Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Public Hearing and Resolution Approving California Municipal Finance Authority Revenue Bonds for the benefit of Mercy Housing California 66, L.P.
RECOMMENDATION:
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act regarding the issuance of revenue bonds by the California Municipal Finance Authority in an amount not to exceed $42,000,000 for the acquisition, construction, improvement, and equipping of a 66-unit rental housing facility to be owned and operated by Mercy Housing California 66, L.P. and located within the County of San Mateo at 1670-1692 Mission Road, Colma:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving the issuance by the California Municipal Finance Authority of revenue bonds in an amount not to exceed $42,000,000 for the acquisition, construction, improvement and equipping of a 66-unit multifamily rental housing facility to be owned and operated by Mercy Housing California 66, L.P. and located within the County of San Mateo at 1670-1692 Mission Road, Colma, 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 to promote economic, cultural, and community development, through the financing of economic development and charitable activities throughout California. To date, over 260 municipalities, including the County of San Mateo, have become members of CMFA. The Joint Exercise of Powers 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 its members.
DISCUSSION:
Mercy Housing California 66, L.P., a California limited partnersh...
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