Laserfiche WebLink
Act (TEFRA), the Internal Revenue Code and the California Government Code Section <br />6500 (and following). Prior to such TEFRA Hearing, reasonable notice must be <br />provided to the members of the community. Following the close of the TEFRA Hearing, <br />an “applicable elected representative” of the governmental unit hosting the Project must <br />provide its approval of the issuance of the Bonds for the financing of the Project. A <br />public notice was published in July, 2016, at least two weeks prior to the hearing. <br />CSCDA is a joint powers authority sponsored by the League of California Cities <br />("League") and the California State Association of Counties ("CSAC"). CSCDA was <br />created by the League and CSAC in 1988 to enable local government and eligible <br />private entities access to low-cost, tax-exempt financing for projects that provide a <br />tangible public benefit, contribute to social and economic growth and improve the <br />overall quality of life in local communities throughout California. CSCDA is comprised of <br />more than 500 members, including the City of Redwood City. CSCDA has issued more <br />than $57 billion through 1,400 plus financings since 1988 and consistently ranks in the <br />top 10 of more than 3,000 nationwide public issuers of tax-exempt debt, as measured <br />by annual issuance amount. <br />ALTERNATIVES <br />The City could decide not to adopt the resolution which would prevent the Borrower <br />from accessing essential bond financing to support existing affordable housing. <br /> <br />FISCAL IMPACT <br />There is no fiscal impact to the City. The Bonds will be issued as limited obligations of <br />CSCDA, payable solely from revenues and receipts derived from a loan to be made by <br />CSCDA to the Borrower with the Bond proceeds. The City bears no liability with respect <br />to the issuance of the Bonds. Further, the City is not a party to any of the financing <br />documents related to the Bond issuance and is not named in any of the disclosure <br />documents describing the Bonds or the proposed financing. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA guidelines, section 15378, <br />because it has no potential for resulting in either a direct foreseeable physical change in <br />the environment. <br /> <br /> <br />RHONDA COFFMAN <br />CDBG/HOME ADMINISTRATOR <br /> <br /> <br />AARON AKNIN <br />ASSISTANT CITY MANAGER – COMMUNITY DEVELOPMENT DIRECTOR <br /> <br /> <br />8.A. - Page 2