City Council

A. Public Hearing and Adoption of Resolution Approving the California Municipal Finance Authority to Issue Revenue Bonds for the Benefit of 1318 4th Street, L.P. Recommended Action Staff recommends that the City Council: 1. Hold a public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (“TEFRA”) and the Internal Revenue Code of 1986, as amended; 2. Determine that the development of affordable housing at 1318 Fourth Street was previously analyzed in the 6th Cycle Housing Element Environmental Impact Report (SCH#2020100575), and the issuance of the TEFRA bond for this project has no possibility of significant effect pursuant to Section 15061(b)(3) (Common Sense Exemption) of the California Environmental Quality Act (“CEQA”) Guidelines; and 3. Adopt a resolution approving the issuance of bonds by the California Municipal Finance Authority in an amount not-to-exceed $80,000,000 for the benefit of 1318 4th Street LP, to finance and refinance the acquisition, development, construction and equipping of a 122- apartment multifamily rental housing development to be owned and operated by the 1318 4th Street, L.P. and to be located at 1318 4th Street, Santa Monica, CA (Attachment A). Staff Report Printout a. TEFRA Resolution - 1318 4th Street b. October 8, 2024 Staff Report