City Council

(17) 21­0677 CD 15 COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) and LOS ANGELES HOUSING DEPARTMENT (LAHD), and RESOLUTIONS relative to issuing supplemental tax­exempt multifamily conduit revenue notes in an amount up to $600,643 and executing related financing documents for the Avalon 1355 Apartments Supportive Housing Project (Project), located at 1355 North Avalon Boulevard in Council Tuesday District 15. - May 21, 2024 - PAGE 14 (17) 21­0677 CD 15 COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) and LOS ANGELES HOUSING DEPARTMENT (LAHD), and RESOLUTIONS relative to issuing supplemental tax­exempt multifamily conduit revenue notes in an amount up to $600,643 and executing related financing documents for the Avalon 1355 Apartments Supportive Housing Project (Project), located at 1355 North Avalon Boulevard in Council District 15. A. COMMUNICATION FROM THE CAO Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the LAHD report dated March 29, 2024, attached to Council file No. 21­0677, relative to the issuance of supplemental tax­exempt multifamily conduit revenue notes for the Project located at 1355 North Avalon Boulevard in Council District 15. 2. ADOPT the accompanying RESOLUTION, attached to the CAO report dated May 10, 2024, attached to Council file No. 21­0677, authorizing the issuance of up to $600,643 in supplemental tax­exempt multifamily conduit revenue notes for the Project. 3. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant financing documents for the Project, subject to the approval of the City Attorney as to form. B. COMMUNICATION FROM THE LAHD Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. ADOPT the accompanying RESOLUTION, provided as Attachment A of the LAHD report dated March 29, 2024, attached to Council file No. 21­0677, authorizing the issuance of up to $600,643 of tax­exempt multifamily conduit revenue notes for the development of the Project. 2. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant financing documents for the Project, subject to the approval of the City Attorney as to form. Fiscal Impact Statement: The CAO and LAHD report that there is no Tuesday General Fund -impact May 21,as2024 - of the issuance of supplemental a result PAGE 15 tax­ exempt multifamily conduit revenue note (notes) for the Project. The City is attached to Council file No. 21­0677, authorizing the issuance of up to $600,643 of tax­exempt multifamily conduit revenue notes for the development of the Project. 2. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant financing documents for the Project, subject to the approval of the City Attorney as to form. Fiscal Impact Statement: The CAO and LAHD report that there is no General Fund impact as a result of the issuance of supplemental tax­ exempt multifamily conduit revenue note (notes) for the Project. The City is a conduit issuer and does not incur liability for the repayment of the bonds, which are a limited obligation payable solely from the revenues of the Project, and the City is not, under any circumstances, obligated to make payments on the notes. Financial Policies Statement: The CAO reports that the recommendations stated in said CAO report comply with the City’s Financial Policies in that the bonds are a limited obligation payable solely from the revenues of the Project and the City is not, under any circumstances, obligated to make payments on the bonds. Debt Impact Statement: The CAO reports that there is no debt impact as these notes are a conduit issuance debt and not a debt of the City.