DATE:
February 11, 2025
08
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF EXEMPT FACILITY BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF MONTECITO VILLAGE APARTMENTS IN AN AGGREGATE AMOUNT NOT TO EXCEED $25,000,000 (DISTRICT: 2)
Body
OVERVIEW
The County has received a request from the California Municipal Finance Authority ("CMFA" 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 exempt facility bonds in an aggregate principal amount not to exceed $25,000,000 (the "Bonds"), for the benefit of Ramona Preservation LP (the "Borrower"), a California Limited Partnership. The Borrower has applied for the financial assistance of the Authority to finance or refinance the acquisition, rehabilitation and development of a multifamily rental housing project for Montecito Village Apartments located at 1464 Montecito Road, Ramona, California (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. To initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the project resides to: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) 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.
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 OFFICER
1. Pursuant to Section 147(f) of the Internal Revenue Code, hold...
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