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 Long Beach Senior Artist Colony, LP, in an amount not to exceed $30,000,000. (District 1)
DISCUSSION
Long Beach Senior Artist Colony, LP, a California limited partnership formed by Meta Housing Corporation (Meta), has requested the CSCDA to issue bonds on its behalf in an aggregate amount not to exceed $30,000,000. 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, which will be loaned to Long Beach Senior Artist Colony, LP, to finance the construction of a new affordable senior rental housing development at 1235 Long Beach Boulevard, which is referred to as the Senior Artist Colony (SAC). The SAC building is intended for very low-, and low-income active seniors age 55 and above, and includes 147 apartment units and amenity space that is designed to provide opportunities for lifelong learning for the residents. The development will also include a pool and spa, community room, library, theater, game room, art studios, classrooms and a gym.
The SAC is one component of a mixed-use and mixed-income two-phased development that includes 186 senior rental units in two buildings over parking (Phase I), and 170 mixed-income condominiums over parking and retail space (Phase II). The second building in Phase I includes 39 affordable senior rental units over parking, with shared use of the SAC amenities previously mentioned. The whole project was approved by the Planning Commission on January 15, 2009, and is fully entitled.
Meta and the City of Long Beach have been awarded approximately $26,000,000 by the State of California Depart...
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