DATE:
May 19, 2026
18
TO:
Board of Supervisors
SUBJECT
Title
APPROVING THE ISSUANCE OF THE PUBLIC FINANCE AUTHORITY REVENUE BONDS, (FLYLAND HOLDINGS LLC OBLIGATED GROUP) SERIES 2026 FOR THE PURPOSE OF FINANCING THE RADAR RECOVERY CENTER PROJECT IN AN AMOUNT NOT TO EXCEED $77,000,000 (DISTRICT: 1)
Body
OVERVIEW
The County of San Diego (County) has received a request from the Public Finance Authority, a unit of government and a body corporate and politic under the laws of the State of Wisconsin (the "PFA"), to approve the PFA's issuance of bonds in one or more series (the "Bonds") for the benefit of Flyland Holdings LLC (the "Borrower"), a Wisconsin limited liability company and a disregarded entity of Stepstone Health Foundation, a Delaware nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code (the "Code") for the purpose of making a loan to the Borrower, to provide the Borrower and/or Flyland Recovery Network, LLC ("FRN") with moneys to finance the acquisition of an inpatient substance use disorder and behavioral health facility known as Radar Recovery Center located at 1119 28th Street, San Diego, California 92102 (the "Facility"). Not to exceed $77,000,000 maximum aggregate principal amount of the Bonds will be issued for the purpose of financing the acquisition of the Facility.
The PFA is authorized to issue tax-exempt and taxable revenue bonds for financing projects located throughout the United States that contribute to social and economic growth and improve the quality of life in communities throughout the country, including for 501(c)(3) nonprofit organizations.
In order to issue the Bonds, the PFA is required, by Section 147(f) of the Code and under its governing statutes and documents, to obtain the approval of a governmental unit having jurisdiction over the area in which the Facility is located. In order to initiate such a financing, the Borrower is asking the County, a member jurisdictio...
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