Title
Public Hearing Under the Federal Tax Equity and Fiscal Responsibility Act of 1982 to Consider Adoption of a Resolution Approving the Issuance of the California Municipal Finance Authority Multifamily Housing Revenue Bonds by an Outside Agency in an Aggregate Principal Amount Not-to-Exceed $35,000,000 for the Purpose of Financing or Refinancing the Acquisition, Construction, Improvement and Equipping of North Housing Senior Apartments and Certain Other Matters Relating Thereto. (City Manager 20821840)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
A public hearing and adoption of a resolution approving the issuance of bonds by the California Municipal Finance Authority (CMFA) for the benefit of the North Housing Senior Apartments Affordable Housing Project (Linnet Corner) is a requirement under the Federal Tax and Equity Fiscal Responsibility Act of 1982 (TEFRA) for all or a portion of the bonds to qualify as tax-exempt bonds. The bonds will not be a debt of the City of Alameda (City), nor do they obligate the City in any way.
Staff recommends that City Council conduct a public hearing and, upon conclusion, adopt a resolution approving the issuance of revenue bonds by the CMFA in an aggregate principal amount not-to-exceed $35,000,000 to finance Linnet Corner for the benefit of Mabuhay and Lakehurst LP, a California Limited Partnership (Borrower), a partnership of which the Housing Authority of the City of Alameda (AHA) and Island City Development (Developer) or a related person to the Developer is the general partner.
BACKGROUND
AHA is leading the development of the 12-acre North Housing parcel redevelopment at the former Alameda Naval Air Station (NAS), formerly known as Coast Guard Housing, under a homeless accommodation conveyance. The North Housing parcel was successfully transferred to AHA on May 30, 2019.
On August 17, 2020, the Planning Board approved the Development Plan; on Se...
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