To: Honorable Mayor and Members of City Council
From: Steve Potter, City Manager
Prepared By: Stephanie Gaul, Housing Manager
TITLE:
Title
Alexander Crossings Apartments TEFRA Hearing
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution approving the issuance by the California Municipal Finance Authority of revenue bonds in an aggregate principal amount not to exceed $25,000,000 for the purpose of financing or refinancing the acquisition, construction, improvement, and equipping of Alexander Crossings Apartments, an existing 134 unit multifamily residential property located at 190 Silverado Trail.
Body
DISCUSSION:
Alexander Crossings Apartments is an existing 134 unit multifamily residential property, which includes 27 units restricted for occupancy by very-low income households, located at 190 Silverado Trail (the "Project"). The Project is owned by Alexander Napa, L.P., a California limited partnership (the "Borrower") and the Borrower needs to amend and restate the regulatory agreement related to the original bond issuance which causes a technical refunding of the bond.
The Borrower is proposing to finance or refinance the acquisition, construction, improvement, and/or equipping of Alexander Crossings Apartments, through up to $25,000,000 in tax exempt bonds issued through California Municipal Finance Authority ("CMFA" or the "Authority"). The Authority is a joint powers authority created in 2004 to promote economic, cultural, and community development through the financing of economic development and charitable activities throughout California. CMFA was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. CMFA has more than 350 municipal members, including City of Napa.
The City needs to conduct a hearing in compliance with the Tax and Equity Fiscal Responsibility Act ("TEFRA"), to consider input from the publ...
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