DATE:
May 18, 2021
11
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING:
ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF CARDIFF ORTHODOX HOUSING FOUNDATION AND SAINTS CONSTANTINE AND HELEN GREEK ORTHODOX CHURCH IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $20,000,000 (DISTRICT: 3)
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 revenue obligations in an aggregate principal amount not to exceed $20,000,000 (the "Revenue Obligations"), for the benefit of Cardiff Orthodox Housing Foundation, a California nonprofit religious corporation, and Saints Constantine and Helen Greek Orthodox Church, a California nonprofit religious corporation (collectively, the "Borrower"), 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 to finance the cost of acquisition, construction, development, improvement, furnishing and equipping of a 60-unit, multi-family, senior housing project located at 3459 Manchester Avenue, Cardiff-by- the-Sea, California 92007, and paying certain costs of issuance in connection with the financing and other related costs.
The Authority is authorized to assist in financing of nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue or reissue Revenue Obligations, including the Borrower. In order 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 reissuance of the Revenue Obliga...
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