PREPARED BY: ELIZABETH LOPEZ DATE OF MEETING: 03/02/2026
SUBJECT:
TITLE
CONDUCT A PUBLIC HEARING UNDER THE TAX AND EQUITY FISCAL RESPONSIBILITY ACT ("TEFRA") ON MARCH 2, 2026 IN CONNECTION WITH THE PROPOSED ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY (THE "CMFA"), A JOINT EXERCISE OF POWERS AUTHORITY AND PUBLIC ENTITY OF THE STATE OF CALIFORNIA, IN AN AMOUNT NOT TO EXCEED $15,000,000, (THE "BONDS"), TO: (1) FINANCE OR REFINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF ALVARADO GARDENS PHASE II, A MULTIFAMILY RENTAL HOUSING PROJECT (THE "PROJECT") LOCATED AT 13831 SAN PABLO AVENUE, SAN PABLO, CALIFORNIA (THE "CITY"); AND (2) PAY CERTAIN EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE BONDS
CEQA: This proposed action is not a project as defined by CEQA
Label
CITY MANAGER RECOMMENDATION
Recommendation
Conduct public hearing; adopt Resolution
BODY
RECOMMENDATIONS
Conduct the public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act ("TEFRA") and the Internal Revenue Code of 1986, as amended (the "Code").
Adopt the resolution approving the issuance of the Bonds by the CMFA for the benefit of San Pablo Church Lane II LP (the "Borrower"), to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following).
BACKGROUND
San Pablo Church Lane II LP (the "Borrower") requested that the CMFA serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $15,000,000 (the "Bonds") of tax-exempt revenue bonds. The proceeds of the Bonds will be used to: (1) finance or refinance the acquisition, construction, improvement and equipping of Alvarado Gardens Phase II, a multifamily rental housing project (the "Project") located at 13831 San Pablo Avenue, San Pablo, California (the "City"); and (2) pay certain expenses incurred in...
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