Title
HEARING to consider adoption of Resolution 113-2014 approving the issuance by the California Statewide Communities Development Authority of multifamily housing revenue bonds for the Glenview Family Apartments. (Est. Time: 5 Min.)
Body
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 500 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 Glenview Family Apartments.
Glenview Cameron Park AR, L.P., a limited partnership or related entities, has requested that the Authority adopt a plan of financing providing for the issuance of multifamily housing revenue bonds (the "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 $9,000,000 in outstanding aggregate principal amount, to finance the acquisition and rehabilitation of a 88-unit multifamily rental housing project located at 2361 Bass Lake Road, Cameron Park, California, generally known as Glenview Family Apartments (the "Project") and operated by ConAm Management. The Glenview Family Apartments were originally constructed in 1998.
There has been published, at least 14 days prior to the date hereof, in a newspaper of general circulation within the County, a notice that a p...
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