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, Ramona Park Senior Apartments, 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 help finance the construction of a new affordable senior rental housing development at 3290 East Artesia Boulevard, which is referred to as Ramona Park Senior Apartments. The development provides housing for low- and very low-income seniors, and includes 60 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 project is being financed with tax-exempt bond proceeds, low-income housing tax credits, deferred developer fee, a seller loan, and a loan from The Long Beach Housing Development Company (LBHDC), which was approved on June 15, 2011.
The original TEFRA hearing was held on July 14, 2011, and the City Council originally adopted a Resolution approving the issuance of revenue bonds by CSCDA for this project on August 16, 2011. The project was delayed, and affordable housing funding from the LBHDC was put on hold due to the dissolution of redevelopment agencies in California, as a result of AB 1X26.
The recent passage of AB 1484 clarified that certain remaining unspen...
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