REPORT TO COUNCIL
SUBJECT
Title
Adopt a resolution approving the California Statewide Communities Development Authority ("CSCDA") issuance of tax-exempt bonds relating to the financing of 165 Affordable Housing Units at 1834 Worthington Circle, Santa Clara [Council Pillars: Promote and Enhance Economic and Housing Development]
Report
BACKGROUND
Core Affordable Housing, LLC (or a partnership of which it is the general partner), (the "Borrower") has requested that the California Statewide Communities Development Authority ("CSCDA") serve as the municipal issuer of tax-exempt multi-family housing revenue bonds in an aggregate principal amount not to exceed $60,000,000 (the "Bonds"). The proceeds of the Bonds will be used for the purpose of making a loan to the Borrower, to enable the Borrower to finance the acquisition, construction and development of a 165-unit affordable multifamily housing rental project generally known as the Agrihood Senior Apartments, located at 1834 Worthington Circle (or alternatively 90 North Winchester Boulevard), Santa Clara, California (the "Project").
On January 29, 2019, the City Council approved a rezoning action and an associated Tentative Parcel Map to allow development of the Project. The City's Architectural Review committee subsequently granted for the Project approval of site and architectural design, completing the City's discretionary land use entitlement process. The City Council also adopted a resolution approving and authorizing the City Manager to negotiate and execute a Disposition and Development Agreement and all other agreements with the Borrower as required for the development of the Project.
For all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Santa Clara (City) must conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (the "TEFRA Hearing") to provide the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for f...
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