Title
SUMMARY: Public Hearing to Facilitate a Tax-Exempt Bond Financing for Acquisition, Construction, Improvement, and Equipping of the Site A Affordable Family and Senior Projects by Eden Housing
Public Hearing Under the Tax Equity and Fiscal Responsibility Act (TEFRA) to Consider Adoption of Resolution Approving the Issuance of Revenue Bonds by the California Municipal Finance Authority in an Aggregate Principal Amount Not to Exceed $45,000,000 to Finance a 70-Unit Multifamily Rental Housing Facility for Low- and Very Low-Income Families for the Benefit of Eden Housing Inc., or a Limited Partnership to be Established by Eden Housing Inc. (or an Affiliate); and
Adoption of Resolution Approving the Issuance of Revenue Bonds by the California Municipal Finance Authority in an Aggregate Principal Amount Not to Exceed $40,000,000 to Finance a 60-Unit Multifamily Rental Housing Facility for Low- and Very Low-Income Seniors for the Benefit of Eden Housing Inc., or a Limited Partnership to be Established by Eden Housing Inc. (or an Affiliate). These Revenue Bonds will provide for the financing of the Site A Affordable Family and Senior Projects. (Base Reuse 819099)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
A public hearing and adoption of two resolutions approving the issuance of Bonds by the California Municipal Finance Authority (CMFA) for the benefit of Eden Housing's Site A Family and Senior Affordable Housing Projects is a requirement under the Tax and Equity Fiscal Responsibility Act (TEFRA) for all or a portion of the bonds to qualify as tax-exempt bonds. The bonds will not represent a debt of the City, nor do they obligate the City in any way.
BACKGROUND
In June 2015, the City Council approved the Site A Development Plan and a Disposition and Development Agreement (DDA) with Alameda Point Partners (APP) for a 68-acre area within Alameda Point. Site A includes 800 housing un...
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