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7.B. - Page 2 <br />financing a project within the City. The approval requirement prevents CSCDA from <br />providing tax - exempt financing within the City for a venture that the City does not wish <br />to receive such financing. <br />The City will not be the issuer of the CSCDA bonds, will not administer the CSCDA <br />bonds, and will have no financial obligation in connection with the bonds. <br />In order for CSCDA to issue the bonds, the City must (1) conduct a public hearing <br />allowing members of the public to comment on the proposed Project, and (2) approve of <br />CSCDA's issuance of Bonds on behalf of Kaiser. <br />ALTERNATIVES <br />Should Council elect not to approve this resolution, Kaiser will need to obtain financing <br />for this project from an alternative source which would likely be more expensive. <br />FISCAL IMPACT <br />Kaiser has provided a $2,500 deposit to cover costs associated with the review of legal <br />documents related to this transaction. <br />There is no direct or indirect financial impact to the City of Redwood City as a result of <br />this proposed financing. CSCDA will issue tax - exempt revenue bonds on behalf of the <br />Project. The tax - exempt revenue bonds are payable solely out of the revenues derived <br />by Kaiser. No financial obligations are placed on the City for project financing costs or <br />debt repayment. <br />BRIAN PONTY <br />FINANCE DIRECTOR <br />ROBERT B. BELL <br />CITY MANAGER <br />ATTACHMENTS <br />1. Resolution <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />1. None <br />