Agenda Item Wording:
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TEFRA Public Hearing - Conduct a public hearing for the proposed issuance of revenue bonds by the California Municipal Finance Authority, in an amount not to exceed $28,000,000, to finance and refinance the acquisition, construction, development and equipping of an 80-unit senior residential rental project located at the northwest corner of Ferguson Ave. and N. Dinuba Blvd.; adopt Resolution 2025-49 to approve the financing of the project by the CMFA; and appropriate bond issuance funds to the HOME Crescent Meadows project.
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Prepared by:
Margie Perez, Housing Specialist, margie.perez@visalia.city, (559) 713-4460;
Melody Murch, Assistant Finance Director, melody.murch@visalia.city, (559) 713-4379; Renee Nagel, Finance Director, renee.nagel@visalia.city, (559) 713-4375.
Department Recommendation: Staff recommends:
1) Conduct the public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986.
2) Adopt Resolution 2025-49 approving the issuance of the Bonds by the CMFA for the benefit of Crescent Meadows, L.P., to provide for the financing of the Project, to satisfy the requirements of TEFRA, the Code and the California Government Code Section 6500.
3) Appropriate bond issuance funds to the HOME Crescent Meadows project.
Summary:
Self-Help Enterprises (SHE) submitted an application to the CMFA to be the Issuer of tax-exempt financing for a project in the City of Visalia. The project is expected to be financed in an amount not to exceed $28,000,000 of tax-exempt revenue bonds. The proceeds of the Bonds will be used to finance and refinance the acquisition, construction, development and equipping of Crescent Meadows an 80-unit senior residential rental pro...
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