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File Number: 15-478 <br />Prior to a TEFRA hearing, reasonable notice must be provided to the community for an <br />opportunity to speak in favor of or against the use of tax-exempt bonds. Legal requirements <br />for notification of this meeting included notice in The Daily Review, a paper of general <br />circulation, 22 days prior to the hearing and posting of the meeting agenda at City Hall a <br />minimum of 72 hours in advance of the meeting date. <br />Fiscal Impacts <br />The Board of Directors of the California Foundation for Stronger Communities, a California <br />non-profit public benefit corporation (Foundation), acts as the Board of Directors for the <br />CMFA. Through its conduit issuance activities, the CMFA shares a portion of the issuance <br />fees it receives with its member communities and donates a portion of these issuance fees to <br />the Foundation for the support of local charities. With respect to the City, it is expected that <br />CMFA will grant 25% of the issuance fee to the General Fund of the City. Such grant may be <br />used for any lawful purpose of the City. The Borrower will be the beneficiary of the CMFA’s <br />charitable donation through a 25% reduction in issuance fees. Based on a $25 million bond <br />issuance, CMFA’s issuance fee is $50,000. The amount transferred to the City upon Bond <br />closing will be $12,500 (25% of the CMFA issuance fee). <br />Additionally, the acquisition, rehabilitation and improvement of Las Palmas will not require any <br />City funding assistance. Eden Housing will seek these revenue bonds as well as <br />federal/State low income tax credit financing, which Eden applied for in late August 2015, to <br />fund the project. <br />ATTACHMENTS <br />None. <br />PREPARED BY: Steve Hernandez, Housing Specialist II, Community Development <br />Department, Housing Services Division <br />Page 3 City of San Leandro Printed on 9/2/2015