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7.A. - Page 1 of 6 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />\IAW <br />DATE: February 11, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and <br />City Council <br />From the City Manager <br />Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing Regarding Issuance of Tax Exempt Bonds by the <br />California Statewide Communities Development Authority (CSCDA) for the Hallmark House Apartments <br />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 Hallmark 2017, L.P., to provide financing for the acquisition, rehabilitation, improvement, <br />and equipping of a 72 -unit affordable multifamily rental housing project generally known as Hallmark <br />House Apartments. <br />2. Adopt a resolution approving the issuance of Bonds by the CSCDA not to exceed $25,000,000, for the <br />benefit of Hallmark 2017, L.P., to provide financing for the acquisition, rehabilitation, improvement, and <br />equipping of a 72 -unit affordable multifamily rental housing project generally known as Hallmark House <br />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 eight public hearings associated with tax- <br />exempt private activity bonds issued by public finance entities primarily for affordable housing developers <br />in Redwood City, such as Hallmark. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />139 <br />