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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />September 12, 2016 <br /> <br />SUBJECT <br />Tax Equity and Fiscal Responsibility Act ("TEFRA") public hearing regarding issuance <br />of up to $110,000,000 of multifamily housing revenue bonds by the California Public <br />Finance Authority ("CalPFA") to finance Anton Redwood City Apartments <br /> <br />RECOMMENDATION <br />1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing (TEFRA) in consideration <br />of the issuance of tax exempt bond financing by CalPFA for Anton Redwood <br />Apartments <br /> <br />2. Adopt a resolution approving the tax exempt financing and the issuance of revenue <br />bonds by CalPFA for Anton Redwood Apartments to finance the acquisition and <br />construction of the 250 unit project located at 801 Brewster Avenue. The resolution will <br />authorize the Mayor or designee thereof to execute the Joint Exercise of Powers <br />Agreement authorizing Redwood City to join the CalPFA as an additional member <br /> <br />BACKGROUND <br />Anton Redwood Apartments is a proposed 250 unit multifamily project located at 801 <br />Brewster Avenue in Redwood City. Of the 250 apartment homes, 50 will be affordable <br />to very low income households earning 50% of the area median income. There are 30 <br />studio units, of which, 6 will be designated for very low income households, 161 one <br />bedroom units, of which, 32 will be designated for very low income households, and 59 <br />two bedroom units, of which 12 will be designated for very low income households and <br />one unit that serves as a manager’s unit. Studio floor plans are 575 square feet, one‐ <br />bedroom floor plans average 700 square feet and two‐bedroom, two bath floor plans <br />average 1,080 square feet. Anton Redwood Apartments is currently in the entitlement <br />phase with the City of Redwood City. If approved, Anton Redwood Apartments is <br />expected to commence construction in Quarter 3 of 2017 and it is anticipated that <br />construction will be completed in Quarter 1 of 2020. The subject request does not <br />impact the entitlement process. The project must still be reviewed and approved as <br />required in the Downtown Precise Plan. The timeline for affordable housing financing, <br />however, requires that the subject request be made at this time. <br /> <br />Anton Development Company has requested that CalPFA issue multifamily housing <br />revenue bonds in an amount not to exceed $110,000,000 to finance the acquisition and <br />construction of the project. Section 147(f)(2) of the Internal Revenue Code requires that, <br />7.C. - Page 1