City Council

TAB1 24-1214 Public Hearing regarding issuance of Tax-Exempt bonds for Citrus Grove\nApartments and consideration of Resolution No. 8191 approving the\nissuance of bonds.\nRECOMMENDATION:\nStaff requests that City Council:\n1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in\nconsideration of the issuance of tax-exempt bond financing by the\nCalifornia Statewide Communities Development Authority for the\nbenefit of National Community Renaissance of California (or an affiliate\nthereof), to provide financing for the acquisition, rehabilitation,\nimprovement, and equipping of a 152-unit multi-family rental housing\nproject generally known as Citrus Grove Apartments; and\n2. Adopt a resolution approving the issuance of Bonds by the California\nStatewide Communities Development Authority not to exceed\n$70,000,000, for the benefit of National Community Renaissance of\nCalifornia (or an affiliate thereof), to provide financing for the\nacquisition, rehabilitation, improvement, and equipping of a 152-unit\nmulti-family rental housing project generally known as Citrus Grove\nApartments.\n(ACTION)\nTAB NEW BUSINESS