LA County Board

5-D. Multifamily Housing Mortgage Revenue Bonds or Notes for the\nDevelopment and Construction of Toyon Gardens Project\nRecommendation: Adopt and instruct the Chair to sign a resolution, as required\nunder Treasury regulations, declaring an intent by Toyon Gardens, L.P.\n(Borrower), to undertake Bond financing in an amount not to exceed\n$37,500,000 to finance the acquisition, construction, rehabilitation, and/or\ndevelopment of the Toyon Gardens Project, a 78-unit affordable housing\ndevelopment to be located at 3127 West 147th Street in the City of Gardena (2);\nauthorize the Executive Director of the Los Angeles County Development\nAuthority (LACDA) to submit an application to the California Debt Limit\nAllocation Committee for a private activity bond allocation on an aggregate\namount not exceeding $37,500,000 for the purposes described herein and to\ntake whatever further action relating to the aforesaid financial assistance may\nbe deemed reasonable and desirable, provided that the terms and conditions\nunder which the bonds or notes are to be issued and sold shall be approved by\nLACDA in the manner provided by law prior to the sale thereof; and find that\nadoption of the resolution is not subject to the California Environmental Quality\nAct. ADOPT (24-1147)