SUBJECT: Public Hearing - Tax Equity and Fiscal Responsibility Act (TEFRA) to Consider the Issuance of Tax Exempt Bonds by the California Statewide Communities Development Authority in an Aggregate Principal Amount not to Exceed $32,000,000 for the Purpose of Financing or Refinancing the Acquisition, Construction, Improvement, and Equipping of the Childs and B St. Transit Oriented Development (TOD) Affordable Housing Project REPORT IN BRIEF Requests the City Council to conduct a TEFRA Public Hearing and consider adopting a resolution approving the issuance of bonds by the California Statewide Communities Development Authority in an aggregate amount not to exceed $32,000,000 on behalf of the Richman Group for the purpose of financing or refinancing the acquisition, construction, improvement, and equipping of the Childs and B St. TOD Affordable Housing Project. The City will not have any financial or legal obligations for the tax exempt status of the bonds, the debt service on the bonds, or for any other matter related to the proposed bonds. RECOMMENDATION City Council - Adopt a motion: A. Adopting Resolution 2019-82, a Resolution of the City Council of the City of Merced, California, approving the issuance by the California Statewide Communities Development Authority of Multifamily Housing Revenue Bonds for the Childs and B St. TOD Affordable Housing Project; and, B. Authorizing the City Manager or the Assistant City Manager to execute all necessary documents.

Public Hearing Item Passed Introduced November 20, 2019

Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: November 20, 2019
On agenda: December 16, 2019
Passed: December 16, 2019