REPORT TO THE CITY COUNCIL
June 13, 2019
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 Municipal Finance Authority (CMFA) for the purpose of financing and refinancing the acquisition, construction, furnishing and equipping of The Terraces at San Joaquin Gardens
1. ***RESOLUTION - Approving the issuance by the CMFA of Multifamily Housing Revenue Bonds, Series 2019 (HumanGood) in an aggregate principal not to exceed $195 million for the purpose of financing and refinancing the acquisition, construction, furnishing and equipping of The Terraces at San Joaquin Gardens and certain other matters relating thereto (Subject to Mayor's veto).
Body
RECOMMENDATION
Staff recommends that the Council first hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and then, upon conclusion, adopt the accompanying Resolution approving the issuance of the Revenue Bonds by CMFA on behalf of HumanGood, HumanGood NorCal, HumanGood Fresno, Redwood Senior Homes and Services and Westminster Gardens (collectively, Borrower), in the aggregate principal amount not to exceed $195 million, of which a principal amount not to exceed $18 million will be for The Terraces at San Joaquin Gardens (Project).
EXECUTIVE SUMMARY
The Borrower is seeking to obtain financing and refinancing for the acquisition, construction, furnishing and equipping of the Project, with an amount of not to exceed $18 million for The Terraces at San Joaquin Gardens, located at 5555 North Fresno Street. The new tax exempt bonds will be issued by CMFA. As a jurisdiction in which the facilities are located, the City Council must hold a public hearing in accordance with Section 147(f) of the Internal Revenue Code, for the purpose of receivi...
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