PREPARED BY: ELIZABETH LOPEZ DATE OF MEETING: 04/15/2024
SUBJECT:
TITLE
CONDUCT A PUBLIC HEARING UNDER THE TAX AND EQUITY FISCAL RESPONSIBILITY ACT ("TEFRA") ON APRIL 15, 2024 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 $50,000,000, (THE "BONDS"), TO FINANCE AND REFINANCE THE COSTS OF THE ACQUISITION AND REHABILITATION OF AN 86-UNIT QUALIFIED RESIDENTIAL RENTAL PROJECT (THE "PROJECT") LOCATED AT 2838 GIANT ROAD WITHIN THE CITY (THE "PROJECT") AND CONSIDER ADOPTING RESOLUTION TO BECOME A MEMBER OF THE CMFA AND TO APPROVE THE FINANCING OF THE PROJECT BY THE CMFA.
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 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 Giant Development II, LLC, a California limited liability company (the "General Partner"), an affiliate of East Bay Asian Local Development Corporation, a California nonprofit public benefit corporation (the "Sponsor"), on behalf of Giant Development II, LP, a California limited partnership, or another ownership entity to be formed by the General Partner or another affiliate of the Sponsor (such limited partnership or other ownership entity, 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). The resolution will also authorize the Mayor or designee thereof to execute the Joint Exercise of Powers Agreement with the CMFA.
BACKGROUND
The Borrower requested that the CMFA ...
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