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File Number: 15-478 <br />bond financing is related to Eden’s efforts to apply again for housing tax credits <br />(“resyndication”) to make needed renovations to the aging Las Palmas, without City financial <br />assistance. <br />In order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of San <br />Leandro must conduct a public hearing (TEFRA Hearing) that provides an opportunity for the <br />community to speak to speak upon the use of tax-exempt bonds for the financing of the <br />Project. Prior to such TEFRA Hearing, reasonable notice must be provided to the members of <br />the community. Following the close of the TEFRA Hearing, an “applicable elected <br />representative” of the governmental unit hosting the Project must provide its approval of the <br />issuance of the Bonds for the financing of the Project. <br />Analysis <br />The CMFA was created on January 1, 2004 pursuant to a joint exercise of powers agreement <br />to promote economic, cultural and community development through the financing of economic <br />development and charitable activities throughout California. To date, over 150 municipalities <br />have become members of CMFA. <br />The CMFA was formed to assist local governments, non-profit organizations and businesses <br />with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living <br />in California. The CMFA’s representatives and its Board of Directors have considerable <br />experience in bond financings. <br />The Bonds to be issued by the CMFA for the Project will be the sole responsibility of the <br />Borrower, and the City will have no obligations, liability or responsibility for the Project or the <br />repayment of the Bonds for the financing of the Project. <br />All financing documents with respect to the issuance of the Bonds will contain clear <br />disclaimers that the Bonds are not obligations of the City or the State of California, but are to <br />be paid for solely from funds provided by the Borrower. <br />There are no costs associated with membership in the CMFA and the City will in no way <br />become exposed to any financial liability by reason of its membership in the CMFA. In <br />addition, participation by the City in the CMFA will not impact the City’s appropriations limits <br />and will not constitute any type of indebtedness by the City. Outside of holding the TEFRA <br />hearing and adopting the required resolution, no other participation or activity of the City or the <br />City Council with respect to the issuance of the Bonds will be required. <br />Applicable General Plan Policies <br />·Goal 56: AFFORDABLE HOUSING CONSERVATION: Encourage the preservation and <br />rehabilitation of the existing affordable housing stock . <br />Environmental Review <br />No California Environmental Quality Act (CEQA) is involved in this action. <br />Summary of Public Outreach Efforts <br />Page 2 City of San Leandro Printed on 9/2/2015