City Council

(17) 20­1096 CD 6 COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) and LOS ANGELES HOUSING DEPARTMENT (LAHD), and RESOLUTIONS relative to authorizing the issuance of an additional sum in supplemental tax­exempt multifamily conduit revenue notes for the Oatsie’s Place Project (Project) located at 16015 Sherman Way and authorizing the General Manager, Los Angeles Housing Department (LAHD), to negotiate and execute the relevant financing documents. A. COMMUNICATION FROM THE CAO DATED AUGUST 1, 2024 Tuesday Recommendations for -Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: CD 6 COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) and LOS ANGELES HOUSING DEPARTMENT (LAHD), and RESOLUTIONS relative to authorizing the issuance of an additional sum in supplemental tax­exempt multifamily conduit revenue notes for the Oatsie’s Place Project (Project) located at 16015 Sherman Way and authorizing the General Manager, Los Angeles Housing Department (LAHD), to negotiate and execute the relevant financing documents. A. COMMUNICATION FROM THE CAO DATED AUGUST 1, 2024 Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the LAHD report dated July 22, 2024, attached to the Council file, relative to the issuance of supplemental tax­exempt multifamily conduit revenue bonds, or notes, for the Project. 2. ADOPT the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Minutes and accompanying RESOLUTION contained in the CAO report dated August 1, 2024, attached to the Council file, authorizing the issuance of an additional $1.1 million in supplemental tax­exempt multifamily conduit revenue notes for the Project. 3. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant bond, or note, and financing documents for the Project, subject to the approval of the City Attorney as to form. B. COMMUNICATION FROM THE LAHD DATED JULY 22, 2024 and REVISED COMMUNICATION FROM THE LAHD DATED JULY 30, 2024 Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. CONSIDER the TEFRA Minutes, provided as Attachment A to the LAHD report dated July 30, 2024 attached to the Council file, held on June 7, 2024 for the Project. 2. ADOPT the TEFRA and Note RESOLUTION, provided as Attachment B to the LAHD report dated July 30, 2024 attached to the Council file, approving and authorizing the issuance of up to $1,100,000 of newly allocated tax­exempt note which is supplemental to the $11,037,000 existing note, resulting in an outstanding principal amount not to exceed of $12,137,000 of tax­exempt multifamily conduit revenue note. 3. AUTHORIZE the General Manager, LAHD, or designee, to and negotiate 13, 2024 - the relevant note documents executefor the Project, subject to the approval of the City Attorney as to form. 2. ADOPT the TEFRA and Note RESOLUTION, provided as Attachment B to the LAHD report dated July 30, 2024 attached to the Council file, approving and authorizing the issuance of up to $1,100,000 of newly allocated tax­exempt note which is supplemental to the $11,037,000 existing note, resulting in an outstanding principal amount not to exceed of $12,137,000 of tax­exempt multifamily conduit revenue note. 3. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant note documents for the Project, subject to the approval of the City Attorney as to form. Fiscal Impact Statement: The CAO reports that there is no General Fund impact as a result of the issuance of supplemental tax­exempt multifamily conduit revenue note (Notes) for the Oatsie’s Place project (Project). The City is a conduit issuer and does not incur liability for the repayment of the Notes, 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 in this report comply with the City’s Financial Policies in that the Notes 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. Debt Impact Statement: The CAO reports there is no debt impact as the Notes are a conduit issuance debt and not a debt of the City. (Housing and Homelessness Committee waived consideration of the above matter)