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 Municipal Finance Authority (CMFA) to benefit Las Brisas Mobile Home Park, Villa del Arroyo Moorpark, LLC, in an amount not to exceed $13,000,000. (District 8)
DISCUSSION
Villa del Arroyo Moorpark, LLC, proposes to purchase and improve the Las Brisas Mobile Home Park, and has requested the CMFA to issue bonds on its behalf in an aggregate amount not to exceed $13,000,000. The Development Services Department has reviewed the proposal, and has no objections. The project will help ensure the long-term protection of low-income housing options.
The CMFA is a joint exercise of powers authority, consisting of over 175 California cities, counties and special districts, whose mission is to support economic development, job creation and social programs throughout the State of California. The CMFA will issue tax-exempt debt, the proceeds of which will be loaned to Villa Del Arroyo Moorpark, LLC, for the purpose of financing the acquisition, improvement and equipping of the mobile home park located at 400 East Arbor Street, Long Beach, CA 90805.
The Internal Revenue Code requires that CMFA seek approval from the City Council in order for the bonds to be issued which will benefit facilities within the City. As required by Federal tax law, a TEFRA public hearing notification was published in the Press-Telegram on November 29, 2013. The TEFRA hearing was held on December 16, 2013 at 9:00 a.m. The public hearing was conducted by the City Treasurer in the sixth floor conference room of City Hall. No public comment was presented at the hearing.
This matter was reviewed by Deputy City Attorney Richard Anthony on December 24, 2013 and by Budget Management Officer Victoria Bell on January 2, 2014.
TIMING CONSIDERATIONS
City Council action is re...
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