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HEARING - Planning and Building Department, Economic Development and Administration, Affordable Housing Unit, recommending the Board:
1) Conduct a public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (“TEFRA”) in connection with the proposed issuance of one (1) or more series of tax-exempt and/or taxable revenue bonds by the California Municipal Finance Authority (“CMFA”), a joint exercise of powers authority and public entity of the State of California, in an amount not-to-exceed $35,000,000, to refinance the acquisition, construction, improvement and equipping of El Dorado Senior Village Apartments I, a senior multifamily rental housing project to be located at 6464 Koki Lane, within the County of El Dorado;
2) Adopt and authorize the Chair to sign Resolution 179-2024 approving the issuance of the Bonds by the CMFA for the benefit of Kingdom Development, Inc. (“Developer”), to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following); and
3) Direct the funds received from the CMFA, related to the issuance of the bonds, be deposited in the Affordable Housing Trust Fund special revenue fund.
(District 3)
FUNDING: California Municipal Finance Authority.
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DISCUSSION / BACKGROUND
The California Municipal Finance Authority (“CMFA”) was created on January 1, 2004, pursuant to a Joint Exercise of Powers Agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 200 municipalities, including El Dorado County (“County”), have become members of CMFA.
The 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. The CMFA’s representatives a...
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