Agenda Item Wording:
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Tax Equity and Fiscal Responsibility Act 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 $75,000,000, to finance the acquisition, construction, development and equipping of a 306-unit multi-family residential rental project located at the northwest corner of E. Caldwell Ave. and S. Lovers Lane; and adopt Resolution 2026-62 to approve the financing of the project.
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Agenda Date: 09/21/2026
Prepared by: Margie Perez, Housing Specialist, margie.perez@visalia.gov, (559) 713-4460; Nichol Ritchie, Finance Manager, nichol.ritchie@visalia.gov, (559) 713-4379;
Renee Nagel, Finance Director, renee.nagel@visalia.gov, (559) 713-4375
Department Recommendation: Staff recommends the Council: 1) Conduct the public hearing under the requirements of Tax Equity and Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986. 2) Adopt Resolution 2026-62 authorizing the issuance of bonds by the California Municipal Finance Authority (CMFA) for an amount not to exceed $75 million for the benefit of Visalia Caldwell Associates, LP, to provide for the financing of the project. 3) Deposit the City’s share of bond issuance fees to the Redevelopment Agency (RDA) Successor Housing Fund to support affordable housing.
Summary:
Visalia Caldwell Associates, LP (the “Borrower”) 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 $75,000,000 of tax-exempt revenue bonds. The proceeds of the bonds will be used to finance the acquisition, construction, development and equipping of the Caldwell Apartments a 306-unit multi-family residential rental pr...
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