TITLE
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act public hearing; and adopt resolution approving the issuance of the California Municipal Finance Authority Revenue Bonds Series 2017 to benefit the Retirement Housing Foundation, a California nonprofit public benefit corporation, to finance the rehabilitation of the Bixby Knolls Towers and Bixby Knolls Health Care and Rehabilitation Center, in an amount not to exceed $37,000,000. (District 7)
DISCUSSION
The RHF was incorporated in 1961 as a non-profit management and development corporation. The RHF’s business activities include developing, operating, and maintaining housing and related facilities for senior adults, persons with disabilities, and low-income families. It also provides certain services in connection with the facilities such as nursing, rehabilitation, dietary, educational, and recreational services.
The RHF and its affiliates have requested the California Municipal Finance Authority (CMFA) issue bonds on its behalf, in an aggregate principal amount not to exceed $37,000,000. The CMFA is a joint exercise of powers authority consisting of over 275 California cities, counties, and special districts. Its mission is to support economic development, job creation and social programs throughout the State of California, while giving back to California communities.
Affiliates of the RHF, collectively the borrowers, include: the Bixby Knolls Tower, Inc., Gold Country Health Center, Inc., Mayflower RHF Housing, Inc., Mayflower Gardens Health Facility, Inc., and Sun City RHF Housing, Inc., all of which are nonprofit public benefit corporations.
Bixby Knolls Tower, Inc., is located within the City’s boundary, and owns and operates two mid-rise buildings, known as Bixby Knolls Towers and Bixby Knolls Health Care and Rehabilitation Center. Collectively, they consist of 168 residential apartments, 54 assisted living units, an...
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