DATE:
March 24, 2026
12
TO:
Board of Supervisors
SUBJECT
Title
APPROVING THE ISSUANCE OF EXEMPT FACILITY BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE AMOUNT NOT TO EXCEED $20,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF THE 5370 NAPA APARTMENT PROJECT (DISTRICT: 4)
Body
OVERVIEW
The County of San Diego ("County") has received a request from the California Municipal Finance Authority ("CMFA" or "Authority") to approve the Authority's issuance of exempt facility bonds in an aggregate principal amount not to exceed $20,000,000 (the "Bonds"), for the benefit of Napa Street San Diego LP, a California limited partnership (the "Borrower"). The Borrower has requested that the Authority participate in the issuance of the Bonds to finance or refinance the acquisition, development, construction, improvement, and equipping of a multifamily rental housing project located within the County at 5370-5390 Napa Street, San Diego, California 92110 (collectively, the "Project").
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue revenue bonds, including the Borrower. In order to initiate such a financing, the Borrower is asking the County, a member jurisdiction in which the project resides to approve the Authority's issuance of the Bonds. Although the Authority will be the issuer of the Bonds for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
Pursuant to Section 147(f) of the Internal Revenue Code, a public hearing was held on March 3, 2026. There were no comments from the public at that hearing.
Today's recommendations will provide the Authority with the required authorization to pursue its determination to issue the Bonds on behalf of the Borrower for the Project.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFICE...
Click here for full text