TITLE
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing, and adopt resolution approving the issuance of revenue bonds by the California Statewide Community Development Authority (CSCDA) to benefit Palm Desert Development Company, in an amount not to exceed $13,500,000. (District 9)
DISCUSSION
Palm Desert Development Company, founded in 1979, has requested the CSCDA to issue bonds on its behalf in an aggregate amount not to exceed $13,500,000. The CSCDA is a joint exercise of powers authority consisting of over 500 California cities, counties and special districts, including the City of Long Beach.
The CSCDA will issue tax-exempt debt to finance the construction of a new affordable senior rental housing development at 3290 East Artesia Boulevard, which is referred to as the Ramona Park Senior Apartments (RPSA). The RPSA building is intended for low- and very low-income seniors and includes 61 apartment units and amenity space that are designed to provide opportunities for lifelong learning for the residents. The development will also include a pool, circuit training course, community center, kitchen, library, gym, computer lab, dining area, and entertainment areas.
The Internal Revenue Service Code requires that CSCDA seek approval from the City Council of the bonds issued, a portion of which will benefit facilities within the City. A TEFRA public hearing notification was published in the Long Beach Press-Telegram on June 30, 2011. The TEFRA hearing was held on July 14, 2011 at 1:30 pm. The public hearing, required by Federal tax law regulations, was conducted by the City Treasurer in the sixth floor conference room at City Hall. No public comment was presented.
This matter was reviewed by Assistant City Attorney Heather A. Mahood on July 12, 2011 and Budget Management Officer Victoria Bell on July 8, 2011.
TIMING CONSIDERATIONS
City Council action i...
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