Title
HEARING - Supervisor Norma Santiago, on behalf of the City of South Lake Tahoe, recommending the Board hold a public hearing and adopt a Resolution approving the issuance of Multi-Family Housing Revenue Bonds, not to exceed $11,000,000, for the purpose of financing the acquisition, construction and development of the Aspens at South Lake Tahoe, a 48-unit multifamily rental housing project located at 3521 and 3541 Pioneer Trail, South Lake Tahoe, California. (Est. Time: 15 Min.)
Resolution 058-2011
Body
This is a public hearing to consider adopting a resolution to approve the issuance by the California Statewide Community Development Authority of (Multi-Family Housing) Revenue Bonds in one or more series from time to time in an aggregate principal amount not to exceed $11,000,000 for the purpose of financing the acquisition, construction and development of a 48-unit multifamily rental housing project located at 3521 and 3541 Pioneer Trail, South Lake Tahoe, California, generally known as The Aspens at South Lake (the “Project”) and operated by Cambridge Real Estate Services. The bonds, if issued, will not be a liability of the County nor any of its agencies. All costs associated with the issuance and repayment of the bonds will be borne by the partnership.
OVERVIEW
The project known as The Aspens at South Lake Tahoe has been in predevelopment phase for approximately four years. The project includes 48-units of affordable housing and has been approved for funding by the State of California Department of Housing and Community Development in an amount up to $5.1 million dollars and by the South Lake Tahoe Redevelopment Agency in an amount up to $2.1 million dollars (see attachments).
The project developers, “Pacific West Communities, Inc. is a privately owned real estate development and financing firm specializing in the construction and rehabilitation of senior and family communities. Pacific West Communities has developed over 80 family and senior apart...
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