City Council

Item No. 18. 2024-0174 PUBLIC HEARING UNDER THE TAX AND EQUITY FISCAL RESPONSIBILITY ACT TO CONSIDER RESOLUTION NO. 24-023 TO APPROVE CONDUIT BOND FINANCING FOR THE AVALON COURTYARD APARTMENTS AFFORDABLE HOUSING PROJECT THROUGH THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY Recommendation: 1) OPEN the public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended (the "Code") and take testimony. 2) CLOSE the public hearing. 3) ADOPT Resolution No. 24-023, approving the issuance of the Bonds by the CMFA for the benefit of Avalon TSA Housing LP (the "Borrower") a partnership of which Thomas Safran & Associates Development, Inc. (the "Developer") or a related person to the Developer is the general partner, to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following). 1) Attachments: Ex.1 - Public Hearing Notice Exhibit No. 2 - Resolution No. 24-023