City Council

F.2. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST\nHOLLYWOOD APPROVING A PLAN INCLUDING THE ISSUANCE OF\nREVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE\nAUTHORITY TO FINANCE AND REFINANCE A QUALIFIED RESIDENTIAL\nPROJECT FOR THE BENEFIT OF WHCHC WETHERLY, L.P. [S.\nCAMPBELL, B. LEAGUE, A. BARTLE]:\nSUBJECT: The City Council will review the minutes and adopt a Resolution\nacknowledging that a public hearing was conducted on December 19, 2024\nunder the Tax and Equity Fiscal Responsibility Act (“TEFRA”) in connection with\nthe proposed issuance of revenue bonds by the California Municipal Finance\nAuthority the (“CMFA”), a Joint Exercise of Powers Authority and Public Entity of\nthe State of California, in an amount not to exceed $60,000,000, (the “Bonds”),\nto finance and refinance the acquisition, construction, development and\nequipping of an 89-unit qualified residential rental project (the “Project”) to be\nlocated at 910-916 Wetherly Drive within the City of West Hollywood, California\n(the “City”).\nRECOMMENDATIONS: 1) Review the minutes of the public hearing that was\nheld under the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and Internal\nRevenue Code of 1986 in connection with the proposed issuance of tax-exempt\nbonds by the California Municipal Finance Authority in an amount not to exceed\n$60,000,000 for the purpose of financing and refinancing the acquisition,\nconstruction, development and equipping of 910-916 N. Wetherly Drive, an 89-\nunit multifamily rental housing development located in the City of West\nHollywood, California (the “Project”); and 2) Adopt Resolution No. 25-______:\n"RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST\nHOLLYWOOD APPROVING A PLAN OF FINANCE INCLUDING THE\nISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL\nFINANCE AUTHORITY TO FINANCE AND REFINANCE A QUALIFIED\nRESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF WHCHC\nWETHERLY, L.P., AND CERTAIN OTHER MATTERS RELATING THERETO.”