TITLE
Recommendation to adopt resolution approving Associate Membership of the City of Long Beach in the California Enterprise Development Authority; and authorize execution of an Associate Membership Agreement. (Citywide)
DISCUSSION
The California Enterprise Development Authority (CEDA) is a joint powers authority whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund industrial and commercial development projects within member jurisdictions. Federal and State laws provide the ability for cities and counties to join together under cooperative agreements to form joint powers authorities to issue tax-exempt and taxable bonds to fund projects that provide a public benefit and serve the needs of residents within the jurisdictions of the participating members. All cities and counties in California have the ability to act as an issuer of conduit revenue bonds, but many jurisdictions utilize joint powers authorities primarily for economies of scale, to access specialized transaction knowledge and resources, and to avoid using valuable local staff time on these types of transactions.
CEDA is a joint powers authority consisting of the cities of Selma, Lancaster and Eureka. The counties of Sacramento, Riverside, Stanislaus, Sonoma, Yolo and San Bernardino as well as the cities of Pittsburg, Upland, Fairfield, Duarte and Montebello are Associate Members. CEDA's activities are dedicated to providing economic development assistance to member jurisdictions as an extension of the economic development assistance provided by the California Association for Local Economic Development (CALED) to its members. The City of Long Beach is a member of CALED.
The Associate Membership Agreement (Agreement) permits any other local agency in California to join CEDA as an Associate Member. An existing business in the City has requested CEDA's assistance in financing the acquisition and installation of certain manufacturing facilities and to this end has requested ...
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