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City of San Leandro <br />Meeting Date: April 16, 2012 <br />Staff Report <br />File Number: 12 -167 Agenda Section: PUBLIC HEARINGS — CITY <br />COUNCIL <br />Agenda Number: 3.C. <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: Staff Report for Resolution Approving and Authorizing the City Manager to <br />Execute a Joint Exercise of Powers Agreement Relating to the California <br />Municipal Finance Authority (CFMA) and Approving the Issuance of Revenue <br />Bonds by the CFMA to Finance the Acquisition and Rehabilitation of a <br />Multifamily Rental Housing Development to Be Owned by a Limited <br />Partnership to Be Established by Christian Church Homes or Its Affiliate <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council conduct a public hearing under the requirements of <br />the Tax and Equity Fiscal Responsibility Act (TEFRA), Section 147(f) of the Internal Revenue <br />Code of 1986, as amended, and California Government Code Section 6500 (and following) to <br />become a member of CMFA and adopt a resolution approving the issuance of revenue bonds <br />by the CMFA and authorizing the City Manager to execute the Joint Exercise of Powers <br />Agreement with the CMFA. <br />Tits] <br />oil] I �7 <br />Christian Church Homes (CCH) requested that the CMFA serve as the municipal issuer of the <br />bonds in an aggregate principal amount not to exceed sixteen million dollars ($16,000,000) of <br />tax - exempt revenue bonds. The proceeds of the bonds will be used to finance the acquisition <br />and rehabilitation of a 75 -unit multifamily housing rental facility (currently known as Fargo <br />Senior Center) located at 868 Fargo Avenue (the Project). The facilities are to be owned by a <br />California limited partnership (Borrower) to be formed by or on behalf of CCH and will be <br />operated initially by CCH Management Services. A portion of the units in the Project will be <br />occupied by low or very low- income households. <br />In order for all or a portion of the bonds to qualify as tax - exempt bonds, the City must conduct <br />a public hearing (the "TEFRA Hearing ") to provide community members an opportunity to <br />speak in favor of or against the use of tax - exempt bonds for the financing of the Project. Prior <br />City of San Leandro Page 1 Printed on 411012012 <br />