For City Council Meeting March 12, 2024
TO: Honorable Mayor and City Council
FROM: David N. Carmany, City Manager
AUTHOR: Colby Cataldi, Director of Community Development
Title
Public Hearing regarding issuance of Tax-Exempt bonds for Citrus Grove Apartments and consideration of Resolution No. 8191 approving the issuance of bonds.
RECOMMENDATION:
Staff requests that City Council:
1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the issuance of tax-exempt bond financing by the California Statewide Communities Development Authority for the benefit of National Community Renaissance of California (or an affiliate thereof), to provide financing for the acquisition, rehabilitation, improvement, and equipping of a 152-unit multi-family rental housing project generally known as Citrus Grove Apartments; and
2. Adopt a resolution approving the issuance of Bonds by the California Statewide Communities Development Authority not to exceed $70,000,000, for the benefit of National Community Renaissance of California (or an affiliate thereof), to provide financing for the acquisition, rehabilitation, improvement, and equipping of a 152-unit multi-family rental housing project generally known as Citrus Grove Apartments.
(ACTION)
Body
BACKGROUND
National Community Renaissance of California (or an affiliate thereof) (the "Borrower") has requested that the California Statewide Communities Development Authority ("CSCDA") serve as the municipal issuer of tax-exempt multi-family housing revenue bonds in an aggregate principal amount not to exceed $70,000,000 (the "Bonds"). The proceeds of the Bonds will be used for the purpose of making a loan to the Borrower, to enable the Borrower to finance the acquisition, rehabilitation, improvement and equipping of a 152-unit affordable multifamily housing rental project located at 1432 North Willow Avenue, Rialto, California (the "Project"), which will be owned and operated by the Borrower.
ANALYSIS/D...
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