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File #: 19-455    Version: 1 Name:
Type: Public Hearing Status: Agenda Ready
File created: 2/5/2019 In control: City Council
On agenda: 2/12/2019 Final action:
Title: Willow Glen Apartments - Tax Equity and Fiscal Responsibility Act Hearing Recommendations: 1. Open, Conduct, and Close a public hearing, in accordance with the Tax Equity and Fiscal Responsibility Act (TEFRA), in consideration of the issuance of tax-exempt bond financing by the California Public Finance Authority to provide financing for the acquisition and rehabilitation of an 84-unit multifamily rental housing project located at 1231 Willow Ave, known as Willow Glen Apartments; and 2. Adopt the attached resolution authorizing the City to enter into the Joint Exercise of Powers Agreement to join the California Public Finance Authority (“CalPFA”) as an additional member, and approving the issuance of bonds by the CalPFA in an amount not to exceed $28,000,000, to provide financing to The Reliant Group, Inc. for the acquisition and rehabilitation of the Willow Glen Apartments.
Attachments: 1. Staff Report - Willow Glen Bonds 02122019, 2. Attach 1 - Resolution - TEFRA Resolution - Willow Glen (City of Hercules) 190212a, 3. Attach 2 - Joint Exercise of Powers Agreement, 4. Attach 3 - Willow Glen Project Overview

Title

Willow Glen Apartments - Tax Equity and Fiscal Responsibility Act Hearing

Recommendations:

 

1. Open, Conduct, and Close a public hearing, in accordance with the Tax Equity and Fiscal Responsibility Act (TEFRA), in consideration of the issuance of tax-exempt bond financing by the California Public Finance Authority to provide financing for the acquisition and rehabilitation of an 84-unit multifamily rental housing project located at 1231 Willow Ave, known as Willow Glen Apartments; and

 

2. Adopt the attached resolution authorizing the City to enter into the Joint Exercise of Powers Agreement to join the California Public Finance Authority (“CalPFA”) as an additional member, and approving the issuance of bonds by the CalPFA in an amount not to exceed $28,000,000, to provide financing to The Reliant Group, Inc. for the acquisition and rehabilitation of the Willow Glen Apartments.