Special Notice / Hearing: 7 days newspaper publication (26 CFR ?1.147(f)-1)
Vote Required: Majority
To: Honorable Board of Supervisors
From: John D. Nibbelin, County Attorney
Subject: Public Hearing and Resolution Approving California Municipal Finance Authority Tax-Exempt Revenue Bonds for the Benefit of North Fair Oaks Apartments, L.P
RECOMMENDATION:
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (TEFRA) regarding the issuance of tax-exempt bonds by the California Municipal Finance Authority:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving a plan of finance for the issuance of tax-exempt revenue bonds in an aggregate principal amount not to exceed $50,000,000, by the California Municipal Finance Authority for the benefit of North Fair Oaks Apartments, L.P., a California limited partnership, or another ownership entity to finance and refinance the acquisition, construction, improvement, and equipping of an 86-unit affordable rental housing facility for low-income households, to be located in the unincorporated community of North Fair Oaks in the County of San Mateo at 430-434 Douglas Avenue & 429-431 MacArthur Avenue, Redwood City, California.
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BACKGROUND:
The California Municipal Finance Authority (the "CMFA" or "Authority") was created on January 1, 2004 pursuant to a joint exercise of powers agreement (the "Agreement") to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 350 municipalities, including the County of San Mateo, have become members of CMFA.
The Agreement provides that the CMFA is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the CMFA do not constitute debts, liabilities or obligations of the members executing such Agreement.
DISCUSSION:
Affirmed Housing Group, ...
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