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CC - PUBLIC HEARING - (1) Conduct a Public Hearing Pursuant to the Requirements of Tax and Equity Fiscal Responsibility Act and 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 Culver City Rotary Plaza Senior Apartments located at 5100 Overland Avenue, Culver City, California; and (3) Approve the Deposit of Approximately $13,000 in Issuance Fees to the Culver City Housing Authority for the Creation of Affordable Housing Opportunities.
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Meeting Date: 09/12/2016
Contact Person/Dept: Tevis Barnes/CDD-Housing
Phone Number: (310) 253-5782
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [X] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: Master E-Mail Notification List (09/07/16), Culver City News (08/11/2016 through 09/08/2016), and Culver City Observer (08/11/2016 through 09/08/2016).
Department Approval: Sol Blumenfeld, Community Development Director (09/06/16)
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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 the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) for the benefit of the Culver City Housing Partners, LP, a California limited partnership created by Retirement Housing Foundation a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or a subsidiary or affiliate thereof (Borrower), to provide for the financing in an amount not to exceed $30,000,000 (Bond) to assist in the financing or refinan...
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