City Council

Item No. 18. 2024-0174 PUBLIC HEARING UNDER THE TAX AND EQUITY\nFISCAL RESPONSIBILITY ACT TO CONSIDER\nRESOLUTION NO. 24-023 TO APPROVE CONDUIT\nBOND FINANCING FOR THE AVALON COURTYARD\nAPARTMENTS AFFORDABLE HOUSING PROJECT\nTHROUGH THE CALIFORNIA MUNICIPAL FINANCE\nAUTHORITY\nRecommendation: 1) OPEN the public hearing under the requirements of TEFRA and\nthe Internal Revenue Code of 1986, as amended (the "Code") and\ntake testimony.\n2) CLOSE the public hearing.\n3) ADOPT Resolution No. 24-023, approving the issuance of the\nBonds by the CMFA for the benefit of Avalon TSA Housing LP (the\n"Borrower") a partnership of which Thomas Safran & Associates\nDevelopment, Inc. (the "Developer") or a related person to the\nDeveloper is the general partner, to provide for the financing of the\nProject, such adoption is solely for the purposes of satisfying the\nrequirements of TEFRA, the Code and the California Government\nCode Section 6500 (and following).\n1)\nAttachments: Ex.1 - Public Hearing Notice\nExhibit No. 2 - Resolution No. 24-023