Report Prepared by: Mark E. Hamilton, Housing Program Supervisor, Housing Division, Development Services Department
Title
SUBJECT: Public Hearing - 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
Conduct a Public Hearing regarding the proposed issuance of revenue bonds to Merced Gateway Investors II, LP for the construction of a 50-Unit low income multi-family apartment complex at 13th and K Streets in Merced.
RECOMMENDATION
City Council - Adopt a motion:
A. Adopting Resolution 2017- 40 a Resolution of the City Council of the City of Merced, California, approving the issuance by the California Statewide Communities Development Authority of Multifamily Housing Revenue Bonds for the Gateway Terrace II Apartments; and,
B. Authorizing the City Manager or Assistant City Manager to execute all necessary documents.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to other than recommended by staff (identify specific findings and/or conditions amended to be addressed in City Council motion); or,
3. Deny; or,
4. Refer to City Staff for reconsideration of specific items to be addressed in City Council motion); or,
5. Continue to a future City Council meeting (date and time to be specified in City Council motion).
AUTHORITY
Article II, Section 200 of the Merced Municipal Charter, Tax Equity and Fiscal Responsibility Act and Internal Revenue Code of 1986, as amended, and California Government Code Section 6500, amended.
CITY COUNCIL PRIORITIES
As provided for in the 2017-18 Adopted Budget and the 2017 HUD Annual Plan.
DISCUSSION
Merced Gateway Investors II, LP, a limited partnership established by the Central Valley Coalition for Affordable Housing (Coalition), submitted an application to the California Statewide Communities Development Authority (CSCDA) for tax exempt funds to con...
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