Report Prepared by: Mark E. Hamilton, Housing Program Supervisor, Housing Division, Development Services Department
Title
SUBJECT: Request to Set a Public Hearing for the Tax Equity and Fiscal Responsibility Act (TEFRA) Regarding the Facilitation of Bond Sales by the Statewide Communities Development Authority for the Gateway Terrace II Project
REPORT IN BRIEF
Request to set a public hearing for Monday, August 7, 2017, to consider the Tax Equity and Fiscal Responsibility Act (TEFRA) Regarding the Facilitation of Bond Sales by the Statewide Communities Development Authority for the Gateway Terrace II Project.
RECOMMENDATION
City Council - Adopt a motion setting a public hearing for Monday, August 7, 2017, to consider the Issuance of Multi-Family Housing Revenue Bonds for Gateway Terrace II Apartments.
Body
ALTERNATIVES
1. Approve, as recommended by staff; or,
2. Approve, subject to conditions other than recommended by staff; or,
3. Deny; or,
4. Refer to the City Manager for reconsideration of specific items (specific items to be addressed in the motion); or,
5. Continue to a future meeting (date and time to be specified in the motion).
AUTHORITY
Charter of the City of Merced, Section 405 and 411, et seq. of the City of Merced and as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and California Government Code Section 6500, amended.
CITY COUNCIL PRIORITIES
As proposed for in the 2017-18 budget and appropriated to the City of Merced as a HUD entitlement community by the U.S. Department of Housing and Urban Development Annual Action Plan.
DISCUSSION
Staff is requesting Council to set a public hearing to consider the Tax Equity and Fiscal Responsibility Act (TEFRA) Regarding the Facilitation of Bond Sales by the Statewide Communities Development Authority for the Gateway Terrace II Project. The Merced Gateway Investors, LP, a limited partnership established by the Central Valley Coalition for Affordable Housing (Coalit...
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