SUBJECT: Public Hearing Pursuant to the Tax Equity and Fiscal Responsibility Act (TEFRA) and Adoption of Resolution Approving the Issuance of Revenue Bonds by the California Municipal Finance Authority in an Aggregate Principal Amount not to Exceed $50,000,000 for the Purpose of Financing and Refinancing the Acquisition, Construction, Development, and Equipping of a 108-Unit Qualified Residential Property at 1808 Parsons Avenue, an 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 Revenue Bonds by the California Municipal Finance Authority (CMFA) in an aggregate amount not to exceed $50,000,000 on behalf of Visionary Home Builders of California, Inc. for the purpose of financing or refinancing the acquisition, construction, improvement, and equipping the Bella Vista 108-unit 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 2024-102, a Resolution of the City Council of the City of Merced, California, approving a Plan of Finance including the issuance of Revenue Bonds by California Municipal Finance Authority to finance and refinance a qualified residential rental project for the benefit Of VHB Bella Vista, LLC, and certain other matters relating thereto and, B. Authorizing the City Manager to execute all necessary documents.

Public Hearing Item Passed Introduced September 20, 2024

Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Requested by: Development Services Department
Introduced: September 20, 2024
On agenda: November 4, 2024
Passed: November 4, 2024

Where it was heard