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7.C. - Page 1 of 8 <br />/<;i-ik <br />Redwood <br />CitylCallifornia <br />rounded 1967 <br />*A/ <br />DATE: November 5, 2018 <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />SUBJECT Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing Regarding Issuance of Multifamily <br />Housing Revenue Bonds by the California Statewide Communities Development Authority (CSCDA) for 353 <br />Main Street Family Apartments and Resolution Approving the Issuance of Bonds <br />RECOMMENDATION <br />1. Conduct a Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing in consideration of the issuance of <br />tax exempt bond financing by the California Statewide Communities Development Authority (CSCDA) for <br />the benefit of 353 Main Street Family Apartments, L.P., to provide financing for the acquisition, <br />construction, improvement, and equipping of a 125 -unit affordable multifamily rental housing project <br />generally known as 353 Main Street Family Apartments. <br />2. Adopt a resolution approving the issuance of Bonds by the CSCDA not to exceed $70,000,000, for the <br />benefit of 353 Main Street Family Apartments, L.P., to provide financing for the acquisition, construction, <br />improvement, and equipping of a 125 -unit affordable multifamily rental housing project generally known <br />as 353 Main Street Family Apartments. <br />STRATEGIC INITIATIVE <br />Housing <br />BACKGROUND <br />From time to time, the City of Redwood City is asked to hold a public hearing associated with a private <br />entity's issuance of tax-exempt private activity bonds. The entity must be located within Redwood City. <br />The bond issuance does not create a financial obligation for the City, other than the cost of staff time to <br />prepare for the hearing. This cost is partially reimbursed through administrative payments to the City. In <br />the past two years, the City Council has held approximately seven public hearings associated with tax- <br />exempt private activity bonds issued by public finance entities primarily for affordable housing developers <br />in Redwood City. <br />353 Main Street Family Apartments, L.P. (the "Borrower") has requested that the California Statewide <br />Communities Development Authority ("CSCDA") serve as the municipal issuer of tax-exempt multi -family <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org <br />538 <br />