DATE: October 27, 2015
TO: Mayor and City Council
FROM: Library and Community Services Director
SUBJECT
Title
Public TEFRA Hearing as Required by the Internal Revenue Code of 1986, and Adoption of: a) a Resolution Authorizing the Issuance of Bonds, Declaring the City's Intent to Reimburse Certain Project Expenditures from Proceeds of the Bonds, and Authorizing the Submission of an Application to the California Debt Limit Allocation Committee; b) a Resolution Authorizing the Restructuring of Existing Loans, All in Connection with Financing the Acquisition and Rehabilitation of Glen Berry and Glen Eden Both Housing Developments Owned by affiliates of Eden Housing; c) a Resolution Authorizing the Transfer of Interests in a Regulatory Agreement in Connection with the Glen Berry Development from the Successor Agency to the Housing Authority; d) a Resolution Accepting the Transfer of Interests in a Regulatory Agreement in Connection with the Glen Berry Development from the Successor Agency to the Housing Authority and Authorizing Modification of said Regulatory Agreement; and e) a Resolution Authorizing Modification of a Regulatory Agreement Recorded Against the Glen Eden Development. Exempt from the California Environmental Quality Act pursuant to Section 15301 of the "CEQA" Guidelines
End
RECOMMENDATION
Recommendation
That the City Council:
a) Conducts a public hearing to consider the issuance of Tax-Exempt Multifamily Housing Revenue Bonds to assist in the acquisition and rehabilitation of Glen Berry and Glen Eden housing developments owned by Eden Housing, Inc., and its affiliates; and
b) Adopts the attached resolution:
a. approving the use of tax-exempt bond proceeds to reimburse project costs related to the acquisition and rehabilitation of Glen Berry and Glen Eden affordable housing developments owned by affiliates of Eden Housing, Inc. (Eden);
b. authorizing the filing of an applicati...
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