AgdaPkt 2016-01-25 Closed and Interview and Joint SA PFA

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four (44) years, as well as extend the Affordability Covenants by the same number of years. The rehabilitation will allow MidPen to preserve the property long-term by lowering operating expenses, improving quality of life for residents, and promoting sustainability. The refinance and rehabilitation is critical to MidPen’s ability to both preserve their substantial portfolio of affordable housing in San Mateo County and to further its mission of providing safe and affordable housing of high quality to those in need. By adopting the resolution and executing the Joint Powers Agreement with the CMFA the City would be supporting MidPen’s re-syndication and long term preservation of affordable housing. This action would assist in furthering the City’s affordable housing goals identified in the Housing Element and Consolidated Plan. TEFRA Hearing MidPen Housing Corporation requested that the CMFA serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $20,000,000 of tax-exempt revenue bonds. The proceeds of the Bonds will be used to finance the costs of the acquisition and rehabilitation of City Center Plaza. It will be owned and operated by the Borrower (MidPen Housing Corporation or a subsidiary or affiliate thereof). In order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Redwood City must conduct a public hearing (the “TEFRA Hearing”) providing for the members of the community an opportunity to speak in favor of or against the use of tax- exempt bonds for the financing of the Project. Prior to such TEFRA Hearing, reasonable notice must be provided to the members of the community. Notice of the hearing was published in the Daily News on January 8, 2016, consistent with TEFRA’s noticing requirements. Following the close of the TEFRA Hearing, an “applicable elected representative” of the governmental unit hosting the Project must provide its approval of the issuance of the Bonds for the financing of the Project. California Municipal Finance Authority The CMFA was created on January 1, 2004 pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 220 municipalities have become members of CMFA. The CMFA was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. The CMFA’s representatives and its Board of Directors have considerable experience in bond financings. Execution of the Joint Exercise of Powers Agreement In order for the CMFA to have the authority to serve as the issuer of the bonds for the Project, it is necessary for the City of Redwood City to become a member of the CMFA. 9.B. - Page 3