DATE:
August 27, 2024
20
TO:
Board of Supervisors
SUBJECT:
Title
NOTICED PUBLIC HEARING (TEFRA): ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF NEIGHBORHOOD HEALTHCARE AND/OR A SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM STATED PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000 (DISTRICTS: 2 AND 5)
Body
OVERVIEW
The County has received a request from the California Enterprise Development Authority ("CEDA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $8,000,000 (the "Revenue Obligations"), for the benefit of Neighborhood Healthcare (the "Borrower"), a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986.
The Borrower has applied for the financial assistance of the Authority. The proceeds of the Revenue Obligations will be loaned to the Borrower to (1) finance, refinance and/or reimburse the cost of (a) the construction of a parking lot at the real property located at 750 and 760 East Valley Parkway, Escondido, California 92025, with an allocation of Revenue Obligations in an amount not to exceed $1,200,000; (b) the acquisition, construction, installation, furnishing and equipping of improvements to an approximately 13,990 square foot medical office building located at 910 East Ohio Avenue, Escondido, California 92025, with an allocation of Revenue Obligations in an amount not to exceed $1,200,000; (c) the acquisition, construction, installation, furnishing and equipping of a new two-story 15,000 square foot medical office building at the real property located at 10039 Vine Street, 12539 Laurel Street and 12549 Laurel Street, Lakeside, California 92040, with an allocation of Revenue Obligations in an amount not to exceed $4,400,000;...
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