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CC - PUBLIC HEARING: (1) Conduct a Public Hearing Pursuant to the Requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) of the Internal Revenue Code of 1986, as Amended; (2) Adoption of a Resolution to Approve the Issuance of Revenue Bonds by the California Municipal Finance Authority to Assist in the Financing or Refinancing of the 4464 Sepulveda Blvd. L.P. Located in Culver City, California; and (3) Approval of the Deposit of Approximately $19,183.40 in Issuance Fees to the General Fund.
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Meeting Date: October 27, 2025
Contact Person/Dept: Punit Chokshi, Finance
Phone Number: (310) 253-6033
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (10/22/2025)
Department Approval: Lisa Soghor, Chief Financial Officer (10/15/2025)
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RECOMMENDATION
Staff recommends the City Council:
1. Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
2. Adopt a Resolution approving a proposed plan of finance to include the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) for the benefit of the Community Corporation of Santa Monica, a California nonprofit public benefit corporation (the "Sponsor"), on behalf of 4464 Sepulveda Blvd., L.P., a California limited partnership, or another ownership entity created by 4464 Sepulveda Blvd. LLC, a California limited liability company, its general partner (the "General Partner"), or by another affiliate of the Sponsor (such limited partnership or other ownership entity, the "Borrower"). CMFA and the Borrower have undertaken a proposed plan of finance that includes the issuance and reissuance from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $...
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