City Council

9. Page 75 Resolution to consider approving the issuance of Tax -Exempt Bonds for the\nbenefit of La Verne Elementary Preparatory Academy, and/or Related Entity\nRecommended Action:\nIt is recommended that the City Council:\n1. Conduct a public hearing regarding the proposed issuance of tax -exempt\nfinancing, in an amount not to exceed $22,000,000, for the benefit of 9966 I\nAve, LLC, a California limited liability company whose sole member is\nLaVerne Elementary Preparatory Academy Foundation, a California\nnonprofit public benefit corporation, and/or a related entity (the “Borrower”).\nThe financing would be used to (a) finance and/or refinance the costs of\nacquiring, constructing, installing, improving, furnishing, and equipping\ncharter school facilities located at 16955 Lemon Street, Hesperia, California\n92345, in the amount of $21,000,000, and 9966 I Avenue, Hesperia,\nCalifornia 92345, in the amount of $1,000,000; (b) fund a debt service\nreserve and related working capital; (c) paying capitalized interest on the\nbonds; and (d) pay issuance and other related costs associated with the\nproject; and\n2. Adopt a resolution approving the issuance of tax-exempt bonds in an\namount not to exceed $22,000,000 by the California Public Finance\nAuthority (CalPFA).\nStaff Person: Director of Development Services Nathan Freeman\nAttachments: SR La Verne Elementary Preparatory Bond Approval 5-6-2025\nResolution 2025-13