 11, 2018


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 Public Finance Authority (CalPFA) for the purpose of financing the acquisition, rehabilitation, improvement and equipping of Bigby Villa Apartments and Westgate Gardens Apartments by Reliant - Valley, LP.
1. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by CalPFA to benefit Reliant - Valley, LP in the aggregate principal amount not to exceed $32 million for Bigby Villa Apartments (Subject to Mayor's veto).
2. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by CalPFA to benefit Reliant - Valley, LP in the aggregate principal amount not to exceed $18 million for Westgate Gardens Apartments (Subject to Mayor's veto).

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 CalPFA on behalf of Reliant - Valley, LP (Applicant) for improvements at Bigby Villa Apartments and Westgate Gardens Apartments.

EXECUTIVE SUMMARY

The Applicant is seeking to obtain financing for the acquisition, rehabilitation, improvement and equipping of Bigby Villa Apartments and Westgate Gardens Apartments, both located in southwest Fresno. The new tax exempt bonds will be issued by CalPFA. As a jurisdiction in which the facilities are located, the Council must hold a public hearing in accordance with Section 147(f) of the Internal Revenue Code for the purpose of receiving any public testimony regarding the projects before it considers authorizing CalPFA to issue obligations for such purposes.

Should the Cit...

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