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Hearing to consider adoption of Resolution 199-2011 approving the issuance by the California Statewide Communities Development Authority of multifamily housing revenue bonds for the Cameron Park Senior Apartments. (Est. Time: 5 Min.)
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Fiscal Impact/Change to Net County Cost: No change. There is no cost associated with this action.
Reason for Recommendation: Pursuant to the provisions of the Joint Powers Act, commencing with Section 6500 of the California Government Code (the “JPA Act”), a number of California cities and counties, including El Dorado County, have entered into a Joint Exercise of Powers Agreement (the “Agreement”) pursuant to which California Statewide Communities Development Authority (the “CSCDA”) was organized. Currently over 480 California cities, counties and special districts are program participants of the CSCDA. The CSCDA contacted the County with a request to prepare a public hearing before the Board to meet the requirements of state and federal law, including the Tax Equity and Fiscal Responsibility Act (“TEFRA”) for the Cameron Park Senior Apartments.
Cameron Park Seniors, LP, a limited partnership or related entities established by Ionic Enterprises, Inc. (the “Applicant”), has requested that CSCDA adopt a plan of financing providing for the issuance of multifamily housing Revenue Bonds in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, and at no time to exceed $8,000,000 in outstanding aggregate principal amount, to finance the acquisition, construction and development of an 80-unit senior multifamily rental housing project located North of Green Valley Road, between Hastings Drive and Starbuck Road (APN 102-421-01-100, 102-110-14-100, and 102-110-24-100), Cameron Park, California, generally known as Cameron Park Senior Apartments and operated by FPI Management, Inc.
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