3A Public Hearing 2010 0907 - Laserfiche WebLink

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CITY OF SAN LEANDRO APPROVED AND STAFF REPORT FORWARDED TO CITY COUNCIL DACE: September 7, 2010 /� Stephen L. Hollister TO: Stephen L. Hollister, City Manager p� City Manager FROM: Luke Sims, Community Development Directbd ° Perry Carter, Interim Finance Director BY: Cynthia Battenberg, Business Development Manager SUBJECT PROJECT /PROJECT DESCRIPTION: MATTER OF CONDUCTING A PUBLIC HEARING AND APPROVING THE ISSUE OF TAX EXEMPT OBLIGATIONS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY (SUCH DEBT WILL NOT BE AN OBLIGATION OF THE CITY OF SAN LEANDRO) NOT TO EXCEED $1.0 MILLION TO FINANCE THE INSTALLATION OF SOLAR PANELS AT KOHL'S DEPARTMENT STORE, 15555 EAST 14 STREET SUMMARY AND RECOMMENDATION Staff recommends City Council approval of the resolution approving the issuance by the California Statewide Communities Development Authority (Authority) of Recovery Zone Facility Revenue Bonds to allow a "green" solar panel project for SunEdison LLC for the SunEdison Portfolio #2 project (Kohl's Department Store). BACKGROUND The Authority is ajoint powers authority consisting of over 500 California cities, counties and special districts including San Leandro. The Authority is requesting authorization from the California Debt Limit Allocation Committee to issue Recovery Zone Facility Bonds to finance the installation of solar panels at the San Leandro Kohl's Department Store. 15555 East 14 Street. The amount of debt to be issued will not exceed $1.0 million and will not be an obligation of the City of San Leandro. In order for such a financing to take place, the member participant of the Authority in which the proposed facilities will be located, in this case San Leandro, must (i) conduct a public hearing and (ii) approve the Authority's issuance of indebtedness. As noted earlier, the debt so issued is the obligation of the Authority and the City of San Leandro has no obligation with respect to the financing.