22-045
Recommended Action: It is recommended that the City Council: 1. Conduct a public hearing regarding the proposed issuance of tax-exempt financing, in an amount not to exceed $22,000,000, for the benefit of 9966 I Ave, LLC, a California limited liability company whose sole member is LaVerne Elementary Preparatory Academy Foundation, a California nonprofit public benefit corporation, and/or a related entity (the “Borrower”). The financing would be used to (a) finance and/or refinance the costs of acquiring, constructing, installing, improving, furnishing, and equipping charter school facilities located at 16955 Lemon Street, Hesperia, California 92345, in the amount of $21,000,000, and 9966 I Avenue, Hesperia, California 92345, in the amount of $1,000,000; (b) fund a debt service reserve and related working capital; (c) paying capitalized interest on the bonds; and (d) pay issuance and other related costs associated with the project; and 2. Adopt a resolution approving the issuance of tax-exempt bonds in an amount not to exceed $22,000,000 by the California Public Finance Authority (CalPFA).
- Committee
- City Council
- Requested by
- Development Services
- Introduced
- April 22, 2025
- On agenda
- May 6, 2025